Lily McIlwain | May 30, 2018
By Lily McIlwain A robust cancellation policy is an integral part of the revenue management strategy for many hotels. Requiring a 24- or 48-hour notice period (the latter of which is becoming increasingly common amongst large chains) or offering non-refundable rates provides a level of protection against last-minute drop-outs and guests making bookings at multiple properties for the same dates. The tactic is ever more necessary as guests increasingly demand the type of flexibility they're told to expect by online travel agents and other third-party sites. Booking.com was rapped earlier this year for 'misleading' advertising ...
Joan Evelyn Lee | June 1, 2017
By Joan Evelyn Lee To entice consumers to book early, OTAs frequently advertise a free cancellation policy. Along with booking well in advance, the same tactic is used to encourage consumers to book multiple properties, which they can then choose from later. But this all comes at a heavy price for hotels. Guests are incentivized to book without worrying about whether they're certain about their choice. After all, they can always cancel if they change their mind. Unsurprisingly, this tactic has led to notoriously high OTA cancellation rates. These rates vary significantly among the OTAs. For instance, hotels on Booking.com, (which heavil...
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