How does Dynamic Pricing Work at ResortPass?

Dynamic Pricing helps your hotel attract more day guest bookings by automatically adjusting rates based on demand. This feature is based on a best practice that many of our most successful hotel partners were already doing: manually adjusting rates up and down based on demand to maximize revenue. Now with Dynamic Pricing, these types of adjustments are automated, optimized, and in real-time so you’ll never miss an opportunity to capture more revenue.

How does Dynamic Pricing work?

Dynamic Pricing adjusts rates based on utilization, allowing you to respond to demand without continuously updating rates manually. When utilization is low, daily rates drop to the minimum price. As utilization increases, daily rates gradually increase to the maximum price. For example, if a product is likely to sell out, the price will approach the maximum limit as utilization reaches 100%.

Currently, hotels set their prices and all available units for a given day are sold at that price. 

With Dynamic Pricing, ResortPass will automatically set a minimum and maximum price range for products on weekdays and weekends, and the platform will dynamically adjust prices. Here’s an example:

For a Cabana with a price set at $200 on a weekday and $300 on a weekend, you will confirm a minimum and maximum range with your account manager via email. For example:

• Weekday: Min $180, Max $250

• Weekend: Min $200, Max $300

In this example, a Cabana could be priced at $180 on a lower utilization day, such as a Wednesday. As utilization increases throughout the week and approaches full capacity on the weekend, the price could rise to $300 for the final available unit.

How do I set up dynamic pricing?

1. Inform your account manager that you would like to opt in to dynamic pricing  via email. They will confirm once it is available in your account.

2. Navigate to your Calendar and click “Bulk Update pricing and inventory”. You will see the recommended maximum and minimum prices that the ResortPass team has set up for you. 

3. If you are satisfied with your maximum and minimum pricing, you’re done! Dynamic pricing is on. 

   • If you would like to make changes, edit the maximum and minimum for weekends and weekdays for a selected time period. 

How can I change the maximum and minimum price for one specific day?

1. Navigate to the Calendar and select the appropriate product at the top of the page.
2. Click into the day you want to change, and modify the maximum and minimum prices.

How can I see the price of my inventory?

1. In the Partner Portal, navigate to the Calendar using the left-hand menu.

2. Select the product you wish to view from the dropdown menu at the top of the calendar (e.g., Day Pass).

3. In each day on the calendar, you will see:

   1. Current price (e.g., $38⚡): the price assigned based on dynamic pricing rules. The lightning bolt indicates that dynamic pricing is on for that day.

   2. Inventory (e.g., 32/40 sold): the utilization of that day.

4. Hover your cursor over any day to see where the current price falls within the minimum and maximum allowed by dynamic pricing.

What products are eligible for dynamic pricing?

Dynamic pricing is available for all Pool & Beach products: 

• Day Pass

• Cabana

• Daybed

How can I give feedback on dynamic pricing?

Email your account manager to provide feedback: amteam@resortpass.com.