local accommodation

Capitalize on Market Changes to Boost Your Bookings

Capitalize on Market Changes to Boost Your Bookings

Dear Property Owners and Investors,

As we move forward into 2024, we observe significant changes in the local accommodation market in Portugal, necessitating strategic adaptation to optimize both occupancy and profitability of properties. We share with you an overview of the current trends and propose strategic adjustments based on rigorous data analysis.

Analysis of Current Booking Trends

We have observed a considerable increase in ADR (Average Daily Rate) during the first quarter of 2024 compared to the same period last year. This indicator clearly signals the vitality and dynamism of our market, demonstrating sustained demand and appreciation for the accommodations we manage.

This increase directly translates to greater profitability for our property owners and an encouraging return on investment for our investors. It proves that, with adjusted pricing strategies and an unwavering focus on service quality, it is possible not only to navigate periods of lower demand but also to capitalize on market trends to maximize the success of our partners.

 

Recommendations for Adjusting Management Strategy

  • Optimize Length of Stay: Adjusting minimum and maximum stay requirements can attract guests who value flexibility, thereby increasing occupancy rates.
  • Adjust Pricing for Events and Peak Seasons: It is essential to use up-to-date data to adapt rates during events and demand peaks, avoiding prices that might deter potential bookings.
  • Test Occasional Price Reductions: Reducing minimum prices by 5 to 10% can be beneficial to understand the impact on bookings, enabling adjustments that maximize occupancy without devaluing the property.

 


"This pricing outlook demonstrates the importance of an agile strategy. Continuous optimization of length of stay and fine-tuning of rates in response to events and demand peaks are crucial. Implementing occasional price reductions can unlock the full potential of our properties, increasing occupancy without compromising their value. These adjustments are a proactive and informed approach to leading in the market." Diogo Cardoso, Chief Revenue Officer

Adopting proactive strategies in response to market trends not only mitigates the risks associated with low occupancy but also places your properties in an advantageous position. At Host Wise, we are dedicated to providing analyses and recommendations that support your accommodation management decisions.

We will be back next week with more valuable insights. Until then, we wish you an excellent weekend!

Best regards,
The Host Wise Team

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