Hoteliers now have access to information about their chief competitors in one place.
OTA Insight, a cloud-based data intelligence platform for the hospitality industry, has added short-term rental data to its platform with today’s launch of Rate Insight+. The “first-of-its-kind solution” removes a “major blind spot” for hotels, according to the company.
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With the addition of STR data, Rate Insight+ paints a complete picture of the competitive landscape for hoteliers, OTA Insight says. The upgraded platform enables hotels to improve pricing decisions based on demand, occupancy and rates in their market by using “one simple and easy-to-use tool.”
In the United States, Phocuswright finds 64% of people who booked a rental considered a hotel for their stay.
“With the majority of booking sites offering both hotel and short-term rental accommodation, market convergence is accelerating, and traveler habits are changing," says Sean Fitzpatrick, CEO of OTA Insight.
“Rate Insight+ enables hoteliers to take a comprehensive approach to analyze their market, understand the impact of short-term rental supply and gain a competitive advantage.”
OTA Insight says it has had a significant growth period with an $80 million Series B funding round in 2021 followed by the acquisition of Transparent and Kriya RevGEN in 2022. Launched in 2012, the London-based company has offices around the world.
In a session at The Phocuswright Conference, hotel executives said they need to communicate more effectively about why their properties are the right choice compared to rentals.