Since hotel revenue management maximises a hotel's profits by setting the right room rates and maximising occupancy, one key aspect of this process is pricing strategy, which involves determining the best price for a hotel's rooms based on demand, competition, and other factors. There are several different types of pricing strategies that hotels can use to optimise their revenue.

1. Dynamic pricing: This strategy involves constantly adjusting room rates based on real-time demand. For example, if a hotel sees an increase in bookings for a particular date, it may increase the price of rooms for that date. On the other hand, if bookings are low, the hotel may decrease the price to attract more guests. This strategy requires frequent monitoring and adjustment of room rates to ensure maximum profitability.
   

2. Yield management: This strategy involves setting different room prices based on the booking time. For example, a hotel may charge a higher price for rooms booked closer to the stay date. These guests are likely to have less flexibility and may be willing to pay a premium for the convenience. On the other hand, rooms booked further in advance may be priced lower to encourage early bookings.
   

3. Value-based pricing: This strategy involves setting room rates based on the hotel's perceived value and amenities to the guest. For example, a luxury hotel with a spa and fine dining restaurant may charge higher prices than a budget hotel with basic amenities.
   

4. Seasonal pricing: This strategy involves adjusting room rates based on the time of year. For example, a beachfront hotel may charge higher prices during the summer months when demand for beach vacations is high and lower prices during the off-season when demand is lower.
   

5. Package pricing: This strategy involves bundling room rates with other amenities or services, such as meals, entertainment, or transportation. Packaging these offerings together can make them more appealing to guests and may result in higher overall revenue for the hotel.
   

Hotels can optimise their revenue and maximise profits by combining these pricing strategies. Therefore, it's essential for hotels to continually assess and adjust their pricing strategies based on changes in demand, competition, and other factors to ensure that they are maximising their revenue potential.