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Sunday, July 21, 2024

Price; Place; & Time; the magic formula for hotel negotiations

If ever there was an iron clad way for all parties to win in a negotiation with a hotel for a convention, meeting or event venue, Price, Place and Time is the gold standard.  How is this so you ask?  Consider the client always has their choice of two of these and the hotel is left with the one choice the client feels the least need for. By the client taking two and hotel one all parties come away with a winning situation for a great meeting or event.

If someone for example wants the Marriott Hotel on the 10– 15th of October for a convention – Place & Time, the Marriott sets the price.  The client gets their hotel and time of preference but pays a price that the hotel sets.

If the client wants a low price for a hotel in a city over preferred dates – Price & Time; than they may have to look at different hotel choices in a different city that is more budget conscious or hotels that meet their price needs.  The Client gets a good hotel over preferred dates but their meeting may be in a different city than they thought they would be originally.

Lastly if the client wants a specific hotel and price point, Place & Price; then they must look for a time when that hotel has a “soft” period of occupancy such as holiday periods like around Easter Week.  The client can achieve their goal of where they meet and how much they are paying.  The hotel loves this because it fills a “need period” for them in terms of their overall occupancy.

In all three scenarios both the client and hotel win; and that’s how great hotel negotiations happen.

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