How to setup a Last Minute Derived rate, to fill unbooked Areas and maximise occupancy.

Overview

Last-minute rates can be used as part of a strategy to attract last-minute reservations and fill any remaining vacant Areas.

The Last Minute option on the Derived Rate Type will determine how close to the Arrive Date the Rate will become available.

Promotions can be run to capitalise on lead time trends, improving overall occupancy levels.

Advance Purchase Rates are designed to entice early bookers to commit sooner by providing incentives for booking a certain period of time in advance of their arrival.

Last Minute Rates capitalise on those last-minute bookers and provide the ability to entice Guests to fill the last available spaces close to their Arrive Date.

Revenue Managers can use the Reservations by Lead Time Report or the Online Reservations by Lead Time Report to review lead time trends in RMS.

Enterprise customers can use Rate Type Property Rules to share a Rate Type between properties and maintain separate Rate Type rules or conditions per property.

The Rate Hierarchy determines which rate rules take precedence when a rule exists on more than one layer of the rate.

Derived Rates obtain their pricing using the selected Master Rate (Derived From) with the selected Adjustment Type and Adjustment Amount.

Guide

In the side menu of RMS, go to Charts > Rate Manager.

1. Select 'Rates'.
2. Select 'Rate Types'.
   
    
3. Navigate to the 'Derived Rate' tab.
4. Select 'Add'.
   
    
5. Select the Derived From (Master Rate).
   Enter a Code (Optional).
6. Enter a Description.
7. Enter the Rate Charge Description.
8. Enter the Lead Time for the Last Minute Rate.
   Select the required Derived Rate Options (Optional).
   
    
9. Navigate to the Adjustment Amounts tab.
10. Select the Adjustment Type.
11. Enter the Adjustment Amount.
12. Select 'Apply To All'.
13. Select the Rate Period option.
14. Select 'Save/Exit'.
    
     
15. Select the required Rate Type Access.
16. Select 'Apply'.