Hotel Pricing Strategies in Miami’s Brickell and Coral Gables Neighborhoods

In this thesis, titled “Hotel Pricing Strategies in Miami’s Brickell and Coral Gables Neighborhoods,” various statistical techniques and data analytics were employed to examine the current hotel industry in Miami's Brickell and Coral Gables neighborhoods. The central research question examines the prevalence of dynamic pricing in this hotel sector and attempts to identify the most cost-effective time to book hotel rooms in these neighborhoods. The initial hypothesis sought to be proven or disproven is that dynamic pricing is widely used in the hotel industry, meaning there will be a specific time for cost-effective bookings. Moreover, this thesis sought to uncover how hotels in these neighborhoods set their prices for select dates and attempt to categorize them by revenue management techniques. While the research provides insights into the hotel pricing strategies in Brickell and Coral Gables, it acknowledges its limitations due to the sample size and the duration of data collection. These constraints prevent broad generalizations about Miami's entire hotel market.