Analysis of hotel room pricing in Indian market
As per world travel and tourism Council (WTTC), India is one of the favorite tourist destinations from the year 2009 and will continue to be one of the favorite till 2018. Further, the Travel and Tourism Competitiveness Report by World Economic Forum, has ranked India at the sixth place in tourism and hospitality. The purpose of this project is to analyse the pricing strategy of hotels in the Indian hotel industry. Analysis is about the hotel room pricing in Indian market and how the factors affect the price of room rent in a hotel. Tourism in India is the third largest foreign exchange earner of the country. The booming tourism industry has had a cascading effect on the hospitality sector with an increase in the occupancy ratios and average room rates. The data used was collected from www.hotels.in in October 2016. Data collected investigates pricing of hotel rooms in 42 cities. It includes various attributes such as FreeWifi, FreeBreakfast, HasSwimmingPool, HotelCapacity, IsTouristDestination etc which we will be found out as to how do they affect the hotel room rent. Also I have evaluated what factors affect the price of room the most and which factors affects the price least.
The given dataset gives us an idea of the pricing of different hotels room rent within the city and on a given date. The dataset is collected from www.hotels.in. I have tried to use the boxplots, histograms and different graphs to take insights about the data. Also I have evaluated the prices of hotels are higher in metro cities as compared to the no metro city. Then estimated a regression of hotel room prices in a mixed model framework. Our analysis reveals that attributes such as swimming pool, hotel capacity, metro city or non metro city, free breakfast, star rating etc does affect the price of room. Whereas attributes such as Weekend, Date and New year eve does not affect the analysis.
(A word document conatins the complete project report.)