In ThinkReservations, rate types can be synchronized using derived rates. Derived is just a fancy way of saying that your rate types can now be linked together so that when you make changes on one, another is updated automatically.
- Derived Rates allow multiple rate types to be linked to a base rate.
- A "Base Rate" is a parent rate, and a "Derived Rate" is a child rate.
- The derived rate must always share the same restrictions and availability as the parent base rate.
With derived rates, you can sync your rates & restrictions automatically from your "Best Available Rate" or standard rate, then adjust the room price by a consistent percentage or dollar amount.
For example: A Military Rate Type that's always a 15% discount - when you update or extend your Best Available Rate, your Military Rate will change accordingly. Let's get started!
- Navigate to Settings > Rate Types
- Click on the black New button on the top right
- Fill out the information on the Details tab for this new rate...
Create the Rate Type using Derived Rates
1. NAME: Give the Rate Type a NAME. The name is arbitrary but will appear to your guests.
2. DESCRIPTION DISPLAYED IN THE BOOKING ENGINE: The description here will educate your guests on what this rate is. This box supports simple HTML formatting.
If Customer Group is selected, the guest will be able to select their group from a list when using the booking engine, rather than typing in a code.
If Staff Only is selected, the rate type will only be bookable via phone. It will not appear on the booking engine or on OTAs.
If Promotion Code is selected, the guest must type in the code on the booking engine to offer this rate type. This is not case-sensitive. The following special characters are supported in the Promotion code along with all numbers and letters: !@~$
Adjust the Minimum Nights qualifier and Maximum Nights qualifier if necessary. Remove the checkmark next to any room types which should not be offered in this rate.
In this example, the Best Available Rate is the rate type from which the Military Discount is derived from. Any changes made to the Best Available Rate will automatically update the Military Discount.
5. PRICING ADJUSTMENT: If applicable, choose an adjustment. In this example, the Military Discount is a 15% discount off the Best Available Rate. The adjustment is set to Subtract, the value is 15 and the type of adjustment is Percent.
Select a Yield Management Plan if necessary.
Click Save on the bottom right to save the rate type.
Since the rates and restrictions are derived from an existing rate type in your account, there is no further action required! However, the rate type will have the same prices, minimum restrictions, maximum restrictions, closed restrictions, and stop sells as the rate it is derived from.
If you want to control rates, restrictions, or availability uniquely for this rate type, then select Set rates and restrictions manually under Pricing.
Related: Copy Your Rates and Restrictions from One Rate Type to Another
Related: How to Set Room Prices