Accommodation is one of the most important factors we take into account when traveling. The difference between having a nice, comfortable hotel bed or a dingy hostel can make or break a trip away. However, one of the biggest put-offs of renting a hotel room is the cost. With that in mind, then, the growing trend of ‘name your price’ hotels has become a very intriguing starting place for discussion.
Known as the Soul Community Planet Hotel, or SCP, this hotel has a unique pricing mechanism. It has a ‘name your price’ price mechanism that means you pay the amount that you are happy to pay for your visit. First opening up in Colorado Springs with a whopping 12,000 square-foot facility, as well as a market that sells vegan food and drinks, this facility offers just under 175 rooms and comes with gorgeous rustic styling.
They utilize what they call fair trade pricing: if you believe that the experience was not as good as advertised, you can pay less. If it exceeded expectations, you could pay more. Typically, the price for a room can be as little as $90 or as much as $200.
They utilize what they call fair trade pricing: if you believe that the experience was not as good as advertised, you can pay less. If it exceeded expectations, you could pay more. Typically, the price for a room can be as little as $90 or as much as $200.
The belief is that if they do a good enough job and people have as much as is hoped/intended, then they will pay a fair rate for their stay anyway. This is a tried and tested form of pricing, and has absolutely worked out in favor of other industries.
This is, though, one of the first times we have come across this price concept within the hospitality sector. The aim is to keep growing, too, with more hotels set to open up across the USA in the coming years. Who knows? If this pays off, we could see more and more hotels taking up this intriguing, enticing price mechanism in the future.