Predicting room rates of hotels

Hey everyone I was wondering the following;

How can I predict future hotel room rates in Amsterdam based on several characteristics of the hotels while using the KNIME platform?

Hi @RobinLim,

given your previous topic, am I correct that you are looking for some advice on which model to use and how?

Well, that’s quite a complex question to answer :slight_smile: It depends on your data and what you want to achieve with it - “predict room rates in Amsterdam based on several characteristics” isn’t quite specific enough. Each hotels cost of room for a single flat per night? The average hotel room price for a night in Amsterdam? How far in future to predict, just the next day or for the next years? What does your available data look like? Do you have historic prices for a standard room per night? What are these characteristics? Answering these questions fall under the realm of Datascience and there is no “push button solution”, I’m afraid, so you’d need to get your hands dirty yourself. Let me try to give you some pointers.

KNIME certainly is a great tool to explore ML possibilities - there are several “Introductions to ML” out there (take this or this one for example). You can try to implement some with KNIME. Check out examples on the Hub for inspiration. Check out our Learning section, with e.g. self paced courses, specifically maybe this session. I can also recommend scrolling through our KNIME Blog to find more inspiration (e.g. here and links therein). There are plenty of commercial offers out there and maybe you find the book Practicing Data Science useful? Once you have a general idea of how things work, you can try and find a suitable model.

If you then find out that supervised learning is suitable for your case, maybe there is a (sort of) push button solution after all :slight_smile: the AutoML Component. Check out the according blog post or Forum topic.

Since your goal is to interpret models (if I understood correctly) you might also be interested in checking out our verified components

I hope this helps a little!
Best, Lukas


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