Hotel Price Categories for Red Bank, New Jersey

The hotels on the Rate Table and the Interactive Map are grouped into color coded price categories based on their average room rates.  The average rate for each hotel is calculated from the average of it's high and low room rates observed over a period of one year.

The latest hotel rate analysis for Red Bank, NJ was performed on April 28, 2008.  The analysis is based on the average room rates for 40 hotels within Red Bank, NJ and adjacent towns forming the Monmouth-Ocean, NJ Metropolitan Statistical Area.  The current classification breaks based on this analysis are as follows:

See Hotel Rate Analysis and Classification Details below for a detailed explanation of the classification price breaks.

Automated Rate Analysis for Red Bank, New Jersey Hotels

Oyster Point Hotel          Info   Photos   Rate-history   Map
146 Bodman Place
Red Bank, NJ 07701

Rate Analysis	Low	High
Running Average Rate :	$137	$289
Rates observed on 7/19/08:	$119	$315

The observed low rate is 13% below the average low rate.
The observed high rate is 9% above the average high rate.

Molly Pitcher Inn          Info   Photos   Rate-history   Map
88 Riverside Ave
Red Bank, NJ 07701

Rate Analysis	Low	High
Running Average Rate :	$114	$231
Rates observed on 7/19/08:	$119	$295

The observed low rate is 4% above the average low rate.
The observed high rate is 28% above the average high rate.

Courtyard By Marriott Lincroft/Red Bank          Info   Photos   Rate-history   Map
245 Half Mile Road
Red Bank, NJ 07701

Rate Analysis	Low	High
Running Average Rate :	$160	$216
Rates observed on 7/19/08:	$179	$259

The observed low rate is 12% above the average low rate.
The observed high rate is 20% above the average high rate.

Hotel Rate Table for Red Bank, New Jersey

The table below shows Red Bank, New Jersey hotels listed from the highest average rate to the lowest average rate (Avg Rate column).  The table may be sorted on any column by clicking the column headers. 

The hotels are color coded according to the Hotel Price Categories described above.  The "Low Dif" column shows the difference between the current low rate and the average low rate for each hotel.  The "High Dif" column shows the difference between the current high rate and the average high rate for each hotel.  Enter dates in the "Reservation Dates" form above and click "Update Rates" for the most current rates.  Click on the hotel names to see all avaiable room rates and make reservations. 

Click the help link below for more information on the rate table update & analysis procedures. 

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Interactive Rate Table for Red Bank, New Jersey Hotels                Averages calculated:  April 28, 2008        Rates captured:  12:00 AM on 7/19/08 Click Hotel Names for Info Pages          Click Avg Rates for Graphs           Click Table Headers to Sort Name Avg Rate Low Rate Avg Low Low Dif High Rate Avg High High Dif Oyster Point Hotel 213 119 137 -18 315 289 26 Courtyard By Marriott Lincroft/red Bank 188 179 160 19 259 216 43 Molly Pitcher Inn 172 119 114 5 295 231 64

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Hotel Rate Analysis and Classification Details

The April 28, 2008 rate analysis for Red Bank, New Jersey hotels is based on the average rates of 40 hotels within Red Bank and adjacent towns forming the Monmouth-Ocean, NJ Metropolitan Statistical Area.  The average rate for each hotel is calculated from the average of it's high and low room rates observed over a period of one year.  The rates range between the following values:

Lowest Average Room Rate:  $60 - Crystal Inn
Highest Average Room Rate:  $252 - Blue Bay Inn

The graph on the right shows the typical shape of a room rate distribution for a metropolitan area.  The colored areas depict the price breaks used to classify the hotels.  Rates greater than two standard deviations above the mean for all values are considered high end outliners and are removed from the price break calculations.

For the April 28, 2008 analysis, the resulting mean room rate for Monmouth-Ocean, NJ MSA hotels is $147 and the standard deviation is $45.

Hotels with average rates greater than one standard deviation above the mean are categorized as deluxe.  One standard deviation above the mean is $192, so Red Bank hotels with an average rate higher than $192 are classified as deluxe hotels ( magenta ) on the map.

Hotels with average rates falling in the lower half of the range below the mean are categorized as budget.  The rate halfway between the low rate and the mean rate is $104, so Red Bank hotels with an average rate lower than $104 are classified as budget hotels (green ) on the map.

Everything in between is categorized as moderate priced hotels, so Red Bank hotels with average room rates greater the $104 and less that $192 are classified as moderate priced hotels ( cyan ) on the map.