Hotel Basics
This type of hotel typically offers guest rooms only.
What are Limited Service Hotels?
This refers to business that originates from five resources: social, military, educational, religious and fraternal.
What is SMERF?
This is process of balancing the day's charges and cash receipts against the guests' accounts.
What is the night audit?
A hotel where most of the capital is borrowed is also referred to what?
What is a highly leveraged hotel?
This is used by hotels to maximize revenue by finding the best combination of occupancy and ADR.
What is Yield Management?
This is a type of shared ownership in which the buyer purchases the right to use a residential dwelling unit for a portion of the year.
What is vacation ownership?
These are typically male between 35 and 54 years of age.
Who are business transient guests?
This is calculated by dividing revenue by available rooms.
What is RevPAR?
This is a loan that helps bridge the gap between a first mortgage and what a borrower must front for a project?
What is mezzanine financing?
These are complex systems of providing information and reservation services to travelers.
What are channels of distribution?
This is a large hotel with 500 or more guest rooms, extensive meeting and function space and large ball rooms.
This is perceived when a hotel consistently meets and exceeds customer expectations.
What is Quality Service?
Utility costs are hard to attribute to one department. These kinds of costs can also be referred to as what?
What are undistributed operating expenses?
This refers to the increased use of financing from public markets?
What is securitization?
This is another word for the brand name of a hotel?
What is a flag?
This is typically the major source of profit in hotels.
What is room sales?
This is a system that improves operations efficiency by eliminating repetitive tasks and improving service by providing information more quickly and accurately.
What is a PMS or Property Management System?
Another word for fixed costs, like depreciation, is what?
What are capital costs?
This type of investment allows an investor to minimize their risk by investing in a portfolio of hotels rather than just one.
What is an REIT or Real Estate Investment Trust?
The lodging industry today focuses on this to craft their strategies and tactics.
What is differentiation between product and service offerings.
Different types of hotels being built to respond to specific traveler needs refers to this.
What is hotel segmenting?
This is a fundamental aspect of a positive work place?
What is treating employees like internal customers?
These are records that maintain guest accounts and accounts receivable.
What are the guest ledger and the city ledger?
This can trigger over-building in the market?
What is excess capital in the market?
This is where a parent company may build one or more franchise hotels in a market using the same franchise or a competitive brand.
What is encroachment?