Exam 1

Question 0

What hotel is Kevin Wilson associated with

Answer 0

The Holiday Inn

Question 1

Where are the best rooms in the hotels located

Answer 1

In the corner

Question 2

What is Jack devur associated with

Answer 2

Extended stay hotel

Question 3

What does REIT stand for?

Answer 3

Real estate investment trust

Question 4

What does SMERF stand for

Answer 4

Social military educational religious and fraternal

Question 5

What does REVPAR stand for?

Answer 5

Revenue per available room

Question 6

What industry is cyclical

Answer 6

The hotel industry

Question 7

Who stays longer? International travelers or doMestic travelers

Answer 7

International travelers

Question 8

REVPAR has to do with blank not blank

Answer 8

Revenue not financial

Question 9

Blank are less sensitive to price

Answer 9

Business travelers

Question 10

Blank are bigger

Answer 10

Hotels

Question 11

Blank hotels are in blank settings and more expensive

Answer 11

Boutique and urban

Question 12

Franchises tax what percent of revenues

Answer 12

10%

Question 13

What is breakage

Answer 13

Parts of a package that are not used but already paid for

Question 14

Blank hotels will have more blank per traveler

Answer 14

Nicer and employees

Question 15

What does a management company do and why would you use it

Answer 15

And management company runs the day today operations for a fee and you would want them because you may not have the timeor expertise to manage. You can also be more creative than using a franchise

Question 16

Average daily rate equals

Answer 16

Total revenue\rooms sold

Question 17

Occupancy percentage equals

Answer 17

Total rooms sold divided by total rooms available

Question 18

revenue per available room equals

Answer 18

Total revenue divided by total rooms available or occupancy percentage times average daily rate

Question 19

Occupancy percentage can never exceed blank

Answer 19

100%

Question 20

Remember that blank can never be higher than blank

Answer 20

Revenue per available room can never be higher then average daily rate

Question 21

What are some special characteristics of the hotel business

Answer 21

Perishability, location, fixed supply but varying demand, high operating costs, seasonality

Question 22

What is a solution to seasonality a hotel

Answer 22

Extend the season

Question 23

How are some ways that hotels are classified

Answer 23

By size, Rate, level of service, level of amenities,type

Question 24

What are some different types of hotels

Answer 24

Residential, extended stay, commercial or business hotels, resort, bed-and-breakfast, boutique, trophy hotels

Question 25

There is no such thing as a blank market

Answer 25

Captive

Question 26

Elastic

Answer 26

Changes prices as demand changes

Question 27

Inelastic

Answer 27

Change prices but Demand is static

Question 28

Increases cause customers to....

Answer 28

Use substitutes or do without

Question 29

Define market segmentation

Answer 29

Process of dividing a large heterogeneous market into two or more smaller homogeneous market segments

Question 30

Brand equity

Answer 30

Inherent value that recognition gives to the brain associated with positive images

Question 31

Brand

Answer 31

I name or logo recognize my customers or the unique package of products, mrs., amenities, and ambience at a price point that is associated with the brand

Question 32

Economy hotels

Answer 32

Hotels with minimal services or amenities and charging low rates

Question 33

And all suite hotel

Answer 33

All rooms with separate living and sleeping areas

Question 34

Casino hotels get their income from

Answer 34

Gaming

Question 35

Corporate housing

Answer 35

Long stay at apartments with hotel services

Question 36

Extended stay hotels

Answer 36

Average guess stays for 18 nights

Question 37

Non guest buyer

Answer 37

An intermediary between the hotel and the guest who buys the room for the guest

Question 38

Conventions

Answer 38

Groups assemble to promote the common purpose

Question 39

Tradeshows

Answer 39

Exhibits of product lines shown by purveyors to potential buyers

Question 40

What percent of profits are paid to shareholders of real estate investment trusts a.k.a. REITs

Answer 40

90%

Question 41

Financer

Answer 41

The money comes from example:bank

Question 42

Management company

Answer 42

Runs the day-to-day operations for a fee

Question 43

Franchising company

Answer 43

Provides systems and a brand recognition

Question 44

Leases

Answer 44

In agreement between a hotel building owner and a leasing company By which the leaseholder operates the hotel