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Front Office 1 > Exam 1 > Flashcards

Exam 1 Flashcards

0
Q

What hotel is Kevin Wilson associated with

A

The Holiday Inn

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1
Q

Where are the best rooms in the hotels located

A

In the corner

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2
Q

What is Jack devur associated with

A

Extended stay hotel

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3
Q

What does REIT stand for?

A

Real estate investment trust

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4
Q

What does SMERF stand for

A

Social military educational religious and fraternal

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5
Q

What does REVPAR stand for?

A

Revenue per available room

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6
Q

What industry is cyclical

A

The hotel industry

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7
Q

Who stays longer? International travelers or doMestic travelers

A

International travelers

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8
Q

REVPAR has to do with blank not blank

A

Revenue not financial

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9
Q

Blank are less sensitive to price

A

Business travelers

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10
Q

Blank are bigger

A

Hotels

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11
Q

Blank hotels are in blank settings and more expensive

A

Boutique and urban

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12
Q

Franchises tax what percent of revenues

A

10%

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13
Q

What is breakage

A

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

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14
Q

Blank hotels will have more blank per traveler

A

Nicer and employees

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15
Q

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

A

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

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16
Q

Average daily rate equals

A

Total revenue\rooms sold

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17
Q

Occupancy percentage equals

A

Total rooms sold divided by total rooms available

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18
Q

revenue per available room equals

A

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

19
Q

Occupancy percentage can never exceed blank

A

100%

20
Q

Remember that blank can never be higher than blank

A

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

21
Q

What are some special characteristics of the hotel business

A

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

22
Q

What is a solution to seasonality a hotel

A

Extend the season

23
Q

How are some ways that hotels are classified

A

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

24
Q

What are some different types of hotels

A

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

25
Q

There is no such thing as a blank market

A

Captive

26
Q

Elastic

A

Changes prices as demand changes

27
Q

Inelastic

A

Change prices but Demand is static

28
Q

Increases cause customers to….

A

Use substitutes or do without

29
Q

Define market segmentation

A

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

30
Q

Brand equity

A

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

31
Q

Brand

A

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

32
Q

Economy hotels

A

Hotels with minimal services or amenities and charging low rates

33
Q

And all suite hotel

A

All rooms with separate living and sleeping areas

34
Q

Casino hotels get their income from

A

Gaming

35
Q

Corporate housing

A

Long stay at apartments with hotel services

36
Q

Extended stay hotels

A

Average guess stays for 18 nights

37
Q

Non guest buyer

A

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

38
Q

Conventions

A

Groups assemble to promote the common purpose

39
Q

Tradeshows

A

Exhibits of product lines shown by purveyors to potential buyers

40
Q

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

A

90%

41
Q

Financer

A

The money comes from example:bank

42
Q

Management company

A

Runs the day-to-day operations for a fee

43
Q

Franchising company

A

Provides systems and a brand recognition

44
Q

Leases

A

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

Front Office 1 (1 decks)

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