Hotel Industry Analytical Foundation Flashcards
1
Q
SIX different types of players in the lodging industry are…
A
- Chain
- Parent
- Operation-Corporate,Franchise,Independent
- Management Company
- Owner
- Asset Management Company
- Membership or Marketing Groups
2
Q
What are some reasons there are many players that exist in the lodging industry?
A
They have different roles and functions
3
Q
Why do parent companies create multiple chains?
A
To appeal to different target margins
4
Q
What are the advantages of having so many different players in the hotel industry?
A
Market saturation: you can have a lot of hotels
5
Q
What are the disadvantages of having so many different players in the hotel industry?
A
- Less market share: less business because more players
- price sensitivity
6
Q
Contrast independent versus chain hotels in and outside of the U.S.
A
There are more independent hotels internationally and chains, and more chain hotels in the U.S. it’s hard to have independent hotels in a market field with large well-known chains (such as the U.S.).
7
Q
Describe the geographic categorization methods used by the hotel industry
A
World, continent, subcontinent, country, market, tract, Submarket
8
Q
What is the value of consistent categorization?
A
You have to categorize things to get accurate reports and line up who you are competing against. In order to ensure consistency, companies need to closely align with their competitors.
9
Q
Describe the non-geographic categorization methods used by the hotel industry.
A
There’s the scale and class category but there is no independent class
10
Q
Compare the scale category to the class category.
A
The scale category is comprised of seven categories, six for chain hotel, In one category for all independent hotels.
When I chain is categorized in a specific scale group every hotel in that chain is in the scale group. The class category is similar to the scale category. The names of the categories are the same but there is no independent class group. So there are six class categories and seven scale categories.
11
Q
Represents the hotel brand- displayed to the public on the building & in all interactions with the customer
A
CHAIN
12
Q
First chain was…
A
HOLIDAY INN
13
Q
How many chains are in the U.S. and how many rooms in total?
A
22+ chains in the US with 50,000+ rooms
14
Q
How many chains are in the world and how many rooms in total?
A
24+ chains in the world with 75,000+ rooms
15
Q
The count that STR makes available are based upon their…
A
“Census” database of 150,000+ hotels
16
Q
How often is the STR “census” database updated?
A
Each semester with new additions added to database
17
Q
STR stands for…
A
Smith Travel Research
18
Q
Consists of multiple chains (often in a variety of types
A
PARENT COMPANY
19
Q
How many parent companies are in the U.S. and how many rooms in total?
A
21+ parent companies in the US with 10,000+ rooms
20
Q
How many parent companies are in the World and how many rooms in total?
A
23+ parent companies worldwide with 25,000+ rooms
21
Q
Corporate, Franchise, Independent
A
OPERATION
22
Q
A chain hotel owned/managed by the chain/parent company
A
CORPORATE
23
Q
A chain hotel run by a THIRD party where the chain receives some sort of franchise fee
A
FRANCHISE
24
Q
Not affiliated with a chain or parent company
A
INDEPENDENT
25
Independent hotels may be members of...
Various marketing groups
26
How many independent hotels are in the U.S. and how many rooms in total?
22,000+ independent hotels in the U.S with nearly 1.5 million rooms
27
How many independent hotels are in the world and how many rooms in total?
97,000+ independent hotels in the U.S with nearly 7 million rooms
28
Worldwide percentage: chain vs. indepedent
40% chain vs. 60% independent / closer to 30/70 or 20/80
29
U.S. chain vs. independent percentage: current vs. historically
70% vs. 30% independent
30
There has been a drastic percentage change between chains and independent hotels within the last how many years?
50 years
31
Mid 1900's: U.S. chain vs. independent percentages were more like...
the percentages outside of the U.S.
| 40% chain vs. 60% independent / 30% chain or 70% independent
32
Which was more popular during the Mid 1900s? independent or chain?
independents
33
The proliferation of different types of chains is...
a relatively recent phenomenon
34
Many places globally are in a very similar situation as...
the U.S. was in the mid 1900s
| *a development opportunity for companies*
35
In the U.S. STR receives performance data from how many hotels?
30,000+ hotels
36
In the U.S. STR receives performance data from what percentage of chain hotels and how many independent hotels?
95% chain; nearly 2,000 independent
37
Outside the U.S. STR receives performance data from how many hotels?
15,000+ hotels
38
Outside the U.S. STR receives performance data from how many independent hotels?
2,500+ hotels
| *participation varies in different countries around the world*
39
It is possible to obtain a Property & Room Count Report to...
Summarize participation by AREA or Participation List to identify specific participating hotels
40
Operates a hotel for another party
MANAGEMENT COMPANY
41
Company has a management contract where it receives payment/some portion of profit
MANAGEMENT COMPANY
42
Name the hierarchy: OWNER / CHAIN / PARENT / MANAGEMENT
POMC > PARENT - OWNER - MANAGEMENT - CHAIN
43
How many management companies are in the U.S.?
29+ management companies
44
How many management companies are there worldwide and how many rooms included?
40+ management companies with 7,500+ rooms
45
How many owner companies are there in the U.S.?
22+ owner companies
46
How many owner companies are there worldwide and how many rooms included?
37 owners with 10,000+ rooms
47
Categorized with owner companies;
REIT ; Real Estate Investment Trust
48
What does REIT stand for?
Real Estate Investment Trust
49
When was Real Estate Investment Trust created?
REIT was created in 1960
50
When did the Real Estate Investment Trust Act become active in lodging?
REIT Act did not become active in lodging until late '90s.
51
A company that owns/operates income-producing real estate assets
Real Estate Investment Trust
52
Designed to provide a real estate investment structure similar to the structure mutual funds provide for investments in stocks
Real Estate Investment Trust
53
Purpose is to reduce or eliminate corporate tax and in return are required to distribute ATLEAST 90% of taxable income to investors
Real Estate Investment Trust
54
represents the owner in the operation of a hotel
ASSET MANAGEMENT COMPANY
55
Hotels may have both a ________ & __________company
Management ; Asset management
56
How many Asset Management companies are there in the U.S.?
23+ Asset Management Companies
57
How many Asset Management companies are there worldwide and how many rooms are included?
34+ Asset Management Companies with 1,000+ rooms
58
Provide marketing assistance, reservation assistance , and focuses on certain types of hotels
MEMBERSHIP & MARKETING GROUPS
59
A cross between a chain & marketing group for independent hotels.
QUASI CHAINS
60
Created to be able to bring hotels under the Parent Company flag so they many utilize associated benefits
QUASI CHAINS
61
SIX different types of GEOGRAPHIC categorization in the lodging industry are...
- WORLD
- CONTINENT
- SUB CONTINENT
- COUNTRY
- MARKET
- TRACT OR SUBMARKET
62
Additional geographic categories for special situations such as...
- groups of countries
| - regions inside countries, or states/provinces
63
Within lodging, how many continent categories are there?
FOUR
64
Within lodging, what are the FOUR continent categories?
- Americas
- Europe
- Mideast/Africa
- Asia Pacific
65
How many subcontinents are there in total?
about 16 subcontinents
66
How many subcontinents does each continent have?
each continent includes THREE to FOUR sub-continents
67
STR uses what definition when it comes to which countries are included in each continent & sub-continent?
UNWTO
68
refers to these as "world regions"
UNWTO
69
STR uses the term "continents" to...
distinguish from regions inside a country
70
Caribbean, Central America, North America, South America
AMERICA continent
71
Central and South Asia, Northeastern Asia, Southeastern Asia, Australia and Oceania
ASIA PACIFIC continent
72
Eastern Europe, Northern Europe, Southern Europe, Western Europe
EUROPE continent
73
Middle East, Northern Africa, Southern Africa
MIDEAST/AFRICA continent
74
STR uses what definition when it comes to recognizing countries?
UNWTO
75
Territories such as the VIRGIN ISLANDS would...
appear as separate countries
76
How many countries have 1+ hotels?
211 countries
77
How many countries have 50,000+ rooms?
40 countries
78
Global differences related to STR programs are like...
currencies
79
There are small _________ differences related to STR data, reports, and programs
geographic
80
Geographic differences are based upon...
whether hotels are in North America or Not
81
There are how many hotels in the U.S.?
51,152+ hotels in the U.S.
82
How many different regions are there in the U.S.?
NINE regions
83
Larger countries are organized into...
Regions
84
The NINE regions in the U.S. correspond to...
the government census region
85
The NINE regions vary numbers in _______ and behave differently when it comes to metrics such as _____
hotels / ADR
86
What are the NINE regions in the U.S.?
- Pacific
- Mountain
- West North Central
- West South Central
- East North Central
- East South Central
- New England
- Middle Atlantic
- South Atlantic
87
Washington, Oregon, California, Alaska, Hawaii
PACIFIC U.S. REGION (5)
88
Montana, Idaho, Nevada, Utah, Arizona, New Mexico, Colorado, Wyoming
MOUNTAIN U.S. REGION (8)
89
North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri
WEST NORTH CENTRAL U.S. REGION (7)
90
Texas, Oklahoma, Arkansas, Louisiana
WEST SOUTH CENTRAL U.S. REGION (4)
91
Wisconsin, Illinois, Michigan, Indiana, Ohio
EAST NORTH CENTRAL U.S. REGION (5)
92
Kentucky, Tennessee, Mississippi, Alabama
EAST SOUTH CENTRAL U.S. REGION (4)
93
Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island
NEW ENGLAND U.S. REGION (6)
94
New York, Pennsylvania, New Jersey
MIDDLE ATLANTIC U.S. REGION (3)
95
Delaware, Maryland, West Virginia, Virginia, North and South Carolina, Georgia, Florida
SOUTH ATLANTIC U.S. REGION (8)
96
Hotel data uses ___________ categories
geographic
97
one of the most important geographic categories below Country
MARKET
98
commonly thought of as cities although they are also used to represent more rural areas outside of the major cities.
MARKET
99
Market used in the hotel industry are affected by
hotel participation
100
Broken up into 163 geographic areas
Market in the U.S.
101
Roughly correspond to government Metropolitan Statistical Areas (MSAs)
Market in the U.S.
102
What does MSAs stand for?
Metropolitan Statistical Areas
103
STR uses how many different markets?
Two different markets
104
How many markets cross state borders in the U.S. Market?
12 U.S. Markets
105
reviewed annually to determine if new markets may be created based on growth in available supply and sample
Grouping of U.S. Markets
106
How many metro markets and non-metro markets are there in the U.S.?
92 metro markets / 71 non-metro markets
107
What is a metro market?
cities
108
What is a non-metro market?
rural areas
109
Metro Markets sometimes are separated into ________ and _________ cities
MAJOR / SECONDARY
110
In less populated states the _______ state may be a ________.
whole/market
111
"Top 25 markets" are based on _________ and ___________.
Revenue/Number of rooms
112
"Top 25 markets" exclude Las Vegas because...
due to participation issues.
113
STR uses internal ________ market numbers.
6-digit
114
WW Markets are dependent on
number of hotels and the participation
115
WW Markets are reviewed....
annually
116
Small countries may consist of just
a single market
117
a geographic subset of a Market
TRACT(SUBMARKET)
118
Term is used in North America and SubMarket is used outside of North America
TRACT
119
Term is used outside of North America and Tract is used in North America
SUBMARKET
120
like Markets, are affected by hotel paricipation
TRACT(SUBMARKET)
121
Also Reviewed annually
TRACT(SUBMARKET)
122
Hotel Data is often displayed at the ______ and ______ level.
Market ; Tract
123
How many Tracts are there in the U.S.?
628 Tracts in the U.S.
124
geographic sub-division of a market
TRACT (SUBMARKET)
125
number of tracts vary...
in a market
126
What does CBD stand for in a metro market?
Central Business District
127
Central Business District is a common tract for
Downtown
128
In non-metro (rural) markets, a tract may
represent a small city
129
Outside of North America, the term "submarket" is used instead of ....
Tract
130
Number of submarket depends upon the
size of the market
131
As the number of hotels and participation increases in a market,
additional submarkets will be created
132
Revision to markets and tracts are based upon...
supply (new hotel openings), participation (new hotels submitting performance data), client feedback
133
Revision to markets and tracts are made when?
At the end of the year
134
After December STAR reports and before January STAR reports is when...
revisions to markets and tracts are made
135
Revisions to markets and tract are not...
made during the year
136
Companies are notified of what changes?
Revisions to market and tract
137
Hotels are organized into the...
standard government designation
138
U.S. counties are identified by a _______ digit number
FIVE
139
the first two digits of the five digit number used to identify U.S. counties is...
the state
140
the last three digits of the five digit number used to identify U.S. counties is...
the county
141
County data is often used for...
low-level impact analyses
142
Participation is sometimes
a factor for many counties
143
in the US ______ counties have at least one hotel
2,776
144
in the US ______ counties have at least four hotels, only ____ percentage
1,319 ; 48
145
Zip code is the ________ geographic unit in the U.S.
lowest
146
participation is frequently
a factor for zip codes
147
_______________ zip codes have 1+ hotels
11,117
148
_______________ zip codes have 4+ hotels, only _____ percentage
2,823 ; 25
149
MSA stands for...
Metropolitan Statistical Areas
150
Metropolitan Statistical Areas are often used when...
working with other government data
151
Most Metropolitan Statistical Areas geographic foot point is...
consistent with the Market.
152
______ Metropolitan Statistical Areas have 1+ hotels; All of them have ____ reporting hotels
361 ; 4+
153
Latitude and Longitude for hotels allow you to...
view hotels with various mapping programs
154
Latitude and Longitude for Hotels are very accurate for...
North America
155
Hotel Industry Categorization (Non-geopgraphic) Scale have _______ categories
Seven
156
How many categories in the SEVEN scale categories are for chain hotels ranging from luxury to economy?
SIX
157
How many categories in the SEVEN scale categories are for Independent hotels?
ONE
158
What is the starting point of average daily rate for luxury hotels?
$300
159
What is the starting point of average daily for economy hotels?
$50
160
The average ADR of the Independent Scale roup in the U.S. and world is close to...
$100
161
A chain is categorized in a...
specific Scale Group
162
How do Chains get grouped into Scales?
Based on ADR NOT upon subjective criteria (ex. amenities)
163
At the beginning of every year, STR _______________ and _________________ based upon the annual data for the prior year.
subtotals all the hotels in the world by chain ; calculates the average ADR per chain
164
Chains are sorted by...
the ADR amount from high to low
165
Chain breakpoints are determined between...
the different Scale groups and may move up or down year to year
166
Chains sometimes will...
move up or down to the next higher or lower scale group.
167
Luxury Hotels tend to be located...
in larger cities & resort locations
168
Upper Upscale hotels tend to be located...
in larger cities & business locations
169
There is a higher concentration of _______ and ______ hotels in smaller metro & rural markets
Economy ; Midscale
170
Luxury hotels are usually in ....
urban and resort locations
171
upper upscale hotels are usually in...
urban and suburban locations
172
upscale hotels are most often in...
suburban locations
173
upper midscale hotels are most often in...
suburban and small town locations
174
Midscale & Economy are generally in....
suburban, small town, and interstate locations
175
The "class" category is similar to _____ and has no ______ group.
scale; independent
176
There are only ______ class categories instead of the SEVEN scale groups
SIX
177
Independent hotels are slotted into the scale categories at...
similar ADR levels
178
chain hotels are always in the same class as...
scale
179
Class is used globally but is...
especially popular outside of North America where there are more independet hotels.
180
Grouping Independent hotels into classes is....
on a market-by-market basis
181
Grouping Independent hotels into classes involves...
the ADRs of participating chain hotels which are analyzed and breakpoints are created between the different scale groups
182
After analyzing the ADR and creating breakpoints between scale groups, properties are...
combined into different groups based upon the ADR of the independent property compared to the chain hotels.
183
Group of independent hotels into classes is done...
at the beginning of the year based upon annual data for the prior year.
184
Class category is important because...
it is relied upon heavily especially outside North America.
185
Non-North America STAR reports compare a...
SUBJECT hotel to the market/submarket/tract/class IN ADDITION to the competitive set.
186
Depending on participation, the class group...
may be "collapsed"/combined.
187
North America STAR reports COMPARE with...
Market Class (all the hotels in the same Market & Class) along with other industry segments
188
Location category in the U.S. are....
defined based upon specific zip codes
189
Extended stay hotels are NOT
a scale category
190
The extended stay chains range in...
scale
191
Chains are organized into ______ levels, _______ and _______
two ; upper ; lower
192
Extended stay hotels often quote
weekly rates
193
Extended stay hotel guests stay...
typically 4-7 nights
194
Hotel types are not
exclusive
195
A single hotel can be
categorized as multiple types
196
How many different types of hotels are there?
10
197
STR does not track in its data...
"pure" condo and timeshare properties
198
only those properties with rooms in a _____ are included in STR
Rental Pool
199
All Inclusive, All Suite, B&B/Inn, Boutique, Condo, Conference, Convention, Corporate Housing, Destination Resort, Timeshare
Hotel types used by STR
200
Rooms Available for the rental pool are...
based upon an annual average from the prior year
201
properties with rooms and public spaces that offer unique contemporary and distinctive design/decor
Boutique hotels
202
often a stylish luxurious, aspirational, or avant-garde feeling/ambiance is promoted
Boutique hotels
203
STR generally defines chains and independent hotels in the boutique segment as...
being concentrated in the luxury, upper upscale, and upscale chain and class categories
204
having actual/estimated ADR of $175 and typically having fewer than 200 rooms
Boutique hotels
205
There are _________ in the U.S. & approximately _____ in the world
700 boutique hotels ; 2,500 hotels
206
appeal to the leisure traveler, located in resort markets, and are considered a destination in themselves
Destination Resorts
207
Generally luxury or upper upscale class hotels
Destination Resorts
208
How many Destination Resorts are in the U.S.?
334
209
All guest rental units consists of one or more bedrooms and may include a separate living area (kitchenettes or mini refrigerators)
All Suite
210
often do not have integrated dining facilities available and many offer complimentary breakfast
All Suite
211
Properties with a major focus on conference facilities
Conference Hotels
212
must meet guidelines of the International Association of Conference Centers
Conference Hotels
213
IACC stands for...
International Association of Conference Centers
214
Hotels with a minimum of 300 rooms and large meeting facilities (minimum of 20,000ft squared) and not part of the conference center group
Convention Hotels
215
A property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece (ex. hallways, heating system, elevators, exterior area) is executed under legal rights associated with the individual ownership and controlled by the association of owners that jointly represent ownership of the whole piece.
Condo
216
A form of ownership/right to the use of a property, or the term used to describe such properties, typically resort condominium units, multiple parties own and have rights to use the propety
Timeshare
217
ownership & access are allocated in defined periods of time (typically one week)
Timeshare
218
units may be owned in perpetuity or on a term lease "right to use" basis
Timeshare
219
Options vary in size and are usually short term or long term rentals. Many are furnished and have additional amenities
Corporate Housing
220
Providing linens and a stocked kitchen is a standard practice in many, along with furniture such as bed, desk, and other basics
Corporate Housing
221
the type of corporate housing normally determines...
what kinds of amenities are included in the rental
222
Additional corporate housing amenities may include...
swimming pools, exercise rooms, tennis court.
223
Independently owned and operate. Most include breakfast in the room rate
Bed and Breakfast
224
have 20 rooms or less and have resident/owner innkeeper
Bed and Breakfast
225
Various ratings, companies that rate based on range of criteria and can vary and be inconsistent
Hotel Ratings
226
Individual hotels compare their performance to the performance of a...
competitive set of a hotel
227
The information for the competitive set is...
carefully tracked by the subject hotel
228
the subject hotel is...
the owner of the comp set
229
Individual hotels can compare their performance to...
hotels in pre-defined industry segments near their hotel i.e. the market/tract/submarket where they are located);.
230
Companies compare their own properties to...
a variety of comparative groups of hotels to gauge the performance of their portfolio
231
Tourism organizations also compare...
their local area to "comparable" markets
232
Group of hotels used primarily for comparison against a subject property for performance benchmarking purpose
Competitive Set
233
Competitive in nature : same guests, sharing similar qualitative and quantitative features
Competitive Set
234
How are comp sets used?
- compared to the subject property for performance benchmarking purposes
- aide in the sales & marketing department
- use in management contracts for performance requirements (often determines the amount of compensation managers receive)
- use for internal and external analysis (microeconomic)
235
Why do we use Comp sets?
- historically, hoteliers have relied on each other for performance information (price, quantity, quality)
- call arounds were performed and strategies such as count cars in the parking lot and windows with lights on were used.
- There is no way of assuring whether entities were being honest with each other or whether their information is pertinent or relevant to that of the seekers.
236
STR began collecting performance data from hotels when?
Late 1980s
237
when did STR coin the term "comp set" and became a reliable source for hotels to get accurate aggregate information about their comp set?
Late 1980s
238
finding the average based on the data from a group of hotels so that each individual hotel is protected from exploitation of their specific data.
Aggregating
239
For Aggregating, no individual property data is...
ever disclosed to another property
240
Despite attempts throughout history to prevent anticompetitive acts...
anti - competition actions are still committed today with the hotel industry.
241
When are comp sets created?
By the time the hotel opens and sometimes long before construction
242
The hotel can select a competitive set and ...
can receive and "under construction" STAR report. This way the new hotel staff can track the performance of the comp set prior to the opening of the hotel.
243
Who chooses the comp set?
Stakeholders (Management Company, General Manager, Chain company, The sales and marketing team)
-Each entities have different goals towards the comp set
244
Participation/Proximity/Pricing/Product
KEY Considerations when Creating Comp Sets
245
Participation can mean _________ different types of data.
Four
246
What are the FOUR different types of data?
Monthly, Daily, Segmentation, Additional Revenue
247
Usually default of participation type of data.
Monthly (KEY Considerations when Creating Comp Sets)
248
Most hotels submit daily data each day/week of participation type of data
Daily (KEY Considerations when Creating Comp Sets)
249
Man hotels submit rooms sold and revenue broken down by transient/group/contract of participation type of data
Segmentation (KEY Considerations when Creating Comp Sets)
250
Some hotels submit Food and Beverage and other revenue in addition to Room Revenue of participation type of data
Additional Revenue (KEY Considerations when Creating Comp Sets)
251
You can obtain a list of potential competitors from STR with specific fields that indicate the _________ related to your hotel
Proximity (KEY Considerations when Creating Comp Sets)
252
___________ from the competitor to the subject hotel
Distance (KEY Considerations when Creating Comp Sets)
253
Will help identify hotels that are geographically close to the subject hotel
Market and Tract (Submarket) (KEY Considerations when Creating Comp Sets)
254
You can also check other geographic fields for when considering and creating comp sets such as...
City, Zip and postal code, County
255
This field can help show clusters of hotels related to other entity
Location (KEY Considerations when Creating Comp Sets) i.e. airport, downtown area, beach, resort, etc.
256
Pricing: If you are a chain hotel the ______ category will help to identify similar _____ hotels
scale ; chain
257
Pricing: it is NOT uncommon to look for _____ in one scale category above or below the subject.
competitors
258
Pricing: help to identify independent hotels that are in the a similar category as the subject hotel
Class
259
Public information gathered through surveys
Rack Rate
260
Fields such as _____, _____, and ____ can help provide some indirect pricing information
Rack Rate, Tract Tier, Price Level
261
________________ information can also be found on the internet
Price-related
262
Sufficiency, Percentage Checks
Rules Related to Creating Comp Sets
263
Sufficiency: In north america, comp sets must include ____ or more hotels in addition to the subject
THREE
264
Sufficiency: Hotels are encouraged to have ____ or more so that if a hotel does not report for a time period, the comp set data will still appear.
FOUR
265
Sufficiency: Outside of North America, comp sets must include ____ or more hotels in addition to the subject
FOUR
266
_____ help to ensure that the data of a single hotel, chain, or company is not isolated.
Percentage Check
267
When ______ are calculated the rooms of the subject hotel, as well as those in the same chain and parent company, are excluded
percentage (checks)
268
No single property or chain can account for more than ____ of the total participating room supply of a competitive set.
40%
269
Outside of North America, no single property of chain can account for more than _____ of the total participating room supply of a competitive set.
50%
270
No single company can account for more than ____ of the total participating room supply of a competitive set.
60%
271
An average number of properties in a comp set is _____, slight variation by scale.
5-6
272
In the U.S., only _____ of the properties in your __________ name you in their primary comp set
45.13% ; primary comp set
273
When properties in your primary comp set name you in their primary comp set
Nameback percentage
274
The specific properties that name your hotel in their comp set
Reverse Comp Set
275
The average U.S. hotel is named as a competitor by ____ hotels that aren't in its comp set.
2.8
276
It is possible to obtain the members of the _________ for your hotel from STR
Reverse Comp Set
277
When are comp sets changed?
Anytime ; Many wait until beginning of the year
278
Comp Sets may change due to...
- changes in the subject hotel (i.e. renovation,conversion, new management
- changes in the market (i.e. new competitive hotels open)
- strategic change; repositioning improving comp set strength
279
Some companies make changes to comp sets at....
specific times of the year
280
Rules related to changing comp set address..
rules related to changes that address "isolation" issues
281
Comp Set changes must be made by a net change of....
two or more properties
282
Add or subtract two; add or subtract one; add two subtract two; as long as the remaining hotels is not below the minimum sufficiency number
Comp Set changes
283
If properties are only making a change with two properties...
BOTH must be a different chain, parent company, and management company from the subject hotel.
284
Comp Set Rules ensure that a _______ is never isolated.
single hotel's data
285
A hotel can add a brand new hotel which has been open less than _____
6 months (Exception to the comp set change rules)
286
A hotel can remove a property from its comp set that has...
stopped participating after 3 months (Exception to the comp set changes rules)
287
For Convention and Visitor Bureaus and Local Tourism Organizations: _____ in the U.S. receive Data in the form of Destination
500+
288
For Convention and Visitor Bureaus and Local Tourism Organizations: ____ outside the U.S. receive Data in the form of Destination
another 100+
289
CVBs, Travel or Tourism Organization, Destination Marketing Organizations
Names for Convention and visitor Bureaus and Local Tourism Organization
290
What does DMO stand for?
Destination Marketing Organization
291
Supply, Demand, Room Revenue, Occupancy, ADR, Percent change
Basic Hotel Industry Performance Metrics
292
Total rooms available
Supply (Basic Hotel Industry Performance Metrics)
293
Total rooms sold
Demands (Basic Hotel Industry Performance Metrics)
294
Money collected from the sold
Room Revenue (Basic Hotel Industry Performance Metrics)
295
Rooms Sold divided by Rooms Available ; a percentage (%)
Occupancy (Basic Hotel Industry Performance Metrics)
296
Room Revenue divided by Rooms Sold ; a dollar amount ($)
Average Daily Rate (Basic Hotel Industry Performance Metrics)
297
year over year difference
Percent change (Basic Hotel Industry Performance Metrics)
