Midterm Flashcards
What is the def of full- service hotel?
A lodging facility that offers complete food and beverage services
What is the def of limited- service hotel?
A lodging facility that offers no, or very restricted, food and beverage services
What is the def of lodging industry?
All businesses that provide
overnight accommodations for guests
What is the def of hotel?
An establishment that provides sleeping rooms as well as various services to the traveling public
What is the def of hotelier?
The owner/manager of one or more hotels
What are basic types of hotels?
value full- service room service limited- service bed and breakfast camps/ park lodge extended- stay convention conference resort timeshare private clubs cruise lines casino
What are the 3 ways to measure hotel performance?
ADR
Occupancy rate
RevPAR
What are the formulas for ADR, Occupancy rate, RevPAR?
ADR: total rev from room sales/ total number of room sold
Occ: total rooms sold/ total rooms ava
RevPAR: ADR x OC rate
Who are some partners in the lodging industry?
transportation services
travel agents
tour operaters
on-line travel agents
What is the def of owner/ operator?
A hotel investor who also manages (operates)
the hotel.
Def for GM
the traditional title of the individual at a hotel property who is responsible for final decision-making regarding property-specific operating policies and procedures
def of Management company
an organization that operates a hotel for a fee. Sometimes referred to as a contract company
def of management contract
Management company investment required or
ownership attained
def of franchise/ franchisor/ franchisee
franchise: An arrangement whereby one party
(the franchisor) allows another party to use its
logo, brand name, systems, and resources in exchange for a fee
franchisor: An organization that manages a brand and sells the right to use the brand name
franchisee: An individual or company that buys, under specific terms and conditions, the right to use a brand name for a fixed period of time and at an agreed-upon price
Is there a diff btw brand and flag?
no
def of conversion
The changing of a hotel from one brand to another
Why are hotels operated?
- to meet the needs of the traveling public
- to meet the hotel owner’s desired return on investment
What is the structure of the lodging industry?
First tier (management company): Management companies that operate hotels for owners using the management company’s trade name as the hotel brand. Second tier (management company): Management companies that operate hotels for owners and do not use the management company name as part of the hotel name
def of quality
The consistent delivery of products and services according to expected standards
def of service
The process of helping guests by addressing their wants and needs with respect
and dignity and in a timely manner
def of value
The relationship between price paid and the quality of the products and services
received.
def of commodity
A commonly available and most often unspecialized product
def of empowerment
The act of granting authority
to employees to make key decisions within the employees’ areas of responsibility