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5 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 5 Star Hotel in the hospitality industry?. A 5 Star Hotel is a hotel that provides a luxury service through all its means of operation. Luxury (*****) A 5 Star Hotel is geared towards catering to guests at the highest level. Therefore everything from the exterior of the hotel down to the tableware should display excellent quality and high attention to detail. HOTEL REVENUE MANAGEMENT DEFINITION / MEANING What is the meaning / definition of Hotel Revenue Management in the hospitality industry?. Running a successful hotel does not simply involve selling as many rooms as possible in any given trading gear, in a kind of random first-come-first-served way with a ‘hope for the best’ atmosphere surrounding things. No. The key to achieving sustained success in the hospitality industry is to be CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. GREEN HOTEL DEFINITION / MEANING Definition: Green hotel: A green hotel is a hotel that focusses on sustainability in its business practices. It differentiates itself from other hotels with its strong focus of reducing carbon emission, water usage, waste reduction and electricity usage, these type of hotels are trying to reduce their impact on the environment as much aspossible.
FLOATELS DEFINITION / MEANING What is the meaning / definition of Floatels?. The term Floatel, combines the word Float and Hotel and describes a Hotel that is floating or above water that is usually permanent, contrary to a cruise ship or boat. Sometimes also spelt Flotel, the term refers to luxury or boutique hotels on rivers, lakes, harbours and oceans. They can be located in the middle of the wilderness on a lake or on HOTEL PROFIT AND LOSS STATEMENT SAMPLE KPIs and elements of a hotel P&L statement: For the specific case of hotels, the most important KPIs to look at in our Profit & Loss statement are the GOP (gross operating profit) and NOI or NOP (net operating income or profit) Working out your GOP (gross operating profit) 1. Add the revenue and costs from all operational departments PROFPAR - PROFIT PER AVAILABLE ROOM DEFINITION - XOTELS PROFPAR is a KPI calculation of profit earnings for each room available in the hotel. PROFPAR is based on operating profit, which accounts for movements in both revenues and expenses. In comparison and not having delved too deeply into the RevPAR vs. PROFPAR issue, the data suggest that PROFPAR will uncover economic phenomena thatRevPAR will not.
HOTEL SOP - STANDARD OPERATING PROCEDURES SOPs in the hospitality industry are a set of written down instructions documented for staff to execute operational procedures and maintain service standards. By having well-developed SOPs in your hotel it is possible to provide more consistent and higher-qualityservices and
5 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 5 Star Hotel in the hospitality industry?. A 5 Star Hotel is a hotel that provides a luxury service through all its means of operation. Luxury (*****) A 5 Star Hotel is geared towards catering to guests at the highest level. Therefore everything from the exterior of the hotel down to the tableware should display excellent quality and high attention to detail. HOTEL REVENUE MANAGEMENT DEFINITION / MEANING What is the meaning / definition of Hotel Revenue Management in the hospitality industry?. Running a successful hotel does not simply involve selling as many rooms as possible in any given trading gear, in a kind of random first-come-first-served way with a ‘hope for the best’ atmosphere surrounding things. No. The key to achieving sustained success in the hospitality industry is to be CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. GREEN HOTEL DEFINITION / MEANING Definition: Green hotel: A green hotel is a hotel that focusses on sustainability in its business practices. It differentiates itself from other hotels with its strong focus of reducing carbon emission, water usage, waste reduction and electricity usage, these type of hotels are trying to reduce their impact on the environment as much aspossible.
FLOATELS DEFINITION / MEANING What is the meaning / definition of Floatels?. The term Floatel, combines the word Float and Hotel and describes a Hotel that is floating or above water that is usually permanent, contrary to a cruise ship or boat. Sometimes also spelt Flotel, the term refers to luxury or boutique hotels on rivers, lakes, harbours and oceans. They can be located in the middle of the wilderness on a lake or on HOTEL PROFIT AND LOSS STATEMENT SAMPLE KPIs and elements of a hotel P&L statement: For the specific case of hotels, the most important KPIs to look at in our Profit & Loss statement are the GOP (gross operating profit) and NOI or NOP (net operating income or profit) Working out your GOP (gross operating profit) 1. Add the revenue and costs from all operational departments PROFPAR - PROFIT PER AVAILABLE ROOM DEFINITION - XOTELS PROFPAR is a KPI calculation of profit earnings for each room available in the hotel. PROFPAR is based on operating profit, which accounts for movements in both revenues and expenses. In comparison and not having delved too deeply into the RevPAR vs. PROFPAR issue, the data suggest that PROFPAR will uncover economic phenomena thatRevPAR will not.
TOP HOSPITALITY & HOTEL TRENDS IN 2021 Top Hospitality & Hotel Trends in 2021. Fundamentally it has been a completely different year from any other – many referring to a “new normal” – bringing a plethora of contrasts to the industry when comparing hospitality to pre-covid times. This urges the need to review what trends have come and go, and put any concerns intoperspective.
HOTEL FEASIBILITY STUDY & EXAMPLE 6. Hotel Feasibility Study Projected ROI. One of the most important parts of your hotel feasibility study is the projected ROI. ROI is worked out by using a number of metrics, including internal rate of return (IRR), net present value (NPV), debt coverage ratios and FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. 2 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 2 Star Hotel in the hospitality industry?. A 2 Star Hotel is a hotel that provides the bare essentials with some comfort quality. Standard (**) At a 2 Star Hotel, in addition to the comfort and hygiene essentials, the amenities for the guest are of a significantly higher quality and appeal than to that ofa 1 Star Hotel.
ADULT ONLY RESORT DEFINITION / MEANING Adult Only Resort. What is the meaning / definition of Adult Only Resort? Resort targeted towards couples and groups who wish to have a romantic or relaxing holiday. The hotels are only available for guests above the age of 18. The hotels cater towards an older audience which allows them to specify their service accordingly, such as more HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
OCCUPANCY RATE DEFINITION / MEANING What is the meaning / definition of Occupancy in the hospitality industry?. It is a Hotel KPI calculation that shows the percentage of available rooms or beds being sold for a certain period of time.. It is important for hotels to keep track of this data on a daily basis to identify the average daily rate, forecast and apply revenue management.. How do you calculate a hotels Occupancy Rate? SHOULDER DATE DEFINITION / MEANING What is the meaning / definition of Shoulder Date in the hospitality industry?. Sometimes a hotel can generate extra revenue by selling rooms on Shoulder Dates; these are basically dates that fall very close to other high demand dates. For example, a couple decides to treat themselves to a luxury break at a sumptuous rural hotel.Their reservation is for the last Friday and Saturday night in ABR - AVERAGE BED RATE DEFINITION / MEANING- XOTELS GLOSSARY ABR stands for: Average Bed Rate. The “Average Bed Rate” is the total amount charged for beds, divided by the total number of beds sold. This ratio allows revenue managers to measure more than just the “Average Room Rate” or ARR. With this insight, the focus can be put on maximising the revenue per bed rather than only by room.HOTEL TERMINOLOGY
The Xotels Glossary clarifies hotel and revenue management terminology. Our hospitlaity dictionary explains the meaning of 500+ words, terms, abbreviations and acronyms. HOTEL FEASIBILITY STUDY & EXAMPLE 6. Hotel Feasibility Study Projected ROI. One of the most important parts of your hotel feasibility study is the projected ROI. ROI is worked out by using a number of metrics, including internal rate of return (IRR), net present value (NPV), debt coverage ratios and RACK RATE DEFINITION / MEANING What is the meaning / definition of Rack Rate in the hospitality industry?. When it comes to setting prices for rooms, establishing the highest rate is important. This rate is called the Rack Rate, and it is from this maximum price that all other rates take their lead.But that is not to say that one Rack Rate will apply to every room in ahotel.No.
HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
HOTEL TERMINOLOGY
The Xotels Glossary clarifies hotel and revenue management terminology. Our hospitlaity dictionary explains the meaning of 500+ words, terms, abbreviations and acronyms. HOTEL FEASIBILITY STUDY & EXAMPLE 6. Hotel Feasibility Study Projected ROI. One of the most important parts of your hotel feasibility study is the projected ROI. ROI is worked out by using a number of metrics, including internal rate of return (IRR), net present value (NPV), debt coverage ratios and RACK RATE DEFINITION / MEANING What is the meaning / definition of Rack Rate in the hospitality industry?. When it comes to setting prices for rooms, establishing the highest rate is important. This rate is called the Rack Rate, and it is from this maximum price that all other rates take their lead.But that is not to say that one Rack Rate will apply to every room in ahotel.No.
HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
PROFPAR - PROFIT PER AVAILABLE ROOM DEFINITION - XOTELS PROFPAR is a KPI calculation of profit earnings for each room available in the hotel. PROFPAR is based on operating profit, which accounts for movements in both revenues and expenses. In comparison and not having delved too deeply into the RevPAR vs. PROFPAR issue, the data suggest that PROFPAR will uncover economic phenomena thatRevPAR will not.
HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. 3 STAR HOTEL DEFINITION / MEANING Definition: Three Star Hotel: Three star hotels aim towards meeting guest expectations and providing pleasant stay. Quite a few airport hotels carry 3 stars - thereby providing their short term guests with a brief, efficient but comfortable stay. These hotels are often located near major express-ways or business areas, convenient forshopping trips etc.
ARI - AVERAGE RATE INDEX DEFINITION / MEANING - XOTELS ARI stands for: Average Rate Index. It is a Hotel KPI that measures the performance of their ADR compared to their comp set during the same period ( competitive set: a group of other hotel brands and competitor that have a similar target market and concept). How do you calculate ARI? ARI Formula: ARI= hotel ADR / Aggregated group ofhotel’s ADR.
PRICE POSITIONING DEFINITION / MEANING Definition: The term price positioning, describes the process of adapting your price towards the position you want your products and services to represent in the market. It is a marketing strategy in which you attempt to create a "position" for your brand in the minds of your target customers that according to the price is consistent toyour positioning.
HOTEL TERMINOLOGY
The Xotels Glossary clarifies hotel and revenue management terminology. Our hospitlaity dictionary explains the meaning of 500+ words, terms, abbreviations and acronyms. FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOW TO START A HOTEL BUSINESS Tailoring your facilities to the needs and wants of your target group will be essential. A great example of this are business travellers, who require work related amenities to get their job done. Aim to apply the same thought process behind how your hotel’s public areas and rooms can be decked out with essential features ready to be marketed towards this segment. INDEPENDENT HOTEL DEFINITION / MEANING As CEO and Founder of Xotels, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. Xotels´ diverse expertise and deep-knowledge across hotel management, hotel operator, asset management, hotel consulting, and revenue management services, enables them to drive results for independent boutique hotels, luxury eco-resorts, and innovative HOTEL ASSET DEFINITION / MEANING What is the meaning / definition of Hotel Asset in the hospitality industry?. All property fully owned by the hotel can be described as a Hotel Asset.Common hotel assets are the hotel itself, equipment, furniture and food items. Assets can appreciate or depreciate in value over time, its therefore important to track and record in order to know the financial situation of the hotel. REVPAR INDEX DEFINITION / MEANING What is the meaning / definition of RevPar Index in the hospitality industry?. RevPar Index, is a measure that originates from RevPar.It focusses on comparing your hotels RevPar with the RevPar of the hotels in your competitive set.This calculation will allow you to see how well you are executing your sales and revenue management strategies relative to your competition. HOTEL MARKET RESEARCH & ANALYSIS As CEO and Founder of Xotels, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. Xotels´ diverse expertise and deep-knowledge across hotel management, hotel operator, asset management, hotel consulting, and revenue management services, enables them to drive results for independent boutique hotels, luxury eco FAIR MARKET SHARE DEFINITION / MEANING What is the meaning/definition of Fair Market Share in the hospitality industry?. Fair Market Share is an indication that a hotel’s overall performance stacks up against its immediate competitors.. A hotel within a competitive set can work out if it’s getting its Fair Market Share through a simple calculation:. Fair Market Share = Total number of rooms at the hotel / Total number of rooms BAR - BEST AVAILABLE RATE DEFINITION / MEANING - XOTELS What is the meaning / definition of Best Available Rate in the hospitality industry?. BAR stands for Best Available Rate which is the lowest rate of the day that is available for guests to book. The BAR rates are available to the general public, does not require pre-payment and does not impose cancellation or change penalties and/or fees, other than those imposed as a result of a hotel ABR - AVERAGE BED RATE DEFINITION / MEANING- XOTELS GLOSSARY ABR stands for: Average Bed Rate. The “Average Bed Rate” is the total amount charged for beds, divided by the total number of beds sold. This ratio allows revenue managers to measure more than just the “Average Room Rate” or ARR. With this insight, the focus can be put on maximising the revenue per bed rather than only by room.HOTEL TERMINOLOGY
The Xotels Glossary clarifies hotel and revenue management terminology. Our hospitlaity dictionary explains the meaning of 500+ words, terms, abbreviations and acronyms. PROFPAR - PROFIT PER AVAILABLE ROOM DEFINITION - XOTELS PROFPAR is a KPI calculation of profit earnings for each room available in the hotel. PROFPAR is based on operating profit, which accounts for movements in both revenues and expenses. In comparison and not having delved too deeply into the RevPAR vs. PROFPAR issue, the data suggest that PROFPAR will uncover economic phenomena thatRevPAR will not.
5 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 5 Star Hotel in the hospitality industry?. A 5 Star Hotel is a hotel that provides a luxury service through all its means of operation. Luxury (*****) A 5 Star Hotel is geared towards catering to guests at the highest level. Therefore everything from the exterior of the hotel down to the tableware should display excellent quality and high attention to detail. HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
RACK RATE DEFINITION / MEANING What is the meaning / definition of Rack Rate in the hospitality industry?. When it comes to setting prices for rooms, establishing the highest rate is important. This rate is called the Rack Rate, and it is from this maximum price that all other rates take their lead.But that is not to say that one Rack Rate will apply to every room in ahotel.No.
CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. 3 STAR HOTEL DEFINITION / MEANING Definition: Three Star Hotel: Three star hotels aim towards meeting guest expectations and providing pleasant stay. Quite a few airport hotels carry 3 stars - thereby providing their short term guests with a brief, efficient but comfortable stay. These hotels are often located near major express-ways or business areas, convenient forshopping trips etc.
NET RATE DEFINITION / MEANING What is the meaning / definition of Net Rate in the hospitality industry?. In hotel distribution we work with many rate levels. Room inventory is sold via some third party distributors at prices that are subject to commission.Others negotiate a (sometimes lower) price with the hotel that does not include a commissions. Such a rate is called a Net Rate.. The Net Rate is the price without the ARI - AVERAGE RATE INDEX DEFINITION / MEANING - XOTELS ARI stands for: Average Rate Index. It is a Hotel KPI that measures the performance of their ADR compared to their comp set during the same period ( competitive set: a group of other hotel brands and competitor that have a similar target market and concept). How do you calculate ARI? ARI Formula: ARI= hotel ADR / Aggregated group ofhotel’s ADR.
HOTEL TERMINOLOGY
The Xotels Glossary clarifies hotel and revenue management terminology. Our hospitlaity dictionary explains the meaning of 500+ words, terms, abbreviations and acronyms. HOTEL FEASIBILITY STUDY & EXAMPLE 6. Hotel Feasibility Study Projected ROI. One of the most important parts of your hotel feasibility study is the projected ROI. ROI is worked out by using a number of metrics, including internal rate of return (IRR), net present value (NPV), debt coverage ratios and HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
RACK RATE DEFINITION / MEANING What is the meaning / definition of Rack Rate in the hospitality industry?. When it comes to setting prices for rooms, establishing the highest rate is important. This rate is called the Rack Rate, and it is from this maximum price that all other rates take their lead.But that is not to say that one Rack Rate will apply to every room in ahotel.No.
PROFPAR - PROFIT PER AVAILABLE ROOM DEFINITION - XOTELS PROFPAR is a KPI calculation of profit earnings for each room available in the hotel. PROFPAR is based on operating profit, which accounts for movements in both revenues and expenses. In comparison and not having delved too deeply into the RevPAR vs. PROFPAR issue, the data suggest that PROFPAR will uncover economic phenomena thatRevPAR will not.
HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. 3 STAR HOTEL DEFINITION / MEANING Definition: Three Star Hotel: Three star hotels aim towards meeting guest expectations and providing pleasant stay. Quite a few airport hotels carry 3 stars - thereby providing their short term guests with a brief, efficient but comfortable stay. These hotels are often located near major express-ways or business areas, convenient forshopping trips etc.
ARI - AVERAGE RATE INDEX DEFINITION / MEANING - XOTELS ARI stands for: Average Rate Index. It is a Hotel KPI that measures the performance of their ADR compared to their comp set during the same period ( competitive set: a group of other hotel brands and competitor that have a similar target market and concept). How do you calculate ARI? ARI Formula: ARI= hotel ADR / Aggregated group ofhotel’s ADR.
PRICE POSITIONING DEFINITION / MEANING Definition: The term price positioning, describes the process of adapting your price towards the position you want your products and services to represent in the market. It is a marketing strategy in which you attempt to create a "position" for your brand in the minds of your target customers that according to the price is consistent toyour positioning.
HOTEL TERMINOLOGY
The Xotels Glossary clarifies hotel and revenue management terminology. Our hospitlaity dictionary explains the meaning of 500+ words, terms, abbreviations and acronyms. HOTEL SOFT BRAND DEFINITION / MEANING What is the meaning / definition of a Hotel Soft Brand?. The term Hotel Soft Brand is a term used in hospitality that describes a hotel franchise or chain company. This organisation, in comparison to other hotel franchises or hotel chains provides the benefits of a larger chain without enforcing strict rules, regulations or strong brand identity on the franchisor or chain member. 5 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 5 Star Hotel in the hospitality industry?. A 5 Star Hotel is a hotel that provides a luxury service through all its means of operation. Luxury (*****) A 5 Star Hotel is geared towards catering to guests at the highest level. Therefore everything from the exterior of the hotel down to the tableware should display excellent quality and high attention to detail. FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. 2 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 2 Star Hotel in the hospitality industry?. A 2 Star Hotel is a hotel that provides the bare essentials with some comfort quality. Standard (**) At a 2 Star Hotel, in addition to the comfort and hygiene essentials, the amenities for the guest are of a significantly higher quality and appeal than to that ofa 1 Star Hotel.
NET RATE DEFINITION / MEANING What is the meaning / definition of Net Rate in the hospitality industry?. In hotel distribution we work with many rate levels. Room inventory is sold via some third party distributors at prices that are subject to commission.Others negotiate a (sometimes lower) price with the hotel that does not include a commissions. Such a rate is called a Net Rate.. The Net Rate is the price without the INDEPENDENT HOTEL DEFINITION / MEANING As CEO and Founder of Xotels, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. Xotels´ diverse expertise and deep-knowledge across hotel management, hotel operator, asset management, hotel consulting, and revenue management services, enables them to drive results for independent boutique hotels, luxury eco-resorts, and innovative REVPAR INDEX DEFINITION / MEANING What is the meaning / definition of RevPar Index in the hospitality industry?. RevPar Index, is a measure that originates from RevPar.It focusses on comparing your hotels RevPar with the RevPar of the hotels in your competitive set.This calculation will allow you to see how well you are executing your sales and revenue management strategies relative to your competition. HOTEL ASSET DEFINITION / MEANING What is the meaning / definition of Hotel Asset in the hospitality industry?. All property fully owned by the hotel can be described as a Hotel Asset.Common hotel assets are the hotel itself, equipment, furniture and food items. Assets can appreciate or depreciate in value over time, its therefore important to track and record in order to know the financial situation of the hotel. BAR - BEST AVAILABLE RATE DEFINITION / MEANING - XOTELS What is the meaning / definition of Best Available Rate in the hospitality industry?. BAR stands for Best Available Rate which is the lowest rate of the day that is available for guests to book. The BAR rates are available to the general public, does not require pre-payment and does not impose cancellation or change penalties and/or fees, other than those imposed as a result of a hotel 5 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 5 Star Hotel in the hospitality industry?. A 5 Star Hotel is a hotel that provides a luxury service through all its means of operation. Luxury (*****) A 5 Star Hotel is geared towards catering to guests at the highest level. Therefore everything from the exterior of the hotel down to the tableware should display excellent quality and high attention to detail. FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
HOTEL REVENUE MANAGEMENT DEFINITION / MEANING What is the meaning / definition of Hotel Revenue Management in the hospitality industry?. Running a successful hotel does not simply involve selling as many rooms as possible in any given trading gear, in a kind of random first-come-first-served way with a ‘hope for the best’ atmosphere surrounding things. No. The key to achieving sustained success in the hospitality industry is to be CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. DEMAND GENERATORS DEFINITION / MEANING Demand Generators. What is the meaning / definition of Demand Generators in the hospitality industry? In hospitality, meeting demand for goods and services is not only about meeting customers’ needs, whenever required; sometimes, a hotel or other type of hospitality business can create demand. The best way to do this is by using Demand TIME BASED PRICING DEFINITION / MEANING The Time-Based Pricing Method is the standard in the tourism industry where customers are charged per night. Whereby prices fluctuate depending on what time they are being booked. With higher prices are charged during peak season, or during high demand times (conference and events). Outside of the hospitality industry, in consultancy for OCCUPANCY RATE DEFINITION / MEANING What is the meaning / definition of Occupancy ( OCC) in the hospitality industry? It is a Hotel KPI calculation that shows the percentage of available rooms or beds being sold for a certain period of time. It is important for hotels to keep track of this data on a daily basis to identify the average daily rate, forecast and applyrevenue
PRICE POSITIONING DEFINITION / MEANING Definition: The term price positioning, describes the process of adapting your price towards the position you want your products and services to represent in the market. It is a marketing strategy in which you attempt to create a "position" for your brand in the minds of your target customers that according to the price is consistent toyour positioning.
5 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 5 Star Hotel in the hospitality industry?. A 5 Star Hotel is a hotel that provides a luxury service through all its means of operation. Luxury (*****) A 5 Star Hotel is geared towards catering to guests at the highest level. Therefore everything from the exterior of the hotel down to the tableware should display excellent quality and high attention to detail. FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
HOTEL REVENUE MANAGEMENT DEFINITION / MEANING What is the meaning / definition of Hotel Revenue Management in the hospitality industry?. Running a successful hotel does not simply involve selling as many rooms as possible in any given trading gear, in a kind of random first-come-first-served way with a ‘hope for the best’ atmosphere surrounding things. No. The key to achieving sustained success in the hospitality industry is to be CANCELLATION RATE DEFINITION / MEANING What is the meaning / definition of Cancellation Rate in the hospitality industry?. Cancellation Rate, often displayed as a percentage, highlight the rate at which a hotel has its bookings cancelled. Hoteliers should be inclined to keep their Cancellation Rate as low as possible.. Its an important rate to consider as it allows insight on how to reduce cancellations in the future. DEMAND GENERATORS DEFINITION / MEANING Demand Generators. What is the meaning / definition of Demand Generators in the hospitality industry? In hospitality, meeting demand for goods and services is not only about meeting customers’ needs, whenever required; sometimes, a hotel or other type of hospitality business can create demand. The best way to do this is by using Demand TIME BASED PRICING DEFINITION / MEANING The Time-Based Pricing Method is the standard in the tourism industry where customers are charged per night. Whereby prices fluctuate depending on what time they are being booked. With higher prices are charged during peak season, or during high demand times (conference and events). Outside of the hospitality industry, in consultancy for OCCUPANCY RATE DEFINITION / MEANING What is the meaning / definition of Occupancy ( OCC) in the hospitality industry? It is a Hotel KPI calculation that shows the percentage of available rooms or beds being sold for a certain period of time. It is important for hotels to keep track of this data on a daily basis to identify the average daily rate, forecast and applyrevenue
PRICE POSITIONING DEFINITION / MEANING Definition: The term price positioning, describes the process of adapting your price towards the position you want your products and services to represent in the market. It is a marketing strategy in which you attempt to create a "position" for your brand in the minds of your target customers that according to the price is consistent toyour positioning.
HOTEL PROFIT AND LOSS STATEMENT SAMPLE KPIs and elements of a hotel P&L statement: For the specific case of hotels, the most important KPIs to look at in our Profit & Loss statement are the GOP (gross operating profit) and NOI or NOP (net operating income or profit) Working out your GOP (gross operating profit) 1. Add the revenue and costs from all operational departments HOTEL SOP - STANDARD OPERATING PROCEDURES SOPs in the hospitality industry are a set of written down instructions documented for staff to execute operational procedures and maintain service standards. By having well-developed SOPs in your hotel it is possible to provide more consistent and higher-qualityservices and
HOW TO MAKE YOUR HOTEL STAND OUT, POST COVID-19 Standing out from the crowd has always been a perpetual task demanding full attention of any hotelier, but has become even more apparent in the post Covid-19 era. The countless marketing, sales, and operational tools available in the market have allowed hoteliers to gain quick returns in the past, but unfortunately mediocre strategies and HOTEL CAPACITY DEFINITION / MEANING What is the meaning / definition of Hotel Capacity in the hospitality industry?. Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.. Typically answers the question: how many guests can your hotel have? Or which is the total number of rooms for your hotel.. Hotel Capacity can vary a lot. From very few rooms up to1000s.
FULL SERVICE HOTEL DEFINITION / MEANING What is the meaning / definition of Full Service Hotel in the hospitality industry?. The term Full Service Hotel, describes a hotel which offers a variety of different services and includes all of these services in the price. This type of hotels, generally have a higher price, though guests are sure that when they have booked that they will not encounter further significant costs. HOTEL REVENUE MANAGEMENT DEFINITION / MEANING What is the meaning / definition of Hotel Revenue Management in the hospitality industry?. Running a successful hotel does not simply involve selling as many rooms as possible in any given trading gear, in a kind of random first-come-first-served way with a ‘hope for the best’ atmosphere surrounding things. No. The key to achieving sustained success in the hospitality industry is to be 2 STAR HOTEL DEFINITION / MEANING What is the meaning / definition of a 2 Star Hotel in the hospitality industry?. A 2 Star Hotel is a hotel that provides the bare essentials with some comfort quality. Standard (**) At a 2 Star Hotel, in addition to the comfort and hygiene essentials, the amenities for the guest are of a significantly higher quality and appeal than to that ofa 1 Star Hotel.
REVPAR INDEX DEFINITION / MEANING What is the meaning / definition of RevPar Index in the hospitality industry?. RevPar Index, is a measure that originates from RevPar.It focusses on comparing your hotels RevPar with the RevPar of the hotels in your competitive set.This calculation will allow you to see how well you are executing your sales and revenue management strategies relative to your competition. PROFPAR - PROFIT PER AVAILABLE ROOM DEFINITION - XOTELS PROFPAR is a KPI calculation of profit earnings for each room available in the hotel. PROFPAR is based on operating profit, which accounts for movements in both revenues and expenses. In comparison and not having delved too deeply into the RevPAR vs. PROFPAR issue, the data suggest that PROFPAR will uncover economic phenomena thatRevPAR will not.
OPERATING COSTS DEFINITION / MEANING Operating Costs, also known as Cost of Goods Sold ( COGS ), is a cost which is directly related to everything needed to keep a business up and running. Examples for Operating Costs include items such as payroll, rent, office supplies, utilities, marketing, insurance, accounting, legal fees and taxes. Calculating Operating Costs requiresonly
ABR - AVERAGE BED RATE DEFINITION / MEANING- XOTELS GLOSSARY ABR stands for: Average Bed Rate. The “Average Bed Rate” is the total amount charged for beds, divided by the total number of beds sold. This ratio allows revenue managers to measure more than just the “Average Room Rate” or ARR. With this insight, the focus can be put on maximising the revenue per bed rather than only by room.* Hotel Management
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