Unit 3: Hotels

forecasting

method of predicting the hotel's occupancy for a period of time in the future

franchised hotel

a franchising company gives legal rights to a hotel

guaranteed reservation

guest gives hotel payment information to hotel to ensure that a room will be held for them

advance deposit reservation

guest pays for their room reservation in advance

concierge

assists guests with booking tickets, finding info about local attractions, & handling VIP guests

average daily rate

average price of all rooms in the hotel

independent hotels

hotels managed by the owner or the owner works closely with the management team

rooms division

department of hotel staff that oversees everything related to the rooms

overbooking

knowingly making more room reservations than rooms that are available

executive housekeeping

person in charge of the housekeeping department

rack rate

published full cost of a room

confirmed reservation

reservation made with enough advance notice for guest to receive information

stayover rooms

rooms in which a guest stays another night

out-of-inventory rooms

rooms that have major problems, such as water damage. may not be sold nor counted in room counts

out-of-order rooms

rooms that have slight problems such as a broken TV or a loud A/C. may be sold at a discounted rate and is counted in room counts

walking

sending an arriving guest away due to overbooking

management contract

used when a hotel owner does not want to operate their hotel

vacation ownership

you purchase the right to use a condo at the same time each year for a period of time

simple room count

the number of unoccupied rooms for sale on a certain day

yield management

adjusting room rates based on time of year or events going on in the area to maximize hotel's profits

chain hotels

2+ hotels operating under the same name

real estate investment trusts

small company offers stock and investors who buy stock have a small share of ownership