Function Room Occupancy
What is the meaning / definition of Function Room Occupancy in the hospitality industry? The measurement term Function Room Occupancy calculates how a hotel is utilising its space. This is done to ensure hotels are effectively using all space available in their public areas. It can also be used to determine [...]
Full Service Hotel
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 [...]
Friends & Family Rate
What is the meaning / definition of Friends & Family Rate in the hospitality industry? The term friend and family rate, refers to the rate given to family members and friends of employees or managers working at hotels. The concepts which exists with all types of businesses, from hotels to airlines [...]
Franchisor
What is the meaning / definition of Franchisor in the hospitality industry? A person or company that grants a franchise to an individual, group or business through an agreement. Their role consists of providing everything necessary for the franchisee to operate their business accordingly to the franchisee agreement. A franchisor generally [...]
Franchisee
What is the meaning / definition of Franchisee in the hospitality industry? The Individual, group or business that possesses or operates a franchise under an agreement with a franchisor. Being a Hotel Franchise Company can allow business owners to start a business according to a tested methodology. This provides many benefits [...]
Franchise Fee
What is the meaning / definition of Franchise Fee in the hospitality industry? The Franchise Fee or cost is an initial payment that a franchisee makes towards his franchisor in order to join the franchise. Only when the Franchise Fee has been paid in full, the franchisee may begin operations as [...]
Franchise Disclosure Documents
What is the meaning / definition of Franchise Disclosure Documents? The term Franchise Disclosure Document, also known under the acronym FDD, refers to a legal document implemented in 2008, in the US. It is used to fully inform potential franchisees about the investment. This document contains major information and has to [...]
Franchise Agreement
What is the meaning / definition of Franchise Agreement in the hospitality industry? The franchise agreement is the legal contract that binds a franchisor and franchisee in business. The franchise agreement is a contract that generally consists of terms and clauses that specify as to how a business (franchisor) agrees to [...]
Forecast
What is the meaning / definition of Forecast in the hospitality industry? Any hotel seeking to maximise profits, should look ahead and try to predict a future situation. One way to do this in an organised manner, is to create something called a Forecast. Forecasting can be done at any time [...]