IRR – Internal Rate of Return
What is the meaning / definition of Internal Rate of Return in the hospitality industry? IRR stands for: Internal Rate of Return. The Internal Rate of Return is a financial indicator, used to determine the attractiveness of an investment or project. It can be defined as the percentage rate earned on [...]
Inventory
What is the meaning / definition of Inventory in the hospitality industry? The number of rooms available for a hotel to sell or distribute across all channels is called an Inventory. An Inventory makes it possible to control what type of rooms and how many you make available to a particular [...]
Interface
What is the meaning / definition of Interface in the hospitality industry? Interface is the crossing point or technical connection between different IT systems.ย In other words it is the direct communication/ connection between two (or more) networks/ applications/ systems that can be interlinked together without any intermediary. In the hospitality industry [...]
Independent Hotel
What is the meaning / definition of Independent Hotel in the hospitality industry? An Independent Hotel is a hotel that is independently owned and run. It doesnโt allow any other proprietors to use its name / brand. Basically, all of the hotels which are not related to a hotel chain are [...]
Incentive Fee
What is the meaning / definition of Incentive Fee in the hospitality industry? The term Incentive Fee is used to describe a fee that incurs to an investor when his/her fund manager is able to establish returns, above a suggested benchmark initially established. Incentive Fees are set to encourage fund managers [...]
IDS – Internet Distribution System
What is the meaning / definition of IDS in the hospitality industry? IDS stands for: Internet Distribution System. This term is generally used to express the hotels distribution channels via Internet, Intranets, Extranets and other online services. It is also known as a synonym for ADS (Alternative Distributions System). IDS describes [...]
IATA – International Air Transport Association
What is the meaning / definition of IATA in the hospitality industry? IATA stands for: International Air Transport Association.ย It is a trade association of airline companies which operates international services and establishes standard practices. IATA accredits travel agents throughout the world.ย This certification includes issuance of an ID-code, termed an IATA number. [...]