Hotel Revenue Management Glossary

Need to know what a hotel term means? Look it up in the Xotels Glossary. We explain definitions of terminology industry lingo from hotel revenue management, ecommerce, marketing and distribution.

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Term Definition
Camping

What is the meaning / definition of Camping in the hospitality industry?

Camping is a term originally used to describe the activity of staying overnight in a tent. Generally camping takes place in the outdoors in remote locations away from general civilisation. Since its humble beginning in the 19th century camping has evolved to also incorporate other forms of overnight stays, besides nights spent in a tent

Today camping can describe the activity of staying in a tent, bungalow, camper vans, glamping tents and camping pods etc. on a campsite.

It can thereby vary greatly in preparation. Some survival campers set out with the least possible equipment to challenge themselves to survive in "the wild". While other campers come prepared with gas, electricity, heating, warm showers television and internet.

Capex - Capital Expenditure

What is the meaning / definition of Capital Expenditure in the hospitality industry?

Capital Expenditure, also known as Capex, refers to all capital improvement costs of owning hotels over an asset's life span, including such capital costs that prolong the economic life of the asset.

Synonyms: Capital Expenditure, Capex
Capital Reserve

What is the meaning / definition of Capital Reserve in the hospitality industry?

The term Capital Reserve refers to an account on a balance sheet containing capital reserved for specific circumstances. Any profit that arises in a company in special circumstances is called Capital Reserve. The capital in the Capital Reserve is meant for capital expenditures. It should thereby help prepare the company for any unforeseen events like inflation, instability, need to expand the business or to get into a new and urgent project.

Cash Management

What is the meaning / definition of Cash Management in the hospitality industry?

The term Cash Management describes the field of management that concerns itself with the collecting, managing and investing of cash. Cash Management is highly important in hospitality due to its ability to improve cash flow and shortening the cash cycle. Thereby allowing operations departments to act and purchase more flexibly.

Chain Code

What is the meaning / definition of Chain Code in the hospitality industry?

Chain Code is a two-character code used to identify hotel chains within a GDS. Chain codes may vary by GDS.

Chain-Hotel

What is the meaning / definition of Chain Hotel in the hospitality industry?

A Chain Hotel is a hotel that is part of a series or of a group of hotels operated by the same company or owner. Opposite of an independent hotel it is a ‘chain-affiliated’ hotel.

Synonyms: Chain Hotel
Channel Management

What is the meaning / definition of Channel Management in the hospitality industry?

Channel Management (also Multi-Channel-Management) refers to the techniques and systems used by hotels in line with their distribution policy. This management method includes content management as well as data reconciliation in various distribution channels. It means the updating of the hotel information, of room rates and availabilities across all distribution channels, such as hotels website, third parties (OTAs, IDS, ADS) and the CRS/GDS.

Synonyms: channel management, channel manager
Channels

What is the meaning / definition of Channels in the hospitality industry?

A term that refers to Distribution Channels and that describes the different methods / platforms buy which / in which bookings for a hotel are made. A Channel can be a hotel’s booking engine, a direct phone reservation or a specific stream of revenue such as a 3rd party website, an OTA, etc.

Synonyms: Channels
Close Out

What is the meaning / definition of Close Out in the hospitality industry?

Hotel rooms made unavailable from sales. Such a closed out could be for a variety of reasons and applied to individual market segments.

Synonyms: Close Out Date, Close Out Dates, close out
Comfort Letter

What is the meaning / definition of Comfort Letter in the hospitality industry?

A Comfort Letter is a document prepared by a bank, an accounting firm or an audit firm confirming the legitimacy and soundness of a company's finances.

Commission

What is the meaning / definition of Commission in the hospitality industry?

Commission is a charge that a hotel pays to third parties (travel agents, OTAs) for selling their hotel rooms. It is usually a fix percentage of the room rate.
The commission ranges from 10% to 30% depending of the OTA (how influential it is), on the size of the hotel and also on the popularity of the destination.
Large hotel chains usually have more negotiation power.

Comp Set - Competitive Set

What is the meaning / definition of Comp Set in the hospitality industry?

A Competitive Set (or Compset) is a group of hotels that are seen as direct competitors to your own hotel.

Synonyms: Competitive Set, compset
Complimentary

What is the meaning / definition of Complimentary in the hospitality industry?

Complimentary services or products are those given to an audience / a customer without charge. This term is often used in the tourism and hospitality industry.

Consortia

What is the meaning / definition of Consortia in the hospitality industry?

Consortia are Associations or Marketing organizations which link together small to medium sized independent travel agencies to leverage purchasing power and marketing opportunities. Examples of Consortia are American Express, Carlson Wagonlit, BCD Travel or HRG.

Country House Hotel

What is the meaning / definition of Country House Hotel in the hospitality industry?

Country house hotels is a term used to describe a specific type of accommodation in the hospitality industry. As the name states a country house hotel, is a hotel located in the country side, which appears more as a home than as a hotel. Country house hotels thereby differentiate themselves from ordinary hotels by providing a more local and intimate experience. Being located in a non-generic building can remind guest more of a being in a home than a hotel. This type of accommodation allows guest to experience a country from a more local perspective.

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