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.
|Hotel Franchise Contract / Agreement||
What is the meaning / definition of Hotel Franchise Contract / Agreement?
A contract between a hotel owner and a hotel franchise company where the franchise company allows a hotel to use its services and name for a fee. Services a franchisor can provide are for example national advertising, reservation system, employee training and other benefits depending on the hotel franchise company. A hotel franchise contract usually lasts 20 years, but depending on the hotel and franchise company the contract length can from 5 years to, in rare cases, 100 years.
This contract also requires that the hotel meets certain standards or admits to certain rules & regulations in order to keep the contract. Examples therefore are that the franchisor requires the hotel to purchase furniture from its approved suppliers, the use of the company’s property management system, franchise inspections for quality of facilities, upgrades to the hotel every few years or decades and other mandatory requests by the franchise company.
What is the meaning / definition of Hotel Management?
Hotel Management is a field of business and a study, that tends itself to the operational aspects of a hotel as well as a wide range of affiliated topics. Such as: Accounting, administration, finance, information systems, human resource management, public relations, strategy, marketing, revenue management, sales, change management, leadership, gastronomy and more. Generally hotel management companies, help owners when they don't want to go and hire a general manager and hotel employees. They thereby ensure that every aspect of the property is properly run and organised.
Worldwide, universities and so-called Hotel schools allow the study of a Bachelor and Masters degree in hotel management. With this degree students are able to work throughout the hospitality industry and are often not bound to work only in hotels, but throughout the hospitality industry. The field is highly service oriented as hospitality is the industries foundation.
|Hotel Management Company||
What is the meaning / definition of Hotel Management Company?
A company that runs a hotel on behalf of the owner for a fee. This is done when a hotel´s owner has no interest in running a hotel due to the lack of experience or time. Hotel management companies can either be small and independent or large mega-corporations that run multiple hotels across the country or world.
The fee for may be either a percentage of the gross profit or a monthly or yearly fixed fee depending on the contract. The most common practice for a hotel management company is to charge 3% of the gross revenue, but can very between different management companies.
|Hotel Market Intelligence||
What is the meaning / definition of Hotel Market Intelligence in the hospitality industry?
The global hotel industry is MASSIVE. Keeping track of changes, developments and in-market trends is not something that can be achieved in a disorganised manner, therefore. To always remain abreast of market fluctuations, hoteliers need to carefully and thoroughly gather intelligence. This is where Hotel Market Intelligence comes in!
|Hotel Market Segments||
What is the meaning / definition of Hotel Market Segments in the hospitality industry?
Not all customers are the same. Although, of course, all guests must receive the same high standard of service at a hotel or other kind of facility within the Hospitality Sector, there are definitely different types of customers. And offering them a hospitality experience that entirely meets their particular type and exact needs is the key to a providing an enjoyable hotel stay, where satisfaction is virtually guaranteed.
|Hotel Market Share||
What is the meaning / definition of Hotel Market Share in the hospitality industry?
In the Hospitality Industry, all hotels should strive to capture maximum revenue at all times. And, sometimes, comparing revenue levels with other hotels can provide a valuable insight. This can help to establish a hotel’s Market Share: the percentage of business it is getting within the hotel market overall.
What is the meaning / definition of Hotel Operator?
The position hotel operator, also known as general manager, hotel manager or hotelier refers to the employee responsible for the day to day activities at a hotel, resort or motel.
Hotel Operators must meet a number of requirements to excel at this job. To become a hotel operator often a bachelors degree in hotel/ hospitality management is required or multiple years of work in the industry in different positions of the hierarchy.
Hotel operators are notoriously famous for having to work during odd hours, such as late nights and early mornings as well as days such as holidays, when most people are enjoying their leisure time with their families. Being a hotel managers require excellent people, leadership and management skills. The social aspect of the job becomes highly important, due to the fact that hotel managers must work with two parties at the same time and be able to satisfy both the needs of guests, as well as of employees. This relation requires a strict set of values, that guide decision making in high pressure situations.