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.
What is the meaning / definition of Negotiated Rate in the hospitality industry?
Companies that regularly use a particular hotel naturally seek a more compettive or economic prices for rooms, meeting rooms and exhibition spaces. Although this may sound bad for business from a hotel's point of view, if the company in question makes regular bookings, the shortfall in revenue can be made up overall across a trading year. Therefore it is often in a hotel's interests to negotiate rates with companies and organisations. The simplest way to do this is to integrate a Negotiated Rate option into a hotel's overall pricing structure and strategy.
What is the meaning / definition of Net Rate in the hospitality industry?
In hotel distribution we work with many rate levels. Room inventory is sold via some third party distributors at prices that are subject to commission. Others negotiate a (sometimes lower) price with the hotel that does not include a commissions. Such a rate is called a Net Rate.
|NGS - Next Generation Seamless||
What is the meaning / definition of Next Generation Seamless, in the hospitality industry?
NGS stands for: Next Generation Seamless.
What is the meaning / definition of No-Show in the hospitality industry?
If a guest fails to arrive on a certain date to fulfil a booking (as all so often happens!) and does not cancel; that does not necessarily mean the hotel will lose money. No. Hotels can cover themselves for this eventuality by integrating into their pricing structure something called a No-Show fee. That's right, in the Hospitality Industry, a person who does not arrive where and when they should at a hotel or motel, and makes no explanatory contact, is called a No-Show.
|NOP - Net Operating Profit||
What is the meaning / definition of NOP in the hospitality industry?
NOP stands for Net Operating Profit, also known as NOI (Net Operating Income). It is a KPI / calculation of net operating income / profit after subtracting all of the operating expenses from the revenues generated by a hotel.
|NREVPAR - Net REVPAR||
NREVPAR stands for: Net Revenue Per Available Room
NREVPAR metric is similar to RevPAR, except that it factors in the net revenues (meaning that it accounts for distribution costs, transaction fees and travel agency commissions).