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.
|OBE - Online Booking Engine||
OBE stands for Online Booking Engine.
It is an online application which allows to chose from a wide range of travel products (hotels, air tickets, conference halls etc.) and book them on the Internet.
It is a Hotel KPI calculation that shows the percentage of available rooms or beds being sold for a certain period of time.
|ODD - Online Distribution Database||
What is the meaning / definition of ODD, in the hospitality industry?
ODD stands for: Online Distribution Database.
What is the meaning / definition of Opaque Sites, in the hospitality industry?
Opaque Sites are booking channels and OTA websites where the supplier (in this case the hotel) remains hidden until after the purchase is complete. The customer sees only the product category (destination, star rating of the hotel) and the price but not the brand. After paying, the website will reveal the name of the hotel. Usually it doesn’t accept refunds, changes or cancellations.
What is the meaning / definition of Open Pricing in the hospitality industry?
The great thing about pricing by most hotels around the globe is that nothing is set in stone. That is, there can be flexibility where prices have to sometimes be pitched at differing levels, according to the various target markets and distribution channels involved. This pricing approach, known in the Hospitality Industry as Open Pricing, is an ideal option for hotels operating independently, but it can also be an adopted method for entire hotel chains and groups!
What is the meaning / definition of Operating Costs in the hospitality industry?
What is the meaning / definition of OTA, in the hospitality industry?
OTA stands for: Online Travel Agency.
OTAs are online companies whose websites allow consumers to book various travel related services directly via Internet.
|Outstanding Balance Report||
What is the meaning / definition of Outstanding Balance Report in the hospitality industry?
This report contains all the listings of a guest's folios that are unpaid or due to be paid by a guest. This sheet is used to record the total charges and amount that needs to be paid by the guest on departure. This information is then copied into a guests folio when the guest is ready to check-out.
This sheet is also used to determine the potential revenue generated by an outlet and what profits are except in the near-future. Through this sheet a hotel can determined the overall near-future profit by a guest.
An average outstanding balance is the unpaid, interest-bearing balance of a loan or loan portfolio averaged over a period of time, usually one month. The average outstanding balance also refers to any term, instalment, revolving or credit card debt on which interest is charged.
What is the meaning / definition of Overbooking in the hospitality industry?
Sometimes it can be necessary for a hotel to sell more rooms than it actually has available. To those unfamiliar with the internal workings of the Hospitality Industry, which is always influenced by and somewhat vulnerable to the vicissitudes of the global economic climate, that may sounds strange. But experienced hoteliers will tell you that selling rooms/spaces that you don't have – Overbooking – can sometimes be the only way to protect a hotel from diminished revenue due to unexpected cancellations, no-shows or booking errors.
What is the meaning / definition of Overhead Costs in the hospitality industry?
The term Overhead Costs, also called overhead expenses, refers to the indirect costs which occur when operating a business, while excluding costs directly related to the manufacturing of a product or delivery of a service. Overhead Costs do not directly contribute to the generating of revenue. It refers to all non-labor expenses required to operate your business. Overhead Costs can be fixed, variable or semi-variable.