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 Target Market in the hospitality industry?
Adopting a laser-focused approach to selling hotel rooms can be pivotal in achieving excellent occupancy levels, and therefore outstanding profits year-on- year. Marketing towards a specific audience, rather trying to sell to everyone (and being, as we say in the Hospitality Industry, 'all over the map'!) can help enormously when it comes to maximising revenue.
What is the meaning / definition of Timeshare in the hospitality industry?
A timeshare (sometimes called vacation ownership) is a property with a divided form of ownership or use rights. It is thereby often owned by multiple parties, whereby each owner has rights and access to the apartment at a different time of the year.
This turns out cheaper when compared with the cost of all year ownership and maintenance of a property. Typically this sort of accommodation is located in resort condominium units. The concept allows people who could not normally afford a second home, a vacation spot for the same time every year.
What is the meaning / definition of Transient in the hospitality industry?
At most hotels, guests fall into two main categories: group and non-group. Amongst the non-group category are Transient Travellers: these are guests who are predominantly on-the-move and seek short (and often urgent!) hotel-stays.
What is the meaning / definition of Travel Agent in the hospitality industry?
Travel Agent is a person whose job it is to arrange travel for end clients (individuals, groups, corporations) on behalf of suppliers (hotels, airlines, car rentals, cruise lines, railways, travel insurance, package tours). His task is to simplify the travel planning process for their customers in addition to providing consultation services and entire travel packages.
What is the meaning / definition of TREVPAR in the hospitality industry?
TREVPAR stands for: Total Revenue Per Available Room
What is the meaning / definition of TREVPEC in the hospitality industry?
TREVPEC stands for: Total Revenue Per Client
It is is a very favourable KPI metric to calculate the total revenue generated per customer. It is also taking into account double and family occupancy factors.
|TRevPOR - Total Revenue per Occupied Room||
What is the meaning / definition of TrevPOR in the hospitality industry?
TRevPOR stands for: Total Revenue Per Occupied Room
TRevPOR considers total revenue per occupied room, which gives you a better understanding of how much profit you make from the guests who actually stay at your property.
What is the meaning / definition of Turnaway in the hospitality industry?
Sometimes, a hotel simply cannot accommodate a guest who has already made a reservation. Having to treat such a guest as a Turnaway can happen at any time of year, but this usually occurs during a certain period and for a compelling reason or reasons.