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.
|IATA - International Air Transport Association||
What is the meaning / definition of IATA in the hospitality industry?
IATA stands for: International Air Transport Association. It is a trade association of airline companies which operates international services and establishes standard practices.
|IDS - Internet Distribution System||
What is the meaning / definition of IDS in the hospitality industry?
What is the meaning / definition of Incentive Fee in the hospitality industry?
The term Incentive Fee is used to describe a fee that incurs to an investor when his/her fund manager is able to establish returns, above a suggested benchmark initially established. Incentive Fees are set to encourage fund managers to strive for higher returns. While higher returns may be one positive aspect incurring from the Incentive Fee, the fee also encourages rather risky investments. The issue here is that often the fund managers are not held responsible for the losses, only for the gains. This may therefore lead to investments which aren't fully in line with the investors best interests.
What is the meaning / definition of Independent Hotel in the hospitality industry?
An Independent Hotel is a hotel that is independently owned and run. It doesn’t allow any other proprietors to use its name / brand.
What is the meaning / definition of Interface in the hospitality industry?
Interface is the crossing point or technical connection between different IT systems. In other words it is the direct communication/ connection between two (or more) networks/ applications/ systems that can be interlinked together without any intermediary.
|IRR - Internal Rate of Return||
What is the meaning / definition of Internal Rate of Return in the hospitality industry?
IRR stands for: Internal Rate of Return.
The Internal Rate of Return is a financial indicator, used to determine the attractiveness of an investment or project. It can be defined as the percentage rate earned on each dollar invested, in a defined period of time. It compares expected cash flow of a project to the cost of the capital involved.
|Key Performance Indicators - KPI||
What are the most commonly used Key Performance Indicators in the Hotel or Hospitality Industry?
Here is a series of examples ofthe main Key Performance Indicators to monitor and to benchmark the performance of the different departments in a hotel.
|KPI - Key Performance Indicator||
KPI is an acronym for: Key Performance Indicator
KPI includes a set or ratios and formulas that help calculate and indicate the performance and progress of a hotel accordingly to their plans and actions.
|LCR - Local Company Rate||
What is the meaning / definition of Local Company Rate in the hospitality industry?
LCR is short for Local Company Rate.
Hotels sometimes agree a special rate with a local company, as that can be good for business in both the short and long term.
|Lead Time Restriction||
What is the meaning / definition of Lead Time Restriction in the hospitality industry?
At a hotel, the time taken between when a customer makes a reservation and their actual arrival is called the Lead Time. Sometimes this time period has to be restricted.
What is the meaning / definition of Lifestyle Hotel in the hospitality industry?
Similar to a boutique or a luxury hotel, a Lifestyle Hotel is not a ‘proper hotel category’ but can be defined through specific characteristics. Those characteristics are similar to a boutique hotel. They are both unique in their character and very distinctive. The attributes associated with a Lifestyle Hotel are: quirky, cutting-edge, avant-garde, trendy, funky, charming.
|LOS - Length of Stay||
What is the meaning / definition of Length of Stay in the hospitality industry?
There a different types of LOS, in fact.
|LRA - Last Room Availability||
LRA is short for Last Room Availability. At the contracted rate, an agent can book the last room a hotel has available, by right. Some people may be surprised by this, thinking that a hotel has complete control over room booking decisions at their premises, at all times. But, because of LRA, this is not necessarily always the case!
What is the meaning / definition of Luxury Hotel in the hospitality industry?
A Luxury Hotel is considered a hotel which provides a luxurious accommodation experience to the guest. There are no set standards (such as stars) for luxury hotels. Often 4 or 5 star hotels describe themselves as ‘luxury’.