Hotel Revenue Management Glossary

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.

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Term Definition
Hospitality

What is the meaning / definition of Hospitality?

The term hospitality describes the service provided from a host, staff member or business to its guests. In modern times this also refers to the industry of providing housing or service to paying customers. On the other hand, historically this meant that the services provided by a host were done out of goodwill. Hospitality also translate to Latin as “friendliness to guests” which resonates effectively through the use of this word.

Hospitality Industry

What is the meaning / definition of Hospitality Industry?

The hospitality industry is part of the service industry and is comprised of 5 major sub-sectors which include lodging service, food and beverage service, events, tourism & transportation. At the core the hospitality industry concerns itself with providing products and services to people which assist in recreation and supporting the well-being of people. It includes different activities, which main goal is to provide a service and customer's satisfaction.

This industry can be segmented in four: food & beverage, travel & tourism (transport), lodging and recreation (leisure park, relaxation, etc).

Hospitality Management

What is the meaning / definition of Hospitality Management?

Hospitality Management is the field of management of businesses in the hospitality sector. businesses in this sector include hotels, bed and breakfasts, resorts, cruise ships and other hospitality establishments. A person in hospitality management is a person who manages the staff and services at a hospitality business. This is commonly referred to people that manage one or several departments, like a general manager or manager.

A staff member in the hospitality management field is someone who provides a warm welcome and service to achieve a customer’s needs, wants and high standards. It is also important to have a welcoming environment for staff and customers for repeat business and creating staff satisfaction.

Hostel

What is the meaning / definition of Hostel in the hospitality industry?

The term Hostel describes an establishment that provides inexpensive food and lodging for people, such as students, workers, or budget travellers. Hostels, often provide shared accommodation, hosting several people in one room. Other facilities such as bathrooms, kitchens and living areas are also commonly shared with other guests.

Hotel

What is the meaning / definition of Hotel?

A hotel is an establishment which purpose it is to host guests over-night.

Hotel Asset

What is the meaning / definition of Hotel Asset in the hospitality industry?

All property fully owned by the hotel can be described as a Hotel Asset. Common hotel assets are the hotel itself, equipment, furniture and food items. Assets can appreciate or depreciate in value over time, its therefore important to track and record in order to know the financial situation of the hotel.

Hotel Asset Management

What is the meaning / definition of Hotel Asset Management in the hospitality industry?

This term describes the practice of managing a hotel like an asset, rather than solely as a business, as it is common in hotel management. Hotel asset managers thereby see the hotel as a resource that generates income or other returns in multiple ways, not only through providing products and services to its consumers. They are thereby able to generate income streams from parts of the property which are often overlooked. Hotel asset managers do not only focus on how best to generate income from hospitality aspects, but might also look to rent parts of the property for other more profitable aspects.

Hotel Brand

What is the meaning / definition of Hotel Brand?

A hotel brand is an identity that binds a group of hotels together in the eyes of the customers. The identity is generated by marketing in form of designs, symbols and words. With its brand identity hotels can differentiate themselves from their competition. Furthermore, besides the brand identity which is portrayed to the customer, hotel brands often have certain quality standards and details which each hotel, which is part of the brand must adhere to. This all contributes to creating a more pronounced brand identity.

Hotel Capacity

What is the meaning / definition of Hotel Capacity in the hospitality industry?

Capacity is the set number of rooms in a single hotel: i.e. the maximum capacity.

Synonyms: Capacity, hotel capacity
Hotel Chain

What is the meaning / definition of Hotel Chain in the hospitality industry?

A Hotel Chain is a company that owns or operates several hotels. Hotel chain is an enterprise that manages a number of hotels located in different areas. They can be total or partial owners of the hotel and they manage their administration, marketing and promotion.

A Hotel Chain is a company that owns or operates several hotels. Hotel chain is an enterprise that manages a number of hotels located in different areas. They can be total or partial owners of the hotel and they manage their administration, marketing and promotion. The chain generally carries its brand name which it passes on to its chain hotels.

Hotel Franchise

What is the meaning / definition of Hotel Franchise in the hospitality industry?

A Franchise is the right to use the brand and the business model of a specific parent company for a prescribed period of time. It is a method for expanding a business and distributing products and services through a licensing relationship.

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.

Hotel Group

What is the meaning / definition of Hotel Group in the hospitality industry?

A Hotel Group can be either a Hotel Chain or a Hotel Franchise. It means that the hotels of that particular group are under the same management and belong to the same brand of hotels. 

Hotel Management

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.

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