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 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.
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.
|P&L - Profit and Loss Statement||
What is the meaning / definition of Profit and Loss Statement in the hospitality industry?
|PCC - Pseudo City Code||
What is the meaning / definition of PCC, in the hospitality industry?
What is the meaning / definition of Pegasus, in the hospitality industry?
Pegasus (or Pegasus Solutions) is the largest processor for electronic hotel transactions and offers distribution services to about 100.000 hotels worldwide.
|PMS - Property Management System||
What is the meaning / definition of PMS, in the hospitality industry?
PMS stands for: Property Management System. It is a local hotel administration system used for reservation, availability and occupancy management, check-in/out, images, guest profiles, report generation etc. This application is used in-house (in an individual hotel) to control the onsite property activities.
|PNR - Passenger Name Record||
What is the meaning / definition of PNR, in the hospitality industry?
PNR stands for: Passenger Name Record. It is commonly used in the travel industry and it’s basically a ‘file’ in the database of the system (GDS or CRS/ PMS) which contains information about a passenger (or a group of passengers traveling together) and his travel plans (flight itinerary, hotel booking segments, car rental bookings, etc.).
What is the meaning / definition of Pod Hotel?
Also known as Capsule Hotel, is a hotel that provides accommodation in form of a small clear capsule rooms, which are as large as a single bed. These hotels originated in Japan in the core business districts. They were originally meant for business professionals to sleep close to populated business districts without the large price tag.
|Price Match Guarantee||
What is the meaning / definition of Price Match Guarantee (PMG) in the hospitality industry?
PMG is short for Price Match Guarantee. It is something that all hotels seeking to seriously compete should consider offering. What's more, consumers love it! Why? Because they can make reservations knowing that they are getting rooms and perhaps other services without paying more than absolutely necessary.
|Private Label Chain Code||
What is the meaning / definition of Private Label Chain Code, in the hospitality industry?
Private Label Chain Code is a 2-letter code, which is used mainly by the GDS to identify chain operated hotels. Similar to a 3-letter code used in the aviation to identify airports, many hotel chains and hotel groups have their own Private Label Chain Code.