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.
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.
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.
|P&L - Profit and Loss Statement||
What is the meaning / definition of Profit and Loss Statement in the hospitality industry?
What is the meaning / definition of Package Rate in the hospitality industry?
A room rate that includes the sales of goods and services. The most common time of package rate is in an all-inclusive hotel where in the purchase of a room also include a certain amount of drinks, meals and activities during a stay.
This option is popular amongst price conscious travellers and families who want budget-friendly vacations. Other service or activities that may be included in the price is airport pickup, excursions, meal plans and other services. American or Modified American Plan are also commonly accoutred during these packages.
|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.