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.

Search for glossary terms (regular expression allowed)
Begin with Contains Exact termSounds like
Term Definition
Valuation

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

The term Valuation describes the process of assessing a company's or asset's economical worth. This is done by evaluating the structure of capital, market value of assets and prospects of future earnings. Often Valuations are required when a business owner wants to prepare their company for sale, ensure financial viability towards potential investors or to establish value of shares. Valuations are often done by accountants, asset managers, certified valuers, business advisors, real estate agents or merger and acquisitions specialists.

Voice

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

The term Voice represents all kind of reservations of a hotel where the voice is used to make a booking. This is usually phone reservations, call centres and CROs.

Vouchers

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

Voucher is a ‘coupon’ given to a guest for a specific prepaid service (accommodation in a hotel) handheld out by a travel agency. As a form of a ‘receipt’ the traveler can then claim the service he paid for.

Synonyms: Vouchers, bono
Vouchers

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

Voucher is a ‘coupon’ given to a guest for a specific prepaid service (accommodation in a hotel) handheld out by a travel agency. As a form of a ‘receipt’ the traveler can then claim the service he paid for.

Synonyms: Vouchers
Walk

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

Sometimes, even though a hotel accepts a reservation from an individual, couple, family or group, it cannot actually accommodate them when they arrive on the agreed date! This is usually due to the hotel having full capacity at that time, confusion over a booking, or through the hotel utilising its Sell Through option. But, the good news for prospective guests, is that all may not be lost; at least, not quite yet!

Wholesaler

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

A Wholesaler is a 3rd party organization that sells hotel room nights. Wholesalers are companies that buy rooms in bulk then sell them to travel agents and OTAs, allowing hotels to generate more sales. Wholesalers are operating in the B2B segment, meaning they do not sell directly to the public but to other 3rd party sites and distribution channels.

Worldspan

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

Worldspan is a company providing worldwide electronic distribution of travel information, internet products, connectivity and e-commerce capabilities for travel agencies and other travel service providers, such as hotels.

Yield

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

Yield simply means revenue made. But a common mistake is to assume that Yield is the revenue created from the selling of rooms and suites and from in-house services within the hotel. That is not necessarily so! Yield can sometimes also mean the money generated from different outlets trading on the hotel's premises, or connected to it externally. What's more, yield can refer to the profitability of a hotel's departments, measured individually rather than only collectively.

Yield Management

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

Simply put, the purpose of Yield Management (aka Revenue Management) is to achieve maximum revenue/profit. To do this, a yield management strategy needs to be both reflective and forward-looking. That is, yield managers should attain a clear yet detailed understanding of what has happened before, and what is happening now. The most efficient way to do this is to draw from historical data to predict what may then happen in the future. So, the process of effective yield management involves understanding, anticipating and reacting to consumer behaviour (to ultimately maximise revenue!).

ZBB - Zero Base Budgeting

What is the meaning / definition of Zero Base Budgeting in the hospitality industry?

Zero Base Budgeting can be abbreviated as ZBB. The term is used when the budgeting for hiring employees takes into account the occupancy expected for a specific time period or season. This is commonly used in seasonal hotels or in hotels where workers may be hired for a limited period of time (temporary contract) during the high season.

Synonyms: ZBB, Zero Base Budgeting

Amsterdam - Bangkok - Barcelona - Brussels - Dubai - Jakarta - London - Miami - New York - Paris

Xotels Ltd., Zandvoortselaan 10, 2042 XA Zandvoort, The Netherlands
Chambers of Commerce, Haarlem - the Netherlands, Nr: 34 24 13 54

Our Partners: HotelScienz - Veturi Hotels - Vojo-Ventures

Aggregated Rating Score


Don't miss a thing!
Subscribe to our blog

Sign Up ! Get the latest tips and trends from our blog

Please complete this form to create an account, receive email updates and much more.
Contact Email  *
Name 
You can sign up to receive email updates from topics that may interest you.
*Required Fields