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 Auction Site in the hospitality industry?
|B2B (Business to Business)||
What is the meaning / definition of B2B (Business to Business) in the hospitality industry?
Known as Business to Business, a term that refers to the sale of products or services from one business to another.
Examples of B2B are outsourcing hotel staff from a company, wholesale food purchasing, hotel maintenance performed by an outside company and company hotel bookings. Rather than B2C, B2B can refer to either the generation of a sale from a company or the hotel purchasing a service or product from another company.
|B2C (Business to Consumer)||
What is the meaning / definition of B2C in the hospitality industry?
Known as Business to Consumer/ Customer is a term that refers to the sale of products or services to individual customers and/or guests to create a profit. B2C is the most common way that hotel sales are made, which is why it is important to target this demographic when advertising and promoting a hotel.
B2C consumers are independent and/or leisure guests and are more likely to stay for longer periods of time, spend more on extra services and pay for room upgrades. More B2C consumers also book rack rates than B2B guests, and do not require a corporate or business booking discount. Business to Customers guests do not have extra negotiated terms when staying at a hotel like a B2B hotel guest contract. These guest’s finical transactions are easier and done swiftly upon check out, where in B2B, the payments may come at the end of the year or month after multiple people, booked through the business, have left.
|BAR - Best Available Rate||
What is the meaning / definition of Best Available Rate in the hospitality industry?
BAR stands for Best Available Rate which is the lowest rate of the day that is available for guests to book. The BAR rates are available to the general public, does not require pre-payment and does not impose cancellation or change penalties and/or fees, other than those imposed as a result of a hotel property's normal cancellation policy.
|BAR Pricing Strategy||
What is the meaning / definition of BAR Pricing Strategy?
A BAR Pricing Strategy is a revenue management strategy, based on the Best Available Rate. It is also called a fixed tiers approach because, you are going to fix your BAR, meaning the lowest price available in your hotel and set the other rates according to it. For example, your BAR is set at 100 euros. Your reward program rate will be 50% off the BAR and your OTA price, 30% off the BAR.
What is the meaning / definition of Beach Resort in the hospitality industry?
A Beach Resort is a full service holiday lodging facility, located at the seaside, with access to a private beach. The beach being the primary focus for tourists. A Beach Resort offers a wide range of services and amenities and typically includes entertainment and recreational activities.
What is the meaning / definition of Bed Nights in the hospitality industry?
Bed Nights is a measurement term used in the hospitality industry. It allows key insights that other measurements overlook. It allows key insights that other measurements overlook and it is key in every Revenue Management Strategy.
How to calculate Bed Nights?
Total number of beds occupied by a person/ total number of beds available = Bed Night
Take for example a hotel with 50 rooms - each room has two Beds. Therefore the hotel has a total of 100 beds available for every night. Now imagine your hotel has 50 people staying for a night. These 50 people could, if each books their own room occupy 100%, creating full occupancy of your hotel. But, on the other hand they could also only occupy 50%, or a composition (ranging from 50% to 100%). Instead of calculating occupancy percentage (Occ. Rooms/ Total Rooms available = Occ %) - you could therefore calculate Bed Nights %. Allowing you an insight in how your hotel is performing on Bed occupancy. So why do this ?
As the famous statement by Peter Drucker goes: "You can't manage what you can't measure." Therefore, if you notice that your facilities are currently underperforming although your occupancy percentage has been stable, you might want to calculate Bed Nights in order to identify if your hotel was occupied by less people per room than usually. This measurement therefore can give crucial insights and allows you to take actions to increase bed nights. This can be done for example only accepting two people to double rooms. If your hotel profits largely from its in-house facilities Bed Nights % is a must have ratio, that can allow you to increase revenues greatly.
What is the meaning / definition of ‘Bizcation’ in the hospitality industry?
The term ‘Bizcation’ is formed by blending the words ‘Business’ and ‘Vacation’.
By combining business and leisure travel (also known as Bleisure), people can combine work trips and vacation as a chance to explore new and exciting places whilst being away for work.
Example: The office sends you to Spain, and you invite your family along to get the most out of your corporate-paid hotel room.
What is the meaning / definition of Bleisure?
What is the meaning / definition of Booking in the hospitality industry?
Booking is an act of reserving an accommodation, a table, a seat, a flight, a trip etc. in advance.
What is the meaning / definition of Booking Curve in the hospitality industry?
Booking Curve is a tool that can visually show how bookings materialise over a certain period in time. It includes data like room pickup, bookings and availability.
What is the meaning / definition of Pace in the hospitality industry?
In most industries, speed is of the essence! Hospitality is no different. Pace – the rate at which reservations are made for a particular date – is important to control and also to monitor. Why? Because if you can see a pattern forming as reservations build for a certain date, weekend, week or even an entire month each year, this can be immensely helpful when it comes to forecasting: trying to accurately foresee and calculate projected demand and therefore revenue in future years. A hotel can pre-empt a swell of interest (i.e. a noticeable rise in bookings) towards a particular forthcoming date, and manage their finances and other areas of business accordingly, with the ultimate aim of maximising revenue.
What is the meaning/definition of Booking Window in the hospitality industry?
Booking window is similar to Lead Time. It’s the period of time between the reservation is made by the guests or a group and the actual arrival date to the hotel.
What is the meaning / definition of Boutique Hotel in the hospitality industry?
A Boutique Hotel is a small and intimate hotel, helt in a stylish design decor with a personal note. It has a unique character and distinguishes itself from other hotel brands. It it true to its heritage, it provides guests with great and ultra-personalized service and is typically situated in a fashionable urban location.