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.
|FFE - Furniture, Fixtures and Equipment||
What is the meaning / definition of Furniture, Fixtures, and Equipment in the hospitality industry?
FFE stands for Furniture, Fixtures, or other Equipment that has no permanent connection to the structure of the building. It is an accounting term used in valuing, selling, or liquidating a company or building. When valuing a company it is important to consider FFE as they may depreciate substantially.
What is the meaning / definition of Flash Sales in the hospitality industry?
Flash Sales are highly discounted and time-limited sale promotions. Hotels usually use this way of discounted sales to sell an unsold inventory. Selling those ‘hot deals’ is an opportunity for underperforming hotels to generate growth.
|FOC - Free of charge||
What is the meaning / definition of FOC in the hospitality industry?
FOC stands for: Free of charge.
What is the meaning / definition of Forecast in the hospitality industry?
Any hotel seeking to maximise profits, should look ahead and try to predict a future situation. One way to do this in an organised manner, is to create something called a Forecast. Forecasting can be done at any time of year, by any kind of establishment in the hospitality sector (not only large hotels but also small, independent hotels) across the world.
The best way to Forecast future bookings and demand is to use a calculation – to ask a relatively simple question: 'At our hotel, what is the likely expected revenue in 2016, based on our revenue management team's analysis of figures from 2015 (occupancy and average rate)?'
What is the meaning / definition of Galileo in the hospitality industry?
GDS serves not only travel agents but also many different companies including airlines, ground handlers, hotels, railways, car rental companies, airports, cruise lines and ferry operators.
What is the meaning / definition of GBTA in the hospitality industry?
GBTA stands for: Global Business Travel Association. It is the world’s leading business travel and meetings organization. Basically a Hub / Forum for Business Travel. It brings together leaders in the business travel industry to exchange information and ideas among members.
|GDS - Global Distribution System||
What is the meaning / definition of Global Distribution System or GDS in the hospitality industry?
GDS stands for: Global Distribution System. It is a large computer network and at the same time a reservation tool that passes hotel inventory and rates to travel agents and allows them to make bookings.
What is the meaning / definition of GDS Marketing in the hospitality industry?
What is the meaning / definition of Geocoding in the hospitality industry?
Geocoding is the process of converting addresses into geographic coordinates (using degrees of latitude and longitude).
The defining of locations is useful for the places of interests (i.e. a Hotel) to be placed as points on a map, similar to putting pins on a paper map.
What is the meaning / definition of Golf Resort in the hospitality industry?
Golf Resorts is a full service lodging facility, that cater specifically to the sport of golf, and provides access to a golf course. Golf Resorts typically offer golf packages that provide visitors with all greens, cart fees, range balls, accommodations and meals.
|GOP - Gross Operating Profit||
What is the meaning / definition of GOP in the hospitality industry?
GOP stands for: Gross Operating Profit
It is a KPI which refers to the Hotels profits after subtracting all of their operating expenses. It illustrates the level of operational profitability of a hotel.
What is the meaning / definition of GOPPAR in the hospitality industry?
It is one of the most effective ways to look at your hotel´s performance and make adjustments that impact the best interests to achieve the hotel´s goals.
What is the meaning / definition of Gross Profit in the hospitality industry?
Gross Profit is the profit a company makes after deducting the costs of production (or the costs that allow the services to take place) from the net sales amount. Gross Profit is also called sales profit, sales credit or gross income. It only takes into account variable costs and disregards fixed costs such as building rent, marketing expenses, salaries etc.
What is the meaning / definition of Gross Revenue in the hospitality industry?
Gross Revenue refers to the total sales made by a business. It thereby highlights a business's ability to sell products and services, but it does not reveal if a company is able to strike a profit.