Hotel departments and their functions pdf

Hotel News Now’s compendium of important hotel industry terms has been updated with new entries, including bleisure, hotel departments and their functions pdf distribution system, direct booking and several more. Editor’s note: This article has been updated to include several new entries, including bleisure, global distribution system, direct booking, year over year and several more. The highest rating given to bonds by bond-rating agencies.

AAA bonds are thought to have almost no default risk. Poor’s are the most widely used rating agencies. A measure of the average rate paid for rooms sold, calculated by dividing room revenue by rooms sold. An ADR Index of 100 equals fair share of ADR, compared to the aggregated group of hotels.

An ADR Index greater than 100 represents more than a fair share of the aggregated group’s ADR performance. Conversely, an ADR Index below 100 reflects less than a fair share of the aggregated group’s ADR performance. 50, the subject hotel’s index would total 100. 60, its index would be 120, indicating the hotel has captured more than its fair share. 40, its index would be 80, indicating the hotel has captured less than its fair share.

A payment structure seen with online travel agencies that requires a hotel to pay the online travel agency a commission for a guest’s booking. Accommodations other than hotels such as: vacation home rentals, cruise ships, home-sharing rentals, timeshares, hostels and serviced apartments. A system in which potential buyers place competitive bids on assets and services. The asset or service in question will sell to the party that places the highest bid.

In most cases, sellers will pay a listing fee to the auctioneer, regardless of whether the item sells for the desired price. The Internet has increased the amount of exposure auctions have, and bidders no longer have to be present to participate. The Watergate Hotel in Washington, D. When hotels in our census database do not report data to STR, an estimate of actual average daily rate is derived using published rates. A legal proceeding involving a person or business that’s unable to repay outstanding debts. All of the debtor’s assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt.

Upon the completion of bankruptcy proceedings, the debtor is relieved of the debt obligations incurred before filing for bankruptcy. Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that can’t be paid while offering creditors a chance to obtain some measure of repayment based on what assets are available. In theory, the ability to file for bankruptcy can benefit an overall economy by giving persons and businesses another chance and providing creditors with a measure of debt repayment. Bankruptcy filing specifications vary widely among different countries, leading to higher and lower filing rates depending on how easily a person or company can complete the process. The hotel chain Extended Stay Hotels filed for Chapter 11 bankruptcy protection, citing massive debt stemming from its 2007 acquisition by Lightstone Group and a sharp drop in business travel because of the recession.

The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. 100 basis points, and 0. Red Lion’s hotel direct operating profit for the fourth quarter of 2007 increased 19. 8 million from the prior-year period, a 205 basis-point increase to 15. The amount by which the ask price exceeds the bid. This is the difference in price between the highest price a buyer is willing to pay for an asset and the lowest price a seller is willing to sell it.

The size of the spread from one asset to another will differ mainly because of the difference in liquidity of each asset. Bleisure travel refers to the phenomenon of business travelers combining their business trips with leisure outings, often extending their duration of travel. The owner of a government or corporate bond. Being a bondholder is often considered safer than being a shareholder because if a company liquidates, it must pay its bondholders before it pays its shareholders. Bonds are perceived as being low risk, but the level of risk depends on the type of bond in question.

For example, holding corporate bonds will yield higher returns than holding government bonds, but they come with greater risk. An advantage of being a bondholder is that some bonds are exempt from federal, state or local income taxes. Unique in style, design-centric, either independent or affiliated with a smaller brand system, with 40 to 300 guestrooms. Money spent by a business to acquire or maintain fixed assets such as land, buildings and equipment. Different operating metrics can be used, however, net operating income is most frequently cited. According to HVS, the third quarter 2007 had the highest average cap rate in the U. A market in which individuals and institutions trade financial securities.