106 Cards in this Set
| Front | Back |
|---|---|
|
LEGAL STATUS Guest Status
|
Walking in front of property, and slip they can sew us. They can sue us like they are at someone’s home
|
|
Liability
|
Who are the guests , if only one person is registered, they only one person is allowed the coverage rights
|
|
House limit
|
If a guest starts charging things that exceeds a certain balance, then they are a high risk, skip out without paying us
|
|
Perishability
|
if you don’t sell the room tonight, you will never be able to make profit for it. Shelf life is only 24 hours
|
|
Opportunity Cost
|
Deciding to sell a certain amount of things
|
|
Number of POS
|
We always have to have someone working there 24/7. You buy something in the gift shop you buy it there. Every time we have a sale you pay for it there with a person ringing it up.
|
|
ONLY FOUR TYPES OF TRANSACTIONS
|
Cash
Account Receivables
Accounts Payable
Paid Outs
|
|
Paid Outs
|
Advancing a pay, and then charging it on their bill. For example you order flowers and they deliever it while you are on your run. The front desk pays for them, and then charges it onto the bill after he comes back.
|
|
Transactional Accounting
|
There are no accounts unless someone pays for something
Uses source documents (waiters notebook, the original recording of a transaction), and support documents
|
|
Ledger
|
24/7 audit
|
|
Prepayment
|
all six nights in advance
|
|
Advance deposit
|
Paying for half the nights before you arrive
|
|
Point of sale Phase
|
Transactions and interactions- where the guest comes in contact with hotel
|
|
Post phase
|
zero out their account. When they still have a balance out they put it in the citi ledger.
|
|
Settlement
|
making sure you get paid for everything
|
|
Preregistration
|
putting them in their room before they arrive
|
|
Two most important records
|
INCOME STATEMENT
BALANCE SHEET
|
|
Two most important statistics
|
PERCENTAGE OCCUPANY
ADR
|
|
How to read a sales mix 1 of 2:
|
Every single you sell, you sell two doubles.
Single: 1/3
Double: 2/3
|
|
Multiply occupied rate
|
sold for the highest price aka RACK RATE
|
|
Statistical Relationships Most Likely Least Likely
|
Most Likely
OCC>M OCC
Least
OCC< M OCC
Occupany can never be less
|
|
Percentage for breaking even
|
65%
|
|
Technology Advances Changed reservation Horizon
|
went from one year to two years. Extending it
|
|
Single Image inventory
|
that everyone making reservations works from the same source. Able to maintain two different databases. You tell hotwire how many rooms they can sell.
|
|
Self- Reservation App
|
Make your own reservation online.
|
|
Rev Management
|
Selling the rooms on the base of supply and demand. Normal: Have four different rates for different time of the year. Blanance room rate with occupancy
|
|
Pre registration
|
you can now check in before you even get to the hotel. Can check in about a week in advance. You can then charge you for your room, that day, rather then have to wait for them to come to the property.
|
|
Click it rates
|
having the lowest price on YOUR website.
|
|
System update file maintenance
|
AKA night aduit, but constantly updating
|
|
Double accounting
|
Every time you have a credit there is an opposite that is a debit. Then turns vice versa
|
|
Electronic payment
|
80% electronic. Debit most popular with young crowd
|
|
Guest HiSTORY-
|
Marketing Intellegance- loyalty points
|
|
Average Daily Rate ADR
|
Room Revenue/ Rooms Sold
Room Rev= 3270400
# of Rooms Sold= 365 (160*.70)= 40,880
3270400/40880= $80
|
|
Hotel Rev Par
|
RevPar= Room Rev/ # of Rooms Available
Room Rev: 3270,400
# of Rooms Av. (365)(160)= 58,400
3,270,400/ 58,400= $56
|
|
Percentage of Multiple Occupancy
|
(# guest - # rooms sold) / # rooms sold
|
|
Occupancy
|
# rooms sold/ # rooms available
|
|
How many different ways to reserve a hotel room
|
FIVE
GDS
IDS
CRS
Website
Property Direct
|
|
Channel Management
|
Control over:
Price
Inventory
Site Content
Branding (IMPORTANT)
Fees (IMPORTANT)
|
|
Three Types of Folios
|
Control
Semi permanent
Permanent
Master
|
|
Control
|
Set up for every revenue in the hotel. Allows for continuos audit
|
|
Master
|
One for All
|
|
Semipermanent
|
Credit Card set up by third party for guest at hotel.
Example: going on business trip for school, the school will be paying the bill
|
|
Permanent
|
With the credit card company
|
|
Single Image Inventory
|
The condition in which all reservations distribution channels are given access to the same room availability, rates, rate rules, services and amenities database.
|
|
Two types of Central Reservations systems
|
Chain Operated
Independent Affiliated
|
|
For Major GDS Companies
|
Sabre
Worldspan
Amadeus
Galileo
|
|
DSP Connectivity
|
A switching company, provides a link between a room and rate data source and an electronic distribution channel provider
DPS receives updated reservation data and forwards it to affiliated distributions channel members using push technology
|
|
Distribution Flow
|
It can be one way (simplex) as an upload from the source distribution site to keep data current
OR
Dual Directional converting both uploading of availability date and downloading of reservation transactions back to the source.
|
|
Acceptable Electronic Distribution Flow
|
Step 1: PMS communicates rate and inventory data to CRS
Step 2: CRS communicates rates and inventory data to a DSP, hotel extranet, and chain website
Step 3: DSP passes rate and inventory data to GDS and IDS sites and or extranet that makes data available to select sites
Step 4:…
|
|
Distribution Revenues
|
Revenues derived by hotels (suppliers) and agents (sellers) engaged in online distribution channels vary widely across channels.
When hotel room rates are discounted, the property occupancy is likely to increase as its revenues decrease, thereby creating a conflicting set of condition…
|
|
Merchant Model (Markup Model)
|
An e-commerce strategy that involved the negotiation of the reduced room price with a supplier hotel.
Room Originally $100
Sells to Merchant $75 (aka 25% off)
Merchant Mark up: 75 * 25%= $18.75
Total Room Cost= $93.75
Guest Savings: $6.25
(Travelocity, hotels.com, travelscape,…
|
|
Wholesaler Model (Commission Model)
|
Alternate e-commerce strategy for determining room rates for inventory from a supplier hotel.
Original Rate: $100
Seller gets 20% off: $80.00
Gets 10% commission : $88 dollars
guest saves $12.00
HOTEL LIKES WHOLESALERS MORE THEN MERCHANT MODEL
(Hotwire, orbitz, expedia, pricel…
|
|
Opaque Sites
|
A hotel room is marketed by low price and or star category. not by brand or property specifics. Rooms tend to be treated as a commodity being sold to the highest bidder.
The brand of the hotel and the features are hidden from the buyer until the transaction is complete.
|
|
Transparent Sites
|
Rooms are classified or categorized based on room rate or star ranking but several hotels in the qualifying range are identified. The potential guest has the opportunity to know hotels specifics (name, brand affiliation location, ect)
|
|
Parity Pricing
|
Potential guest will find the lowest rate on their own site as well as any discount sites they have chosen to also sell through.
|
|
Hotel Guest Cycle
|
Guest-house interaction in presale, point of sale, and post sale phases of occupancy
|
|
Convention Services
|
An in room self service application that allows conference attendees can receive meeting and event updates, messages, notifications and related news via applications
|
|
Benefits of Self Service Apps
|
Factors allow for upsell, bundling, reward.
|
|
Self Service Success Tip
|
1. Provide a guest benefit
2. Design Intuitive Transactions
3. Thoroughly test the Application
|
|
Ease of Navigation
|
3 click rule
desired info should be accessible with in three clicks to be effective
|
|
Web Page Length
|
22 inches or two typed pages
|
|
Social Media Activity
|
2/3 of adults review video and audio clips regularly
2/5 online adults read blogs, share photos and take virtual tours
1/4 online adults post blog responses and participate in social networks.
69 millions adults and 15 million teenagers currently use social networks
|
|
Cardholder Data
|
Refers to any info contained on a guest payment card or payment media.
|
|
PCI DSS
|
protection against credit card info to be stolen
Goals are
1. maintain vulnerability management program
2. protect cardholder data
3. Build and maintain and secure network
4. Implement strong access control measurements
5. regularly test and monitor networks
6. Maintain and inf…
|
|
System Objectives
|
1. Minimize the time of the data processing cycle
2. Minimize the number of times data is handled
3. Streamline system output
|
|
Commission Agent Report
|
Delineate reservation transaction and commission payable by agent
|
|
DSP
|
An intermediary between a CRS and e-distribution channel that provides single image inventory info to participating online gds and ids. Reservation info also send info back to CRS
SWITCHING COMPANY
|
|
GDS
|
Global Distribution System
Electronic networks used by travel agents and some internet bases distribution channels
|
|
IDS
|
Internet based services for CONSUMERS
|
|
Intersell Agency
|
A reservation network that handles more than one product line
|
|
Merchant Model
|
seller negotiates a discounted rate with a supplier hotel and then adds its own markup factors and sells the room to the consumer
|
|
nonaffiliate reservation system
|
a subscription system linking independent properties. Hotel subscribe to system and takes responsibility to updating it
|
|
overrun facility
|
a hotel selected to receive reservation request after chain properties have exhausted room availability
|
|
reservation transaction record
|
provides a daily summary of reservation records that were created, modified or canceled
|
|
Revenue Management
|
§ We can look ahead at what our forecasted demand is (with a higher demand we should sell at our higher room rates, vice versa)
|
|
seamless integration
|
the ability of travel agencies to book reservations directly into hotel reservation systems
|
|
smart switch
|
translates reservations transactions into many unique formats
|
|
turnaway report
|
the number of room nights refused because rooms were not available for sail
|
|
registration progress report
|
provides the rooms department with a summary of current house info
|
|
rooms history report
|
depicts the revenue history and use of each room by room type
|
|
Room Productivity Report
|
Rans room types by percentage of occupancy and or by percentage of total room rev
|
|
Sleeper
|
A vacant room that is believed to be occupied
|
|
Credit Monitoring Routine
|
Compares a guest current folio balance with a credit card limit
|
|
Employee Folio
|
Track employee purchases, computes discounts, monitors expense account activity, ect
|
|
Ledger Summary Report
|
Present guest, non guest and credit card activity by beginning balance, cumulative charges and credits
|
|
semi permanent folio
|
used to track bill to accounts recievable
|
|
permanent folio
|
used to track guest folio balance that are settled to credit card company
|
|
Active Call Accounting System
|
Enables a hotel to take control over local and long distance services and apply a markup to switchboard operations.
|
|
Automatic Identification of outward dialing
|
A feature of call accounting system that immediately identifies the extension from which an outgoing call is placed
|
|
Automatic Route Selection
|
A feature of a call accounting system that provides the capability of connecting with a variety of common carriers
|
|
Least Cost Routing
|
A feature of an active call accounting system that directs calls over the least cost available line, regardless of carrier
|
|
Passive Call Accounting System
|
Selection of a route is based on convenience rather than on minimizing expense
|
|
Ringback Mechanism
|
Guest only charged for calls they answer
|
|
timeout feature
|
guest only pays for calls after a certain amount of time. Stops guest from being charged for wrong numbers
|
|
Traffic Transaction File
|
Maintains data necessary for generating report for management
|
|
VoIP
|
Communication Network requiring specialty hardware and internet access that enables worldwide connectivity
|
|
demand control
|
A feature of energy management system that maintains usage levels below a given limit by shedding energy loads in an orderly fashion
|
|
Duty Cycling
|
A feature of an energy management system that turns off equipment on a sequential basis for a given period of time each hour
|
|
Net Sales by time of Day Report
|
a report produced by automated beverage system indicating hourly sales
|
|
outstanding guest check report
|
a report produced by automated beverage system to resolve any discrepancy existing between the sales by major beverage category report and the sales by beverage service report
|
|
postcosting
|
multiplies the number of menu items sold by the standard recipe costs to determine a potential food cost amount
|
|
Precosting
|
forecasting that compares forecasted guest counts with standard menu item recipes cost to yield an index of expense before an actual meal period
|
|
price point
|
The lowest or highest price on menu
|
|
Settlement Method Report
|
Produced by an automatic beverage system that indicates the amount due in the form of cash, credit card vouchers and house account charges for sales made during shift
|
|
Rooms Availability Forecast
|
(RAF)=Av-[R-(R(NSF))]+U-S
Available-[Reserved-(Reserved(No Show Factor))]+ Understays - Stayovers
|
|
Two Types of Guest
|
Free Independent Traveler (FIT)
-80% Reservation
-Walk ins
Groups
|
HB 337: EXAM 2