Fichas
Chapter 2
Fichas del conjunto (17)
- 1Reasons hotels are operatedMeet needs of traveling public
Meet hotel owner's desired ROI - 2Return on Investmentthe percentage rate of return achieved on the money invested in a hotel property.
Hotel income after taxes/Total hotel investment = ROI% - 3Owner/OperatorA hotel investor who also manages/operates the hotel
- Can be an individual and their family members or a large multi-national hotel company - 4General Managerthe traditional title of the individual at a hotel property who is responsible for final decision-making regarding property-specific operating policies and procedures. Also a GM is the leader of the hotel’s management team
- 5Management Companyan organization that operates a hotel for a fee. Sometimes referred to as a contract company.
- 6Major elements of management agreements1. The length of agreement
2. Procedures for early termination by either party
3. Procedures for extending the contract - 7Advantages of selecting a qualified management company to operate a hotel1. Improved management quality
2. Documented managerial effectiveness is available
3. Payment for services can be tied to performance - 8Disadvantages in selection of a management company1. Owner cannot control selection of on-site GM and other managers
2. Talented managers leave frequently
3. Interest of hotel owners and management companies may conflict
4. Cost of management company owners are paid by owner - 9Buy-outAn arrangement in which both parties to a contract agree to end the contract early as a result of one party paying the other the agreed-upon financial compensation.
- 10FranchiseAn arrangement whereby one party (the franchisor) allows another party to use its logo, brand name, systems, and resources in exchange for a fee.
- 11FranchisorAn organization that manages a brand and sells the right to use the brand name.
- 12FranchiseeAn individual or company that buys, under specific terms and conditions, the right to use a brand name for a fixed period of time and at an agreed-upon price
- 13BrandName of a specific hotel group
(Holiday Inn and Comfort Inn are 2 different brands) - 14ChainTerm used to describe a group of hotels who share the same franchise brand name
- 15Conversion/ReflaggingThe changing of a hotel from one brand to another
- 16Franchisee AgreementA legal contract between a hotel’s owners (the franchisee) and the brand managers (the franchisor) that describes the duties and responsibilities of each in the franchise relationship.
- 17Brand StandardA hotel service or feature that must be offered by any property entering or remaining in a specific hotel brand
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- (Hotel/Resort Operations) Hospitality Fichas sobre Chapter 2, creado por Kelly Vroom el 17/04/2017.
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- Kelly Vroom
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