Heads in Beds: The hospitality industry’s reason for existence, to sell hotel rooms and increase the occupancy rate of the hotel. Corporate Rate: A special reduced rate for guests staying on business under negotiated terms. This is accomplished through: 1. Occupancy Forecast: A prediction of occupancy for a set period that helps hotels define their business goals. Confidential Tariff: Discounted prices solely quoted to wholesalers, tour operators, and travel agents (unavailable for public use). Minimum Acceptable Rate (MAR): Lowest rate that a hotel will accept from a group, determined via displacement analysis. Professionals in the hospitality industry say these are the hotel acronyms and abbreviations you need to know. 2. Hot Buttons: An issue that evokes emotional reactions, issues, and legal principles in hotel contracts that causes friction between planners and suppliers. When did organ music become associated with baseball? RevPAS = Total space rental revenue / total square feet of event space. KPI (Key Performance Indicator): Metric widely used as a measurement of business performance. Simple easy tools to drive revenue. Scout Lead: A research tool to scope out potential sale lead. Studying the basics of the hotel sales and marketing department is simple using our entertaining lessons. Hollow Square Setup: Rectangular room arrangement in which tables/chairs all face one another. Rate Parity: Under certain conditions, a travel supplier, such as a hotel, keeps the same price across all different distribution channels. Cut-Off Date: Date at which all unused guest rooms in a room block will be released to the public. Feeder City: A distant city that attracts travelers to gateway cities. At smaller hotels a sales executive handles businesses from all market segments, He or she may deal with Travel agents, Tour operators, Event planners, Corporate guests, online travel agents and travel consortia. Overbooking: When more rooms are sold than are physically available to sell. Attrition Fees: Fees associated with unused rooms in a room block. Amenity: Complimentary item or service provided by the hotel for guests or groups. Sales Yield: The income or profit arising from sales. Cold Call: A solicitation of business to convince potential customers to buy from a salesperson with no previous contact prior to the call. Occupancy Rate: An average of occupancy over a defined period of dates. Free Event Management Software for Planners and Properties. 2. Alternative Availability: Suggesting other available properties when the requested property is unavailable. Group Demand: Group business predicted for a specific period or date. Merchant Rate: A business model used by OTAs to markup hotel net rates to sell to the public. PPPN: Industry acronym for per person, per night. RevPar: Revenue per available room calculated on the number of rooms available to sell in a hotel. PRPN: Industry acronym for per room, per night. Smith Travel Research (STR) Rate: A series of reports, monthly, weekly, or daily, tracking supply and demand data for the hotel industry. Top hotels have created channels where planners can book event spaces directly. Distressed Inventory: Last-minute discounted hotel rooms to ensure a property reaches full capacity. Shoulder Season: Period adjacent to the peak season with lower occupancy, but not the lowest occupancy of the year. Submitted by professionals in the hotel and planner side of hospitality, these were the most common hotel acronyms and abbreviations that professionals need to know. The marketing team is responsible for converting prospects into paying guests and spreading the brand message. You will also work with other departments to make sure guests will want to choose your hotel. In order to successfully conduct business with others outside of your realm of the industry, a mutual understanding of vocabulary is essential–whether you’re an expert event planner or a hotel sales manager, and every role in between. Turn: The process of completely changing a meeting room set-up from one event to the next. Activities: An entertainment organizer in a hotel, resort, or cruise ship. Purchase Department: The purchase department is responsible for procuring the inventories of all the departments of a hotel. Total RevPAR: Total revenue per available room. Discover accessibility guidelines for events here. Adjusted Gross Operating Profit (AGOP): A measure of gross operating profit used to determine how much of your income is minus the hotel management base fee. Ecotourism: A responsible way of traveling to natural areas that conserve the environment and sustains the well-being of local people. This is an integration of Revenue Management, Sales, Marketing, eCommerce and Operations. The function of a sales and marketing department function in a hotel is to generate interest and new customers. RevPAR Index (RPI): Metric that indicates how a specific hotels RevPar compares to that of its compset. Bed Tax: An added price to a hotel room imposed by the city or country based on where the hotel is located. Butler Service: Guests are served hors d’oeuvres on platters by servers. Property Management System (PMS): A software hotels use to manage all operations. Peak Season: Season or set of dates where occupancy for a hotel is at its highest. War Room: Another term for the office for meeting on-site staff. Channel Management: Techniques used by hotels to optimize performance across distribution channels such as OTAs. Market Share: A percentage of business within a market category. Also known as Revenue Management. These teams work together to generate business ending in a boost of revenue and sales–and to put on stunning events. Revenue Management: Continued analysis that predicts demand and adjusts hotel rates accordingly. Hotel industry example: According to a 2019 sales and capitalization rate trend report by HVS, as of year-end 2018, implied lodging REIT cap rates had increased by 230 basis points compared to year-end 2017 because of the stock market correction and concern regarding slowing hotel NOI growth mixed with higher interest rates. Look-to-book ratio: Rate of traffic that looks at a listing on a website compared to the number that book. Rack Rate: The original price of a hotel room before any discounts or promotional rates are applied. Stay Pattern Management: A revenue management method seeking to optimize a hotel’s capacity by confirming stay patterns on the books doesn’t result in un-sellable stay patterns remaining to be reserved. Proprietary Booking Engine: An individual or group of hotels that own and operate their Internet reservation system. The sum of net revenues from all operating departments in addition to rentals and other income per available room for the time period, divided by total available rooms during a specified time period. They must keep up-to-date with the latest marketing channels and practices, including social media, content marketing, OTAs, and so on. Also known as Net RevPAR. Generally, no seats will have backs to the stage. 10. Unqualified Rates: Rates offered to hotel guests without restrictions or conditions for booking. Specialists in Hotel Sales & Marketing The Sales and Marketing department is setup regionally so as to maintain a “feet on the street” approach to the marketing and selling of our hotels. Pipe & Drape: Tubing and drapery that separates individual booths or stations. Lead: Term for a potential booking that has shown interest but has not yet booked. Owner’s Total Investment: Includes total amounts spent to acquire, develop, construct, and finance the hotel. By basic principle you shouldn’t market anything that sales can’t deliver, or you’ll risk negative customer feedback. SMERF: An acronym for the group travel market for social, military, educational, religious, and fraternal segment. Learn the words, ... A key metric measured by taking total revenues minus operating and marketing expenses, divided by number of available rooms. Familizartion Tours (FAM): Organized trips for members of the travel trade to familiarize them with tourism destinations. Term for popular event city that does not meet infrastructural requirements such as convention space to be considered a first-tier city. Banquet: Dinner for numerous people that is generally ceremonial in nature. Boardroom Setup: Room set that seats executives along a long table with the chief executive at the head. Very Important Person (VIP): Individual who should receive special or elevated treatment based on their role or relationship to an event. Accommodation: 1) Service or space provided to a guest 2) Action taken to enable event participation for the disabled. Usually favors discussion and interaction. Second Tier City: More appropriately referred to as a midsize city. Acceleration Clause: Contract provision that accelerates deposit payment or increases prepayment in case of default or lack of credit. The sales and marketing department devises strategies for What is sales and marketing department in hotel? 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