Thursday, October 6, 2016

Familiar and Unfamiliar Hospitality Terminology and Acronyms

Last year, we did a blog with a list of hospitality acronyms and their definitions. We’ve gathered some new ones and some common hospitality terminology.  With all of the hospitality terms and acronyms out there, and new ones being created, we thought it was time to add to the list.  So below are some terms you might already know, but just need to brush up on, along with some not so well known.

 

  • POS (Point of Sale) - Is location where a retail transaction is completed. Typically this is at a cash register in a retail location or in a restaurant at the server’s station.  Goods or services are also typically paid for at these locations.  POS is also known as the point of service because it’s also a point of return or customer order.  Many POS systems include other functionality, such as customer relationship management, financial options, and inventory management.
  • BRG (Best Rate Guarantee) - Is a product promise made by hotels or OTAs that they will offer the best rates on their site compared to any other website.
  • Channel Management - A centralized way of controlling hotel inventory across multiple channels, such as websites, the GDSs, and other third parties.
  • Demand Based Pricing - Using revenue management techniques, hotels can increase or decrease rates based on demand in the marketplace.
  • Dynamic Packaging - Is a method or solution to enable consumers to select in real-time their own package of airline flights, hotel accommodations, car rentals and/or ancillary products or services instead of purchasing a traditional pre-defined package.
  • RevPAR (Revenue per Available Room) - In the hotel industry, this is calculated by dividing a hotel’s total guest room revenue by the room count along with the number of days in the period of time being measured.
  • CTA (Closed to Arrival) - A function that controls room inventory by preventing reservations from arriving on a specific day. The reservations can typically stay through the date.
  • CTD (Close to Departure) - Restrictions placed by the hotel to restrict check outs on a specific day.
  • MLOS (Minimum Length of Stay) - A hotel inventory availability restriction placed on a guest’s reservation requiring them to stay at least a specific number of nights. Hotels sometimes put this restriction in place during periods of high occupancy demand.
  • MAXLOS (Maximum Length of Stay) - A hotel inventory availability restriction that limits the number of nights that a guest can stay when they’re arriving on a certain date. This restriction can be put in place when hotel’s anticipate selling out rooms at a higher rate.
  • NOTLOS (Not Length of Stay) -  Used in high demand periods to ensure the hotel does not have gap days, say over a weekend.
  • Sell Through - A restriction that lifts some other restrictions (such as CLOSE or MLOS), as long as the guest meets certain criteria, such as a loyalty level (i.e. ultra-super-diamond members get a room no matter what).
  • Stay Through - A restriction that ensures the guest stays a long enough time period regardless of their day of arrival.  Stay through restrictions are valid for any day during the stay. 

Posted via OnFast - http://www.OnFast.com

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