Need to know what a hotel term means? Below is a list of key Hotel Revenue Management Terms you may encounter when it comes to hotel revenue management. We explain definitions of terminology industry jargon from hotel revenue management courses.
Terms being with the letter B below, rest to follow on further Blogs…
BRG — What is the meaning/definition of BRG in the hospitality industry?
BRG stands for Best Rate Guarantee. The hotel makes a promise that the room prices found on their website are the best rates compared to other any other sites.
Boutique Hotel — What is the meaning/definition of Boutique Hotel in the hospitality industry?
A Boutique Hotel is a small and intimate hotel, held in a stylish design decor with a personal note. It has a unique character and distinguishes itself from other hotel brands. It is true to its heritage, it provides guests with great and ultra-personalised service and is typically situated in a fashionable urban location.
Booking Window — What is the meaning/definition of Booking Window in the hospitality industry?
Booking window is similar to Lead Time. It’s the period between the reservation is made by the guests or a group and the actual arrival date to the hotel.
Block code – A code attached only to group rooms that are a part of a block.
Block pricing — A non-yieldable rate given to a set number (or block) of rooms held for a particular group.
Booking curve–An important tool for yielding that provides a visual representation of the pickup, number of bookings, availability and yielding capacity of the hotel over time.
Booking engine – The technology that allows reservations to be made on a website.
Budget– Refers to the annual budget prepared in late Fall that sets the financial plan for the property for the next calendar or fiscal year. It includes a daily occupancy, rate and RevPAR by major market segments and feeds into the financial budget for the property. The budget shows percent change vs. last year and previous year by month and quarter.
Booking Pace — What is the meaning/definition of Pace in the hospitality industry?
In most industries, speed is of the essence! Hospitality is no different. Pace – the rate at which reservations are made for a particular date – is important to control and also to monitor. Why? Because if you can see a pattern forming as reservations build for a certain date, weekend, week or even an entire month each year, this can be immensely helpful when it comes to forecasting: trying to accurately foresee and calculate projected demand and therefore revenue in future years. A hotel can pre-empt a swell of interest (i.e. a noticeable rise in bookings) towards a particular forthcoming date and manage their finances and other areas of business accordingly, with the ultimate aim of maximising revenue.
Booking Curve — What is the meaning/definition of Booking Curve in the hospitality industry?
A Booking Curve is a tool that can visually show bookings over a certain period of time. It includes data like room pickup, bookings, and availability.
Booking — What is the meaning/definition of Booking in the hospitality industry?
Booking is an act of reserving an accommodation, a table, a seat, a flight, a trip etc. in advance.
BAR — What is the meaning/definition of Best Available Rate in the hospitality industry?
BAR stands for Best Available Rate which is the lowest rate of the day that is available for guests to book. The BAR rates are available to the general public, does not require pre-payment and does not impose cancellation or change penalties and/or fees, other than those imposed as a result of a hotel property’s normal cancellation policy.
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