Were family homesteads.

(a)  

-The buildings were under the innkeepers' direct control.

-owned and managed by the same party.

(a)  

-       required large sums of money, sums beyond the means of most families.

(a)  

What are the Four basic types of hotel ownership and management

(a)  

-       May have investors or others with a financial interest in the hotel, but the ownership structure is in one person or company's name.

(a)  

-       also privately owned but has signed an agreement with another hotel brand to run the hotel operations.

(a)  

-       an individual or company owns leased hotels, but typically leases the physical building.

(a)  

-       privately owned, but the owner pays an up-front fee to purchase the franchise along with ongoing royalties.

(a)  

-       can be owned by an individual or family or a small

group of people.

(a)  

-       not affiliated with any other hotel and operates on its own.

(a)  

-       risky since there is no already established reputation that the hotel can rely on to attract guests.

(a)  

-       a single-unit business not connected with any other company.

(a)  

What are the 4 advantages of Independent Hotel?

(a)  

What are the 3 disadvantages of Independent Hotel?

(a)  

-       recognizable name but may not be owned by whom you think.

(a)  

-       Multiple unit businesses with the same brand name and possibly the same ownership, proprietorship, partnership, or corporation.

(a)  

Chain hotel may be ____, ____, and ____.

(a)  

What are the 5 advantages of Chain Hotel?

(a)  

What are the 2 disadvantages of Chain Hotel?

(a)  

Owning a single hotel or even several hotels is not the same as maintaining a family homestead. Physically, the family doesn’t live there and rarely the financial matter rarely comes from the family, and the instances of loaning come from extended families. In short, there is a public source involved.

WHAT IS THIS TYPE OF HOTEL OWNERSHIP AND MANAGEMENT?

(a)  

Investment groups, entrepreneurs, hotel companies, and franchise companies ARE EXAMPLES OF?

(a)  

They are the one who seeks borrowed money to complete the deal.

(a)  

-       can be financed through local and regional banks.

(a)  

-       becomes the likely source of invested capital and how borrowed capital is obtained.

(a)  

-       one way to own hotels or another real estate (apartments, buildings, office buildings, shopping malls, etc.).

(a)  

REITs stands for?

(a)  

-       are public companies that raise capital through the sale of stock.

-       Uses these funds along with borrowed funds to acquire hotels.

-       Risk is spread among many hotels and many investors.

(a)  

BEFORE THIS YEAR,

-       there were several legislative limitations placed on REITs.

-       They were not permitted to be in any business other than real-estate ownership.

-       REIT - could own a hotel but not operate it.

-       REIT - could neither rent furniture nor provide other services to its tenants.

-       REITs - could have no earnings from rooms, food, or beverage sales.

-       REITs - pay no income taxes so long as 95% of their taxable income (90% under the new law) is returned to shareholders.

(a)  

Effectivity of REIT Modernization Act (RMA)

(a)  

The (a)   allows REITs to lease (rent) operations of the hotel to a subsidiary company (a division of the REIT itself).

-       it is also the tenant (the leasing corporation), and it deals directly with the management company.

(a)  

Under (a)   , the management company remains a third party and collects a negotiated management fee.

It is the essence of change.

(a)  

·         The (a)   REITs were rent collectors.

·         The ___ REITs can sell services through subsidiary corporations that pay income taxes, like most other companies, so-called _____.

(a)  

Condominiums can be called as (a)  

timeshares can also be called as ___ or ___.

(a)  

-       have their origins in destination resorts.

(a)  

The industry's catchphrase is "build where vacationers go."

(a)  

-       which predate timeshare intervals by some 20 years, are an American invention.

(a)  

-       originated in Europe, but North America is a far larger market now.

(a)  

-       such as Aspen and Stowe were the birthplaces of condo developments.

(a)  

-       began in Florida and Hawaii's sunshine coasts.

(a)  

are investing more heavily in interval ownership, now that the unethical practices of timesharing have been addressed.

(a)  

(a)   units were first offered as real estate purchases, and they are still.

IN CONDOMINIUM, since the owners are not always on the property, units may be placed in a shared (a)   pool. This requires on-site management to rent and service the units.

(a)   are an unusual mix of functions.

When buying a timeshares, (a)   were not real estate purchases.

"Buy a lifetime of vacations at today's prices"

Slogan of?

(a)  

"Don't rent for a night; purchase a week forever."

Earlier favorite slogan of?

(a)  

-       started with a sleazy reputation

(a)  

It is a division of Cedant

(a)  

-       similar to partnerships created by two or more individuals.

(a)  

-       the individuals are not persons.

-       are partnerships of corporations, existing partnerships, or even of governments.

(a)  

-       tap the capabilities of different organizations.

The explosion in gambling serves as a good example. Gaming management is a skill that new developers (native Americans, municipalities, business development agencies) lack. Still, they want the benefits of casino ownership.

(a)  

(a)   bring gaming management companies' skills to organizations that provide the sites, the licenses, and the political muscle.

It is the separation of hotel management from hotel ownership coincided with the industry's search for public monies to build when hotel owners are not operators themselves. It is enough that owners know to seek quality management.

(a)  

(a)   (the 1930s) was the first time most of the nation's hotels went bankrupt. It happened again during the oil embargo of 1973 and again more recently during the banking system collapse (the 1980s).

Poor times for the hotel business are (a)   for management companies.

It is almost unknown now

(a)  

-       is an agreement between a hotel owner and a management company.

(a)  

-       is a complex legal instrument by which the management company operates the hotel within the contract's conditions.

(a)  

(a)   can be negotiated at any time. If early in the project's development, the management company may provide advice on constructions, systems, financing, and so on. When times went bad, owners accepted many restrictive terms in the contract to secure the management company's services

One of the other becomes popular depending on the position of the economic cycle.

(a)  

-       are popular when times are good.

(a)  

(a)   gain popularity when the industry goes into a slump.

(a)   is not a new idea, nor is it unique to the hotel industry. Tires, speedy printing, diet clinics, and more some of the best examples of it these days.

IN FRANCHISES

buyer can also be called as

(a)  

IN FRANCHISES

seller can also be called as

(a)  

Buying a (a)   enables the small business person to operate independently but still has membership benefits in the chain.

The (a)   pays a variety of fees to adopt the name and trademark of the franchisor

The (a)   also pays a rental or the company sign, a fee to access the reservations system, and a reservation fee for each room booked.

 In addition to an initial signing fee, the (a)   pays so much per room per night throughout the contract's life.

(a)   buys amenities from the parent company to get the franchise logo.

(a)   fees have not doubled during the past 20 years. They now represent 9% to 10% of room sales-some 8% of sales from all sources. The impact is significant because net earnings from all departments are only in the 20% range.

(a)   is all about brand recognition.

-       The franchisor can deliver an immediate brand entity by selling its (a)   to the franchisee.

The (a)   does not manage the property. The franchisee does.

What are the 5 advantages of franchise/franchising?

(a)  

What are the 3 disadvantages of franchise/franchising?

(a)  

Give at least (4) Best Hotel in Franchise 2021

(a)  

(a)   might own other corporations, either as the sole owner or the major shareholder of the subsidiary corporations.

As legal persons, (a)   have all the rights and responsibilities of individuals. They buy and sell hotels; they hire managers, they pay taxes, they borrow and they operate hotels.

(a)   are favored because the individuals who own the corporation are not liable to corporate debts.

In corporation, the person or the (a)   is the one responsible.

(a)   uses titles at the corporate level similar to others business: CEO (Chief executive officer) CFO (Chief Financial officers) COO (Chief operating officer

(a)   is the favored title at the unit level- the operating hotel.

(a)   is used for GM who actually owns the hotel.

It is the department where the Hotel managers contend with an ever-growing list of issues that require special knowledge and expertise, GM needs people who can actually work with him/her and be a part of his team.

(a)  

(a)   support the operating departments as well as the general manager.

This department has its own operating responsibility, unlike the advisory nature of the support staff.

(a)  

It is headed by the chef

(a)  

IT IS HEADED BY:

Manager of Restaurant

Banquet/ Catering Manager

Maitre d’ Hotel

Bar Manager

(a)  

-       also called the house manager or resident manager

(a)  

It is the front-of the house counterpart to the food and beverage Manager.

(a)  

All operating departments other than food and beverage report to this position.

(a)  

(a)   is responsible for ensuring the operation of the front office in an attentive, friendly and efficient and courteous manner, providing all guest with quality service prior to and throughout their stay, while maximizing room revenue and occupancy.’

(a)   have fewer operating departments-no f&b, perhaps, and fewer staff positions clamoring for the GM’s time.

These are the two important segments of the house manager’s responsibility.

(a)  

-       responsible for the delivery of the hotel’s basic products, a clean room, rest unconditionally with this department.

-       charged with the general cleanliness of guest rooms, corridors and public spaces such as lobbies and restrooms.

(a)  

They maybe assigned to employee locker room, guest bathhouse, and Spas, or other amenities, special to the particular hotel.

(a)  

-       Automation and social changes shrunk the size of the several departments under the hotel manager’s control.

(a)  

THIS KIND OF MANAGER DO THE:      

Full-service operations as require some of the hotel manager’s responsibilities to be moved down the organizational line.

-       Rooms, which might include housekeeping, is then assigned to the next management level, the rooms manager.

(a)  

-       If the management load is still too heavy, the (a)   may delegate oversight of the desk to another line officer, the front office manager assumes control over the front desk proper including guest-service agents, (Front office clerk), credit, cashiers, mail, messages and information.

-       Reservation are request, for rooms from prospective guest who intend to arrive sometime in the future. The inquiries are received, processed, and confirmed by the reservations department, which is supervised by a reservations manager.

(a)  

(a)   arrive by letter, fax, and email, and occasionally directly across the desk. Most often, they are made by telephone.

-       The (a)   keeps records of who is arriving, at what time, and for how long. The information, including the type of facilities wanted, must be communicated to the front desk in anticipation of the guest arrival.

Service Department can also called as (a)   .

At one time, this department included baggage porters, transportation clerks, pages, and elevator operators for both guest and service cars.

(a)  

A hotel department that generates revenue

A hotel department which incurs costs in support of a revenue center.

(a)  

PART OF HOTEL DEPARTMENT that the Front office & food and beverage departments also revenues from telephone services, space rental and fees from parking garages, vending machines, and golf courses

(a)  

Part of Hotel Department:

-       Marketing, Maintenance, Accounting, human resources & security departments.

(a)  

-       Like in Great Britain, where the front office is called the (a)   , the concierge is called the head hall porter.

-       Like in Great Britain, where the front office is called the (a)   , the concierge is called the head hall porter.

-       Like in Great Britain, where the front office is called the front hall, the concierge is called the (a)   .

Concierge

-       comes from latin word (a)   meaning “with service”.

-       Other translations offered are “fellow slave”, or more to the point, “ building guard”.

(a)  

-       The organizational structure of a full-service hotel calls for one final level of management, the front office manager of guest services.

(a)  

(a)   control the immediate front- office staff, but the importance of the job makes it a pivotal assignment Physically, the front office is an easily identifiable area of the lobby.

-       it is much less so despite constant reference to it as the “hub” and “heart” of the hotel.

(a)  

-       It is the nerve center of guest activity: the very face of the hotel. Through its flow communications with every other department; from it emanate instructions for the service of the guest; to it come charges for final billing and settlement.

(a)