Hotel Revenue Management Exam Questions with Correct Answers

ADR - Answer-rooms revenue divided by rooms sold chain scales - Answer-hotels are categorized based on their ADRs luxury upper upscale upscale upper midscale midscale economy independents company types - Answer-management, franchise, asset, membership, referral architect, developer, Real Estate Investment Trust asset management - Answer-fiduciary responsible for managing the lodging investment to meet the goals of the owner membership company - Answer-kind of like a franchise but fewer restraints; independent hotels band together for CRS, marketing, advertising, purchasing, training, and quality standards referral company - Answer-independently owned, non-affiliated properties who have banded together primarily to recommend and refer business architect - Answer-responsible for the design, planning, and construction supervision of a hotel project developer - Answer-a company that prepares the site and builds for commercial use as a lodging facility REIT - Answer-real estate investment trust corporation or trust that pools the capital of many investors to purchase and manage income property and/or mortgage loans competitive set - Answer-a group of hotels by which a property can compare itself to the group's aggregate performance contract rooms - Answer-occupied at rates stipulated by contracts, such as by airline companies extended stay - Answer-attract guests for extended periods of time; quote weekly