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Hospitality Revenue Management Final Exam with Complete Solutions

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Hospitality Revenue Management Final Exam with Complete Solutions Most of the entities below are classified as "Chains". Which one is a "Parent Company" consisting of multiple chains? ANSWER-Accor Hotels Which is a true statement about Parent Companies? ANSWER-Parent Companies and the relat...

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  • July 30, 2024
  • 33
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • hospitality revenue management final exam
  • final exam with complete solutions

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  • Revenue Management
  • Revenue Management

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Hospitality Revenue Management Final Exam with Complete Solutions Most of the entities below are classified as "Chains". Which one is a "Parent Company" consisting of multiple chains? ANSWER -Accor Hotels Which is a true statement about Parent Companies? ANSWER -Parent Companies and the related chains have changed over time What are the three different operation types? ANSWER -Chain Management, Franchise, Independent Which is a true statement about Management Companies? ANSWER -Management companies have contracts where they receive payment for their services and/or some portion of profits Which is a true statement regarding geographic categorization? ANSWER -STR uses the UNWTO definitions when it comes to recognizing countries Which two geographic categories are the most important for a hotel GM? ANSWER -
Market and Submarket Markets and Submarkets are created based on what two determining factors? ANSWER -
Number of hotels and participation Hospitality Revenue Management Final Exam with Complete Solutions Which is a true statement regarding Submarkets ANSWER -A submarket may represent a small city in a rural market How many Scale categories are there compared to Class categories? ANSWER -7 Scale categories and 6 Class categories Which one of the following is an accurate statement regarding Scale and Class groups and a single chain? ANSWER -A Ritz Carlton hotel will always be in the same Scale and Class groups in every country throughout the world The four key considerations when creating a Competitive Set are? ANSWER -Participation, Proximity, Pricing and Product The definitions for Supply, Demand and Revenue used by STR and others in the lodging industry are taken from what source? ANSWER -Uniform System of Accounts for the Lodging Industry Which is true regarding the type of performance data (Supply, Demand, Revenue) that STR receives? ANSWER -Daily and monthly only You receive your monthly STAR and find that it includes weekday and weekend performance, what days are included in "weekday" in most parts of the world? ANSWER -Sunday thru Thursday Hospitality Revenue Management Final Exam with Complete Solutions In which of the following situations will occupancy increase? ANSWER -Supply decreases 10% and demand decreases 5% Which statement is true regarding RevPAR? ANSWER -It can be thought of as a combination of Occupancy and ADR Use the spreadsheet below to answer Question 17. The March YTD Occupancy (E5) is _______. ANSWER -63.2% Use the spreadsheet below to answer Question 18. The Average Daily Rate percent change for April (G5) is ______. ANSWER -1.5% Which one of the following statements is accurate regarding "Sufficiency" as it related to competitive set data? ANSWER -The sufficiency rules are in place to protect the confidentiality of the data Key Performance Indicators (KPI) for the Competitive Set (for example the average Occupancy) are: ANSWER -Always based upon the aggregated raw data of each member of the competitive set Hospitality Revenue Management Final Exam with Complete Solutions When you receive your STAR report, your ADR for the month was $100 and the competitive set ADR was $90. What can you tell? ANSWER -Your ADR was $10 higher than the average of all of the members of the competitive set Use the spreadsheet below to answer the following two Questions, 22 and 23, regarding the methodology used to calculate KPIs for a competitive set. The competitive set Occupancy (E6) for July is _____. ANSWER -72.6% The competitive set RevPAR (G6) for July is _____. ANSWER -$119.89 When you receive your STAR report your ADR index was 110 and your Occupancy index was 90. What do you know? ANSWER -The RevPAR index will be in the neighborhood of 100 When you receive your STAR report, you see that your RevPAR index was 90 this year compared to 80 last year. What do you know for sure? ANSWER -Your hotel will have a positive RevPAR Index Percent Change Use the spreadsheet below to answer Questions 26 and 27 regarding the methodology used to calculate Index. The occupancy Index for November (H3) is _____. ANSWER -119.2 The RevPAR Index for November (J3) is ______. ANSWER -117.4

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