Hmgt 2100 - Study guides, Class notes & Summaries

Why is Budgeting important? - Answer-Anticipate and prepare for future financial conditions Provide estimates of future revenues and expenses Help determine future room rates and other pricing structures Estimate financial returns on investments encourage managers to establish their own operating objectives, evaluation techniques and tools Help GM, Controller, and department heads self-evaluate financial progress controller - Answer-The individual responsible for recording, classifying, an...

full service hotels - Answer--complete food and beverage services -high quality guest services -major guests: corporate and leisure not sensitive to price -subsegments: 1. deluxe 2. luxury (upper upscale) 3. upscale 4. midscale with food and beverage limited service hotels - Answer--referred to as motels or motor hotels until 1990s -no restaurant or retail on the property -major guests are budget conscious -growing faster than full service hotels: ease of development, operations, high...