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Definition
| Uniquely an American Invention |
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| What are overnight accomodations prior to hotels |
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Definition
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| Umbrellas all types of hotels, inns, taverns, ect |
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| What did the king say to prevent travel |
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Definition
| You as a person are tied to the land and must work the land |
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Term
| Hamilton & Jefferson Conflict |
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Definition
| Hated each other, political parties, different visions of what America would become |
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Definition
| Independent farmers, bread basket |
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| Merchants & bankers, centralized government |
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| Hotels are invented to facilitate... |
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Definition
| Check in and have your own space |
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| Hotels were the world's first |
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Definition
| Office buildings and high rises |
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| Hotels were signs meaning |
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Definition
| "were open for business in the town" |
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Term
| Hospitality focuses on the.. |
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Definition
intagible
(quality and service) (business doesnt) |
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Term
| Where did the word "hotel" come from |
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Definition
| The french word "hote" meaning host. Refered to as a big building w frequent visitors. |
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Term
| Where / what was the world's first hotel |
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Definition
| NYC- City Hotel (replace the City Tavern) opened in 1794- destroyed by fire 2 years later |
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| Oldest hotel still operating |
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Definition
| Tremont Hotel- Boston 1892 |
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Term
| What invention affected hotels |
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Definition
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Term
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Definition
Development of resort properties
- made other parts of the country accessable |
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Term
| Resort Properties let the guest.. |
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Definition
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Term
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Definition
Development of motels (look @ whole product)
- on your own schedule |
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Definition
Motor court
-build consistent brand- quality motels |
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Definition
| Holiday Inn- from a movie |
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Definition
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Term
| Hotels as a product are.. |
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Definition
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Term
| Order of innovations in industry |
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Definition
1. motel
2. ac
3. tv
4. toll free reservation system
5. 24 hour room service
6. electronic key card
7. extended stay concept |
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Term
| Who started 24 hour room service |
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Definition
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Term
| 4 lodging industry challenges |
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Definition
1. Operating
2. Marketing
3. Technological
4. Economic |
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Term
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Definition
| Efforts to focus on a highly defined (smaller) group of travelers |
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Term
| What does market segmentation do? |
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Definition
| Increase guest sophistication |
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Term
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Definition
(economic)
The condition by which countries + communities within them throughout the world are becoming increasingly interrelated |
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Term
| What is globilization depended on? |
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Definition
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Term
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Definition
| Want you to feel comfortable, look at hospitality aspect first |
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Term
| The better the guest feels... |
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Definition
| The more generous they are with their wallets |
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Term
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Definition
1. Business (individual)
2. Meetings & Conference (go as group)
3. Leisure (for fun)
4. Other (funerals) |
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Definition
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Definition
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Term
| Product is _________ and ________ on the same site |
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Definition
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Term
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Definition
| Cant make up for what you didnt sell |
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Term
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Definition
Harder to sell (peak vs. slow days)
- Manage Price |
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Term
| Repetitiveness and Standarizatoin |
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Definition
No surprises, same experience
-consistency |
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Term
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Definition
| Recognized product; the name of the concept within the hotel chain |
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Term
| Brands helped travelers... |
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Definition
| Identify w a common category of hotel and the standards the brand portrays to the guests |
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Term
| Many large hotel chains have multiple.... |
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Definition
| Brands under their control (Hyatt bought Peabody) |
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Term
| Example of horizontal integratoin |
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Definition
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Term
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Definition
| Economy-mid-scale-upscale-upper upscale-luxury |
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Term
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Definition
| Manage the brand and lease out the use of the concept and name. the creator. originator. the company. |
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Term
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Definition
Purchase the right to use the brand and own the hotel for a fixed period of time on a contracted price and terms.
- lease the concept |
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Term
| Franchising allows a company to.. |
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Definition
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Term
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Definition
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| How many franchised hotel brands are in N.America today |
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Definition
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Term
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Definition
- set of plans and specifications for building (strengthens brand)
- national advertising
- centralized reservation system
- participatoin in volume purchasing discounts
- listing in the franchisor's directory/ website |
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Term
| Disadvantage for Franchisee |
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Definition
-lack of operational power. must conform
- large fees
- central reservations produces 26% of reservations
- must meet all standards as set by franchisor |
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Term
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Definition
-increased market share/recognition
- up-front fees |
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Term
| Disadvantages for Franchisor |
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Definition
- need to be careful selecting franchisees
- difficulty in maintaining control of standards |
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Term
| 3 types of contract relationships |
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Definition
1. owned and operated
2. management contract
3. franchisor/ee |
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Term
| Management Contract: the players + responsibilitys |
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Definition
Owner - financial
and management company- operational |
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Term
| Fee Structure doe mgmt contract |
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Definition
| Investment firms, insurance co., teacher pension funds |
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Term
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Definition
Real Estate Investment Trust
- early 1960s
- publicly traded
(1/60th owners) ex. dads bar |
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Term
| Why do investors like REIT |
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Definition
- share financial risks
- dont pay corporate income tax
- must distribute 95% of net income to shareholders
- traded as stock |
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Term
| First rule of investment: |
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Definition
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Term
| How do Europeans rate hotels? |
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Definition
Government does it w stars
- look at physical amenities only |
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Term
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Definition
| American Automobile Association |
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Term
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Definition
| Advertising being traded for ratings |
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Term
| What system does AAA use? |
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Definition
| Diamond Award, sneaking a disguised guest in |
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Term
| What is USA's rating system |
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Definition
Rate yourself
ex. 5* must have 24/7 room service |
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Term
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Definition
5 star award
- take service into consideration |
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Term
| What is our rating system nowadays? |
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Definition
| Online Reviews- tripadvisor |
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Term
| How does AAA publish its ratings? |
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Definition
| in 23 regional tourbooks that are free to its members |
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Term
| How does Mobil Travel publish its ratings? |
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Definition
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Term
| Stars are more known to the public but both are |
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Definition
| equally the same in rating systems |
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Term
| What is AAA and Mobil ratings based on? |
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Definition
| Industry standards and refelct guests expectations |
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Term
| Mid-range hotels appeal to.. |
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Definition
| The largest segment of the traveling public - modest but sufficient |
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Term
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Definition
| - fasted growing segments of the lodging industry |
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