midterm prep notes - Revpar: revenue per available room...

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Revpar: revenue per available room (total revenue/rooms available or adr x occ%) Adr: total revenue/occupied rooms or revpar/occ % Occ %= occupied rooms/rooms available LECTURE 1 1. Defining characteristics of 1-5 mobil stars 5*s: Luxury environment—attention to detail and anticipation of the guests every need, mandarin oriental ny 4*s: services may include, but are not limited to automatic turndown service, valet parking and 24 hour room service, mandarin oriental miami 3*s: well appointed establishment with a full service restaurant and expanded amenities including room service, fitness center and optional turndown service, mgm grand, statler 2*s: comfortable, clean, reliable with full service restaurant, holiday inn ithaca 1*: clean, comfortable, reliable with limited serices and amenities, may not have a full service restaurant or dining room, best western ithaca A basic full service hotel must have 2 or 3 stars A limited service hotel has 1 or 2 stars There are 37 five star lodging establishments Mobil has 700 criteria USA has 49000 lodging establishments 2. The four principles common to nearly all top-performing luxury hotel brands: Customer centered culture Rigorous selection process Retrain employees They systematically measure and reward customer-centric behavior 3. for enhanced service quality, which employee groups should hotel managers focus on first and why LECTURE 2 1. 3 characteristics of services that make them different from products:
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Intangibility Heterogeneity Inseperability 2. the quality of the hotel product is determined during the service encounter and during the experience 3. The modern hotel industry, as we know it, was born in 1952 when the first Holiday Inn was opened by Kemmonds Wilson. He did this in response to seeing overpriced and low quality accomodations during his travels the first boom occurred because the interstate highway system was nearing completion, easy capital(especially that from reits) was available, and aggressive franchise sales 4. major hotel brands expanded their market presence by aggressively selling franchises, which therefore allowed for hotel growth with little capital investment 5. the advent of market segmentation marked the maturation of the lodging industry into its present form. Market segmentation is where one hotel company has several brands aimed at several different niches of customers 6. beginning in 1981, changes in the tax laws dramatically increased the attractiveness of hotels
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midterm prep notes - Revpar: revenue per available room...

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