HM110Notes2

HM110Notes2 - HM 110 Notes 2 Tourism & Lodging Economic...

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HM 110 Notes 2 Tourism & Lodging
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Economic Impact of Tourism International travelers annually spend about $94 billion in the U.S. on travel-related expenses 20.8 million people are directly employed in the industry Travel generates $100 billion yearly in tax receipts Approximately 46 million international travelers visit the U.S. each year Just a 1% increase in the world market would mean an additional 7.6 million visitors, which would create 150,000 jobs
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Multiplier Effect New money spent by tourists is then re- spent by hotels and restaurants in the community for goods and services Leakage occurs when money must be spent outside the community for goods unavailable within the community
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Figure 3-5 The Multiplier Effect
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Travel Agencies Serve as a middle person Agents use computer reservation systems Make money on commissions charged to hotels and car rental companies Charge clients a fee for their services What does the future hold for travel promoters?
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LODGING
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Who Gets The Highest Rates? H&MM August 2005
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Hotel Breakeven Point
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Hotel Business
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Objectives Describe hotel ownership and development via franchising and management contracts Classify hotels by type, location, and price Discuss the concept and growth of vacation ownership Name some prestigious and unusual hotels
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Basic Management Structures Owner/Operator Management Contract Franchise
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Top 10 Largest Management Companies
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International Leading Hotel Companies Hilton International Hyatt International Six Continents Four Seasons Fairmont Kempinski/Dusit Accor La Meridien Leading Hotels of the World Prince Pan Pacific Nikko New Otani Lotte Peninsula Shangri-la Caesar’s Park Sol Melia
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Brand Owner/Operators & Management Contracts Many Owned & Operated Plus Management Contracts Marriott Hilton Wyndham Fairmont Primarily Management Contracts Hyatt IHC (formerly Six Continents) Starwood
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The players: Owner—financial responsibility
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This note was uploaded on 10/08/2011 for the course HTM 110 taught by Professor Staff during the Spring '11 term at S.F. State.

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HM110Notes2 - HM 110 Notes 2 Tourism & Lodging Economic...

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