The American Plan, commonly used in hotels, incorporates room, meals, and services into one inclusive price.
Furniture, fixtures, and equipment (FF&E) are movable assets essential to the operation of a business, often found in hospitality industries such as hotels and motels. These items typically wear out faster than other properties, necessitating detailed management of their condition, cost, and replacement frequency.
Gratuity, commonly referred to as a tip, is a sum of money given to certain service sector workers for the services they provide, usually in addition to the basic price.
Occupancy level is a crucial metric in real estate and hospitality industries, indicating the percentage of currently rented units in a building, city, neighborhood, or complex.
Revenue management, also known as yield management, employs sophisticated algorithms and data analysis to forecast demand and adjust pricing dynamically, optimizing revenue for industries with fixed and perishable resources.
Failure to pay for services rendered; for example, stiffing a waiter by not leaving a tip.
Yield management, also known as revenue management, is a strategy used in various industries to optimize income and profit through dynamic pricing and resource allocation.
