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What is the meaning / definition of Revenue Management Dashboard in the hospitality industry? The term Revenue Management Dashboard, refers to the graphical user interface that is able to provide a at-a-glance view of key performance indicators (KPIs) relevant to business processes. Sometimes the phrase dashboard also refers to “Progress Reports”. [...]

What is the meaning / definition of Revenue Generation in the hospitality industry? The term Revenue Generation, refers to the process of creating sales of products and services, with the goal of creating income. For example, a company wants to generate a hundred thousand euros of revenue this year. Then, the [...]

What is the meaning / definition of Resort Hotel in the hospitality industry? A Resort Hotel is a full-service lodging facility, intended primarily for vacationers and usually located in places frequented for relaxation or recreation, such as beaches, seashores, scenic or historic areas, ski parks, spas. The difference to a ‘simple’ [...]

What is the meaning / definition of Resort Fee in the hospitality industry? A fee that is an additional charge to the room rate at resorts. This fee may be a base fee, daily fee or a percentage based on the price of an overall stay and is mandatory to pay. [...]

What is the meaning / definition of Reservation Fee in the hospitality industry? The term reservation fee, refers to the fee charged by a hotel for booking a room. It is very similar to a Security Deposit – meaning it is paid in order to secure the room of the buyer. [...]

What is the meaning / definition of Representation Company, in the hospitality industry? Representation Company is a company that manages either the entire hotel or an outlet at the hotel on behalf of the property. As part of outsourcing, a representation company can be on-site or off-site, depending on the needs [...]

What is the meaning / definition of Remote Revenue Management in the hospitality industry? The term Remote Revenue Management, refers to the practice of revenue management done remotely. Revenue Management focuses on selling the right room to the right client at the right moment at the right price. Revenue management helps [...]

What is the meaning / definition of Regret in the hospitality industry? Sometimes reservations just don’t work out. For whatever reason, prospective guests decide to cancel a booking, or not to complete it in full. This is especially common where bookings are made online, where it is so easy to click [...]

What is the meaning / definition of Rate Parity in the hospitality industry? All individual hotels and hotel chains should seek to engender a positive affective commitment towards their brand. But loyalty felt by guests can, of course, take time to build up. One great way to foster allegiance over time [...]