CHIA Certification Exam 2024 Questions and Answers

CHIA Certification Exam 2024 Questions and Answers What was the first chain - Answer ️️ -Holiday Inn What type of company has a contract where it receives payment and/or some portion of profits? - Answer ️️ -Management Company What are the 2 top markets in the U.S.? - Answer ️️ -Orlando, FL Chicago, IL What are the top 2 U.S. Metro Markets by number of properties? - Answer ️️ -Chicago, IL Orlando, FL What is the top U.S. Metro Market by occupancy? - Answer ️️ -Fort Lauderdale, FL What is the top U.S. Metro Market by average daily rate? - Answer ️️ -Chicago, IL What market is reviewed annually? - Answer ️️ -Worldwide Markets Why are worldwide markets reviewed annually? - Answer ️️ -to determine if new markets may be created based on growth in available supply and sample How many scale categories are there? - Answer ️️ -7 scale categories How are the scale categories broken up? - Answer ️️ -6 for chain hotels ranging from Luxury to Economy, and 1 scale category for all Independent Hotels When a chain is categorized in a specific scale group, what does it mean? - Answer ️️ -means every hotel in that chain is in that Scale group everywhere in the world, in every country and market How are chains positioned in Scale groups? - Answer ️️ -based on average daily rate (ADR) How many Class categories are there and what category do they not have? - Answer ️️ -6 Class categories; No Independent Class group Other than the Scale and Class categories, what non-geographic categories does STR track? - Answer ️️ -Location; Extended Stay What are 2 foundations of the STAR Program? - Answer ️️ -aggregating; confidentiality Aggregating - Answer ️️ -means finding the averages based on the data from a group of hotels so that each individual hotel is protected Confidentiality - Answer ️️ -rules to ensure no individual property data is ever disclosed to another property What are some stakeholders when it comes to choosing a comp set? - Answer ️️ -Management Company Chain (corporate staff such as a reg