HMGT 2100 FINAL EXAM QUESTIONS VERIFIED CORRECTLY TO SCORE A+

full service hotels - Answer--complete food and beverage services -high quality guest services -major guests: corporate and leisure not sensitive to price -subsegments: 1. deluxe 2. luxury (upper upscale) 3. upscale 4. midscale with food and beverage limited service hotels - Answer--referred to as motels or motor hotels until 1990s -no restaurant or retail on the property -major guests are budget conscious -growing faster than full service hotels: ease of development, operations, high profitability travel agents - Answer--important partners for hotel guest room reservations -work on a commission basis for the hotel rooms -traditional booking through agents in a state in decline -major customers: older, wealthy, corporations, international opaque rate - Answer-room rates not seen by guests until they have successfully bid for a room; guests decide the rate they are willing to pay "name your own price" tour operators - Answer--a company or individual that plans and markets travel packages -create full service guided tour that includes transportation, hotel rooms, meals, activities, and tour guide or language translator REIT - Answer-Real Estate Investment Trusts-public stock issuing investment companies -designed to facilitate investment in real estate -enable small investors to combine their funds -pays little or no corporate income tax 1st tier management companies - Answer--AKA brand operators -operate hotels for owners using the management companies trade name as the hotel brand -common among larger full service hotels 2nd tier management companies - Answer--AKA independent operator -operate hotels for owners and do not use the management companies name as part of the hotel name -own properties via franchise -eg. interstate hotels and resorts advantages of hotel mgmt companies - Answer--operational expertise can be obtained -mgmt quality can be improved -payment for services can be tied to performance -future partnership opportunities can be enhanced