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According to the Cambridge Business English Dictionary the "hospitality industry" consists of hotels and food service, [7] equivalent to NAICS code 72, "Accommodation and Food Service". However, the United States Department of Labor Standard Industry Classification (SIC) defines the hospitality industry more broadly, as noted above.
Ancillary revenue is revenue that is derived from goods or services other than a company's primary product offering. Examples include concessions at sporting events, baggage handling or seat selection revenue received by airlines, restaurant revenue received by hotel owners, and car-wash services sold by gas stations.
Average Daily Rate (commonly referred to as ADR) is a statistical unit that is often used in the lodging industry. The number represents the average rental income per paid occupied room in a given time period.
By lowering prices on products, a company can overcome weak demand and gain market share, which ultimately increases revenue. On the other hand, in situations where demand is strong for a product but the threat of cancellations rooms (e.g. hotel rooms or airline seats), firms often overbook in order to maximize revenue from full capacity.
In U.S. business and financial accounting, income is generally defined by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board as: Revenues – Expenses; however, many people use it as shorthand for net income, which is the amount of money that a company earns after covering all of its costs as well as taxes.
Upscale full-service hotels often provide a wide array of guest services and on-site facilities. Commonly found amenities may include: on-site food and beverage (room service and restaurants), meeting and conference services and facilities, fitness center, and business center. Upscale full-service hotels range in quality from upscale to luxury.
This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses). [3] In general usage, revenue is the total amount of income by the sale of goods or services related to the company's operations. Sales revenue is income received from selling goods or services over a period of time.
A resort hotel is a hotel which often contains full-sized luxury facilities with full-service accommodations and amenities. These hotels may attract both business conferences and vacationing tourists and offer more than a convenient place to stay. [ 1 ]