① Learning Objectives:
• Review Hotel Industry Analytical Foundations, Hotel Math Fundamentals (metrics used by the Hotel Industry), Property Level Benchmarking with STAR Reports, and Hotel Industry Performance Reports (Trends, P&L, Pipeline, and Destination Reports)
• Describe the principles of revenue management, prepare, and interpret revenue management reports: Apply the principles of revenue management to establish prices and control inventory.
• Calculate ADR, Occupancy rate and REVPAR, and prepare market share reports.
• Examine monthly segmentation data for different markets.
• Using the STR hotel Census Report for a specific market, identify hotels that should be included in the competitive set.
• Compare and contrast the performance of selected hotel properties with properties identified in its competitive set to make recommendations for occupancy, ADR and RevPAR projections.
• List the revenue and support departments in a hotel, explain the interdepartmental relationships and identify the principal sources of income and expense by department.
• Explain the components of management objectives; planning, organizing, staffing, controlling, evaluating.
• Illustrate the organizational chart for a full-service lodging facility and identify the department heads and key responsibilities for each operating department.
• Discuss the key management theorists include Taylor, Fayol, Statler, Stouffer and their contribution to modern management.
③ Course Materials:
No textbook for this course
CHIA certification exam – ($75.00) - Included in the course lab fee
CHIA/STR training materials – To be provided by the Professor
④ Course Requirements/Grading:
Attendance/Participation 10%
Weekly Quizzes 10%
Lodging/CHIA Exercises 10%
CHIA Practice Tests 10%
Two Tests 20%
CHIA Examination 40%
Total 100%