Lodging and Event Management

These flashcards cover key concepts from lodging management and event planning.

Management Contracts

An agreement where a hotel owner hires a management company to operate the property for a set number of years, receiving a fee often tied to revenue or profit.

Asset Light Strategy

A business approach where a hotel company focuses on branding and management instead of owning numerous properties.

MICE

An acronym for Meetings, Incentives, Conventions, and Exhibitions, which represent different types of business gatherings.

Green Hotel Practices

Sustainable practices adopted by hotels that include water usage reduction, energy efficiency improvements, recycling, and linen/towel reuse.

Timeshares

A type of lodging that grants guests ownership rights to use a unit for a specified part of the year.

Meeting Planners

Professionals responsible for budgeting, site selection, scheduling, vendor coordination, and other logistical aspects of meetings.

FAM Tour

A familiarization trip designed to show planners or clients a destination or service provider to facilitate selling or recommending it.

Event Planning Process

A typical five-step process including research, design, planning, coordination, and evaluation of events.

SMERF

An acronym for Social, Military, Educational, Religious, and Fraternal groups, which can organize various meetings.

CVB/DMO Role

Convention and Visitors Bureau or Destination Marketing Organization that promotes a destination and connects event planners with local resources.