Glossary

This Glossary is provided to users of the website as a guide to terms and information they may find helpful. Definitions are added, edited or removed occasionally.

Advance Payment

Payment by the renter to the owner equaling a portion of the total rental amount. The advance payment is applied to the total rent cost.
Origin: Vacation Rental Association

After Hours

Managers and Owners provide service during long hours, but most are not open 24 hours a day. Calls, assistance and other services provided outside of normal business hours are referred to as after hours.
Origin: Vacation Rental Association

After Hours Fees

Charges to Guests or Owners for services provided after hours. Essential services such as loss of water, power or heat are usually provided free of charge. After hours calls for non-essential services usually bear a fee.
Origin: Vacation Rental Association

AHMA - American Hotel & Motel Association

A trade association that offers benefits and services to hospitality properties and suppliers. It propose legislation affecting hotels, sponsors seminars and group study programs, conducts research, and publishes Lodging magazine.
Origin: AHMA.org Link: AHMA.org

Arrival Date

The date at which a guest arrives or is allowed to arrive and use a property. In lodging this also usually includes a time before which the guest is not allowed access.
Origin: Vacation Rental Association

Attractions

General all-inclusive term travel industry marketers use to refer to products that have visitor appeal, like museums, historic sites, performing arts institutions, preservation districts, theme parks, entertainment and national sites.
Origin: Vacation Rental Association

Availability Calendar

An online calendar which can be updated to allow renters see the dates open for a certain property (Room, Suite or Home).
See also: Common Calendar Origin: Vacation Rental Association

Average Daily Rate (ADR)

The average price paid for nightly stays at a lodging establishment. Does not directly correspond to Rack Rates (retail asking price.)
See also: Scheduled Rack Rates Origin: William May

Canceled Stays

The number of guest stays for check-ins during a given period that canceled prior to arrival.
Origin: William May

Cancellation Rate

The percentage of reservations that canceled prior to arrival
Origin: William May

Dynamic Pricing

Dynamic pricing is a customer or user billing mode in which the price for a product frequently rotates based on market demand, growth, and other trends. In Lodging, rates per day will vary looking forward many months. Also known as Dynamic Rates
Origin: William May

Family Member

Includes Traveling Companion's dependent, spouse, child, spouse's child, son/daughter-in-law, parent(s), sibling(s), brother/sister, grandparent(s), grandchild, step-brother/sister, step-parent(s), parent(s)-in-law, brother/sister-in-law, aunt, uncle, niece, nephew, guardian, Domestic Partner, foster child, or ward.
Origin: Vacation Rental Association

Fleece

Another word for towels, wash cloths and math mats
See also: Textiles, linens, towels Origin: May, William

I-Calendar

Various price setting techniques designed to increase gross sales of a business, including tools for dynamic pricing, promotions, advertising, discounts, specials and more. Also known as Dynamic Rates, and Dynamic Pricing
Origin: William May

Linens

Usually cotton materials used for sheets, pillow cases and other bedding
See also: Bedding, Textiles, towels, fleece Origin: May, William

Name Your Price

An offer to guests to specify the price they want to pay per night for lodging, and the manager then looks for lodging to meet their criteria
Origin: William May Link: VRIA.org

Occupancy Rate

The percentage of total available nights that have been rented for a property or a group of properties over a specified time period. 2. The percentage of all rental units that are occupied or rented at a given time.
Origin: William May

Termination

The basis on which a party to a contract - written or verbal - may terminate the contract.
Origin: Vacation Rental Association

Textiles

All bedding, towels and other fabric products used in a lodging facility to comfort to owners, family and guests.
See also: Bedding, towels, fleece, Linens Origin: Vacation Rental Association

Towels

Fleece based materials used for bath towels, hand towels, wash clothes, bath mats
See also: Textiles, fleece, bedding Origin: May, William

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DETAILS: Glossaries and Dictionaries are handy tools. They provide an indication of meaning but additional study may be necessary to comprehend the full meaning. There may be alternate definitions not included here and experts may disagree on the proper explanation of each term.

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