The hotel industry is always looking for ways to increase occupancy rates and maximize profits. One of the key metrics they track, next to ADR, is the hotel occupancy rate or OCC. So let’s take a look at what the OCC is and how hotels can increase it. So what is the occupancy ...
A certificate of occupancy is a legal document that proves a structure, such as a house or office building, is safe to inhabit. In addition to the property address and owner, a certificate of occupancy will include the following three things: ...
Group An assemblage of persons or objects gathered or located together; an aggregation A group of dinner guests. A group of buildings near the road. Individual An individual is that which exists as a distinct entity. Individuality (or self-hood) is the state or quality of being an individual...
What is a transient occupancy tax? Be specific. Tax: Taxes are mandatory financial fees, charges, or levies that are imposed on a taxpayer (company or individual) by the government for the purpose of funding the expenditure of the government. Taxes could either be direct or indirect and are...
Occupancy refers to the number of people in a meeting space, while utilization is how often a meeting space is being used. Measuring and reporting on both concepts involves asking (and having relevant data to answer) a number of key questions, including: How often is a meeting room being us...
The key to headcount planning and forecasting is to avoid being reactive and to be proactive. If you desperately need new hires and staff turnover is outrageous, you're going to have a hard time keeping up. Tight labor markets often spell disaster as skilled talent is scarce and the recruit...
The goal of yield management is not merely to increase room rates or occupancy; rather, it’s to maximise your hotel’s revenue by forecasting your room supply and demand across a variety of key factors. Yield management shares many similarities with the concept of revenue management, but h...
a• 14 nights of housing, from July 5 through July 19 (to check out on Saturday, July 19), on the University of Chicago Campus in the South Campus dorm (single person occupancy). This new facility is conveniently located next to the Law School, where the lectures will take place. ...
Once you find a property that fits your criteria, make sure your wholesale real estate transaction will make financial sense. First, find out the property’s fair market value. Looking at comparable properties sold in the area, occupancy rates, and cash-on-cash returns can help. Then, determi...
s income from the property. This is especially important if a property is in great need of repairs and many units are vacant—indicating a low occupancy rate. If the units are not filled on a regular basis, rent collection will be lower than it could be, and purchasing the property may ...