Company that manages a property’s operations for its owners, typically in return for fees and/or revenue share.
In the U.S., a market is a geographic area typically made up of a Metropolitan Statistical Area (e.g., Atlanta, GA), a group of Metropolitan Statistical Areas (i.e., South Central PA) or a group of postal codes (i.e., Texas North). Outside the U.S., a market is defined as a city, region or country with at least 30 participating hotels. A market can be further divided into submarkets. See Submarket.
A combination of market and class for data reporting purposes. See Market, Class.
Market collapsed class
Properties located in a specific market and STR collapsed class segment (i.e., Nashville, TN Luxury / Upper Upscale classes).
Market collapsed scale
Properties located in a specific market and STR collapsed scale segment (i.e., Nashville, TN Upscale includes Luxury, Upper Upscale, Upscale chain scales).
Market Penetration Index (MPI)
Measures a hotel’s Occupancy (Occ) performance relative to an aggregated grouping of hotels (i.e., competitive set, market, submarket). If all things are equal, a property's Occ Index or MPI is 100 compared to the aggregated group of hotels (historically described as "fair share"). A MPI greater than 100 represents more than the expected share of the aggregated group’s Occupancy performance. Conversely, a MPI below 100 reflects less than the expected share of the aggregated group’s Occupancy performance.
To calculate MPI: (Subject hotel Occ / Aggregated group of hotels’ Occ) x 100 = Occ Index/MPI
For example, if the subject hotel’s Occ is 80%, and the Occ of its competitive set is 80%, the subject hotel’s MPI is 100. If the subject hotel’s Occ totals 96%, its MPI is 120, indicating the hotel has captured more than its expected share. If the subject hotel’s Occ totals 64%, its index is 80, indicating the hotel has captured less than its expected share.
Properties located in a specified market and STR Chain Scale segment (i.e., Waikiki, HI Luxury Chains).
The highest performance possible for the period, assuming a property operated at the highest point of the bandwidth during the period.
Space designed for catering and banquet events, used for meal functions and meeting room sets and physically located on the property. For STR reporting purposes, public convention center, pre-function space (i.e., lobby), outdoor areas (i.e., lanai or terrace, etc.) and extra restaurant rooms are not included.
Company in which independently owned and operated lodging properties operate under a single membership affiliation while sharing a global reservations system, marketing, advertising, purchasing, training and quality standards with fewer constraints than a traditional franchise company. Each company member has a voice in company operations.
Metropolitan Statistical Area (MSA)
In the U.S. only, a MSA is a geographic entity defined by the Office of Management and Budget (OMB) for use by federal statistical agencies in the collection, tabulation and publishing of federal statistics. For further details, refer to the U.S. Census Bureau at Census.gov.
The lowest performance possible for the period, assuming a property operated at the lowest point of the bandwidth during the period.
All revenue not included in rooms, F&B or other operated departments; not associated with any expenses or are reported net of expenses. This typically includes income from rentals or leases, resort fees and cancellation fees but does not include investment income.
Month to Date (MTD)
Period that starts at the beginning of the current month and ends at the current date.