Hotel Terms You Need To Know

August 13th, 2021

Do you or your team travel for business? You may have noticed some foreign, and sometimes confusing terminology used in the hotel industry. All the acronyms and terms–what do they all mean and why is it important to know?

Scroll down to decode some of the most frequently used hotel jargon AND gain inside tips along the way.JTVCZXZwX2VtYmVkX3ZpZGVvJTIwdXJsJTNEJTIyaHR0cHMlM0ElMkYlMkZheGcuNWJjLm15ZnRwdXBsb2FkLmNvbSUyRndwLWNvbnRlbnQlMkZ1cGxvYWRzJTJGMjAyMSUyRjA4JTJGSG90ZWwtTGluZ28tMTAxXzEubXA0JTIyJTIwYXV0b3BsYXklM0QlMjJ0cnVlJTIyJTVEWhy keep reading?…

You’ll have better conversations and save more money when you speak “hotel”.

-Schuyler B., Globeo Accounting Department

Advanced Rates

Discounted room rates published by the hotel to encourage travelers to book father in advance.

• • TIP: These rates often require pre-payment and may be non-refundable. Always check the stipulations before booking!

Book with Globeo and receive access to deep discounts at your favorite hotel chains. Our team is available 24/7 to help negotiate rates comparable to Advanced Rates without the strings attached.

Cancellation Policy

A statement by a hotel that details the terms under which a booking or reservation may be rescinded and any penalties or fees incurred by doing so.

• • TIP: Cancellation windows can vary from 24-72 hours depending on the hotel. If they don’t tell you upfront, be sure to ask what their policy is to avoid any unexpected fees.

Sometimes reservations don’t go as planned. Changes and cancellations can prove to be quite costly with big-name booking services. Whether it’s one room or 30+ rooms, our team helps you manage your bookings and eliminate unwanted fees, including potential cancellation fees.

Direct Bill

An account created with a hotel to establish credit terms so that charges at the property are invoiced after the stay (30, 60, 90 day pay periods), thereby eliminating the need to pre-pay for the stay.

• • TIP: If you’re handling lodging for your entire company, consider setting up direct bill accounts with your most frequently used hotels. This will help with expense reporting and cash flow.

Stay on top of lodging costs with one weekly invoice, including all stay details. Sign me up.

Folio

An overview of a guest’s hotel account including all charges and payments made, stored at the reception desk. Not just a receipt, but a detailed and usually complicated log what happened during a stay.

• • TIP: Check that your correct email address is on file with the property to ensure a) you get your rewards points, and b) your folio is sent to you electronically.

Let your Accounts Payable team deal with one vendor, rather than hundreds of hotels. Learn more…

Globeo, Inc.

A lodging management service geared specifically towards helping workforce travelers. Globeo gives you the tools to book, manage, and reconcile your company’s lodging all in one place.

• • TIP: Schedule your 5-minute demo today to learn how Globeo helps every department in your organization!

Are you responsible for organizing your employees’ travel? Save time and money now.

Incidentals

Additional costs of services and amenities that are not part of the main hotel bill such as damages, cleaning fees, phone calls, room service, parking etc.

• • TIP: Prepare your travelers. Most hotels will require guests to provide a method of payment upon arrival in the event incidentals are incurred during their stay.

While it may seem convenient, allowing employees to use their company card for payment of lodging can come with a number of headaches. Contact us today to learn what those are and how Globeo helps you mitigate them.

Lodging Reports

Expense reports consolidating your company’s travel spend.

• • TIP: If you use a third-party service, ask for an accrual report so that you can budget for unbilled stays at the end of each month.

The Globeo package means you’ll have access to comprehensive reporting (including monthly accrual reports) and real-time data to help identify and eliminate wasted lodging costs.

OTA

Online Travel Agency, a third-party company or agent that sells a hotel’s room inventory on their behalf. OTAs make money by taking a commission per booking referred (upwards of 25% + service fees). Examples of an OTA include Priceline, Expedia, Booking.com, Hotels.com etc.

• • TIP: Hotels often pre-sell blocks of rooms to OTAs for them to resell to consumers like you. Remember to check for the OTA’s specific cancellation policy details (if applicable).

Globeo’s full-service package has no hidden fees. We’re not just a travel service, we help drive results for your entire business. Check out these 5 Secrets About Online Travel Sites

Rack Rate

The official or advertised price of a hotel room, on which a discount is usually negotiable.

• • TIP: Try asking the front desk about the rack rate to see if there’s any available discounts they can extend to you.

Rates often fluctuate on a day-to-day basis. Access to Globeo rates means increased control over expenses and cost savings because the rates won’t fluctuate.

VIP

Very Important Person.

• • TIP: Taking 5 minutes out of your day to see how Globeo’s services will benefit you is as easy as 1, 2, 3...Try it now.

AKA, what you’ll always feel like as a Globeo preferred traveler. What’s the Globeo Advantage?

Contact Globeo for pain-free booking solutions.

We’ll do all the work. You take call the credit.

24/7/365 Support!

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