HMGT 401 Intro to Hospitality Management Exam 1
Questions With Complete Solutions
"conduit" lenders, REITs, private investment companies, and
public markets Correct Answers The money used to build hotels
comes from....
# guests / # of occupied rooms Correct Answers Number of
guests per occupied room equation
$6.8 trillion, 4.2% Correct Answers In 2013, the hospitality
industry was worth $__ and the forecasted annual growth until
2022 was __%.
1. Exposure
2. Attention
3. Comprehension
4. Acceptance
5. Retention Correct Answers 5 Stages of Information
Processing
1. Financing (who will own and develop the property, how much
money will be raised, interest rates and inflation)
2. Real estate values
3. Operations (who will manage the hotel: owner or mgmt
group?) Correct Answers 3 Dimensions of Investment Decision
1. Introduction
2. Growth
3. Maturity
4. Decline Correct Answers Lifecycle of a Business
,1. Organize and document business plan
2. Employee engagement and satisfaction
3. Cash flow forecast
4. Strong desire for product/customer satisfaction
5. Acess to capital financing to endure downturns
6. Outstanding, hardworking, and committed leadership
7. Ability to attract diverse talent
8. Strong risk management Correct Answers Suggestions for a
Start up
1.09 billion, 70% Correct Answers There were ____
international tourists in 2013, forecast to grow to nearly ___ by
2030.
1/10 Correct Answers _ / _ jobs are in hospitality
1/3 is business, 2/3 in leisure Correct Answers How is the
hospitality industry divided?
100-200 guest rooms, hot breakfast service (ex. Hampton Inn,
La Quita) (think fast food restaurants) Correct Answers Select-
Service Hotels
100-500 guest rooms in downtown locations Correct Answers
Commercial Hotels
265 million, 8.9% Correct Answers The hospitality industry
accounted for ___ jobs, and __% of total employment.
, 53,432, 5 million, $175 billion, 1.9 million Correct Answers
The lodging industry owns over ______ properties, almost
_____ guest rooms, generates over $_____ in revenues, and
supports more than ____ hotel jobs
7 years Correct Answers Hotels are often remodeled every....
a clean, comfortable guest room Correct Answers The
"upstairs" guest is interested in
A company that offers an original product or services, where
expenses tend to exceed revenue and they develop, test, and
market (also requires financing) Correct Answers What is a
start-up?
A group of independent properties that refer businesses to one
another (to help independent hotels compete with chains)
Correct Answers Referral Associations
A private, mixed use project that improves a large vacant tract of
urban renewal landscape. The North End was an Italian
residential neighborhood until the entire area was razed in the
early 1970s. The project is a major component of the City's plan
to rebuild this area and to provide parking and conference space
in the downtown. Correct Answers HarborCorp
A product that a customer buys frequently or routinely, low risk
purchase that requires little time and little money with a broad
distribution (ex. you can buy a pack of gum anywhere) Correct
Answers Convenience good
Questions With Complete Solutions
"conduit" lenders, REITs, private investment companies, and
public markets Correct Answers The money used to build hotels
comes from....
# guests / # of occupied rooms Correct Answers Number of
guests per occupied room equation
$6.8 trillion, 4.2% Correct Answers In 2013, the hospitality
industry was worth $__ and the forecasted annual growth until
2022 was __%.
1. Exposure
2. Attention
3. Comprehension
4. Acceptance
5. Retention Correct Answers 5 Stages of Information
Processing
1. Financing (who will own and develop the property, how much
money will be raised, interest rates and inflation)
2. Real estate values
3. Operations (who will manage the hotel: owner or mgmt
group?) Correct Answers 3 Dimensions of Investment Decision
1. Introduction
2. Growth
3. Maturity
4. Decline Correct Answers Lifecycle of a Business
,1. Organize and document business plan
2. Employee engagement and satisfaction
3. Cash flow forecast
4. Strong desire for product/customer satisfaction
5. Acess to capital financing to endure downturns
6. Outstanding, hardworking, and committed leadership
7. Ability to attract diverse talent
8. Strong risk management Correct Answers Suggestions for a
Start up
1.09 billion, 70% Correct Answers There were ____
international tourists in 2013, forecast to grow to nearly ___ by
2030.
1/10 Correct Answers _ / _ jobs are in hospitality
1/3 is business, 2/3 in leisure Correct Answers How is the
hospitality industry divided?
100-200 guest rooms, hot breakfast service (ex. Hampton Inn,
La Quita) (think fast food restaurants) Correct Answers Select-
Service Hotels
100-500 guest rooms in downtown locations Correct Answers
Commercial Hotels
265 million, 8.9% Correct Answers The hospitality industry
accounted for ___ jobs, and __% of total employment.
, 53,432, 5 million, $175 billion, 1.9 million Correct Answers
The lodging industry owns over ______ properties, almost
_____ guest rooms, generates over $_____ in revenues, and
supports more than ____ hotel jobs
7 years Correct Answers Hotels are often remodeled every....
a clean, comfortable guest room Correct Answers The
"upstairs" guest is interested in
A company that offers an original product or services, where
expenses tend to exceed revenue and they develop, test, and
market (also requires financing) Correct Answers What is a
start-up?
A group of independent properties that refer businesses to one
another (to help independent hotels compete with chains)
Correct Answers Referral Associations
A private, mixed use project that improves a large vacant tract of
urban renewal landscape. The North End was an Italian
residential neighborhood until the entire area was razed in the
early 1970s. The project is a major component of the City's plan
to rebuild this area and to provide parking and conference space
in the downtown. Correct Answers HarborCorp
A product that a customer buys frequently or routinely, low risk
purchase that requires little time and little money with a broad
distribution (ex. you can buy a pack of gum anywhere) Correct
Answers Convenience good
