RECR 470 Lecture Notes - Lecture 18: Web Conferencing, Market Power, Liquidated Damages

• School: Chico State University
• Department: Recreation and Parks Management
• Course: RECR 470
• Professor: Matthew Stone

Document Summary

Mtng planner survey challenges: increased hotel mtng supp. costs, hotel contract terms/added hotel fees & surcharges, increased expectations by senior mgmnt for cost savings & roi, additionally. 49% planners feel pressure to enhance mtng results. How hotels value your mtngs: variables that influ. pricing/avail. # of rooms held vs. ability to pick-up block. Oth. groups contracted over same dates/rev. contrib. Industry profit margins: rooms 77, group f&b 38, f&b outlets 19, rec/spa 15, retail/misc. dptmnts 15% Mtngs = big investments: have a nego. plan for ea. mtng. Create custom master hotel contract template/amend for ea. Gen. cost savings/risk reduction report for ea. mtng. Sleeping room attrition: guar. a % of total room block w/no sliding scale, nego. cut-off date that works w/group history, add resell clause vs. liquidated damages, in event of damages, calc. on prof not rev. F&b guarantee: verify f&b spend from last yr. mtng, benchmark est.