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CHIA Certification Exam and Answers, Questions with answers, Rated A

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CHIA Certification Exam and Answers What was the first chain -Answer- Holiday Inn What type of company has a contract where it receives payment and/or some portion of profits? -Answer- Management C ... ompany What are the 2 top markets in the U.S.? -Answer- Orlando, FL Chicago, IL What are the top 2 U.S. Metro Markets by number of properties? -Answer- Chicago, IL Orlando, FL What is the top U.S. Metro Market by occupancy? -Answer- Fort Lauderdale, FL What is the top U.S. Metro Market by average daily rate? -Answer- Chicago, IL What market is reviewed annually? -Answer- Worldwide Markets Why are worldwide markets reviewed annually? -Answer- to determine if new markets may be created based on growth in available supply and sample How many scale categories are there? -Answer- 7 scale categories How are the scale categories broken up? -Answer- 6 for chain hotels ranging from Luxury to Economy, and 1 scale category for all Independent Hotels When a chain is categorized in a specific scale group, what does it mean? -Answermeans every hotel in that chain is in that Scale group everywhere in the world, in every country and market How are chains positioned in Scale groups? -Answer- based on average daily rate (ADR) How many Class categories are there and what category do they not have? -Answer- 6 Class categories; No Independent Class group Other than the Scale and Class categories, what non-geographic categories does STR track? -Answer- Location; Extended Stay What are 2 foundations of the STAR Program? -Answer- aggregating; confidentialityAggregating -Answer- means finding the averages based on the data from a group of hotels so that each individual hotel is protected Confidentiality -Answer- rules to ensure no individual property data is ever disclosed to another property What are some stakeholders when it comes to choosing a comp set? -AnswerManagement Company Chain (corporate staff such as a regional manager) GM sales and marketing team revenue manager What are some brand standards that chains can set when choosing comp sets? - Answer- including/excluding specific chains including/excluding different properties of the same chain choosing properties within specific radial distance choosing properties within specific chain scales Participation -Answer- you want hotels to submit data to STR Proximity -Answer- competitors will be close to your hotel Pricing -Answer- competitors will have similar prices to your hotel Product -Answer- competitors will generally be similar to your hotel when it comes to features and amenities What are the 4 'P's to consider when deciding upon a comp set? -Answer- Participation Proximity Pricing Product When percentages are calculated, what is happening? -Answer- the rooms of the subject hotel and those in the same chain and parent company are excluded What is the first step in creating a comp set? -Answer- rooms of the subject hotel are removed from the total What is the second step in creating a comp set? -Answer- rooms of any competitors from the same chain are removed from the total [Show More]

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