Study on foreign exchange function

Type :

Research papers

Pages :

30 pages

Format :

.doc

Published date :

05/26/2009

Category :

Economics & finance

Sub category :

Economics

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Summary :

Front office introduction
Research design
1. Aim
2. Objective
3. Methodology
4. Primary data
5. Data collection tools and techniques
Organization structure of front office
1. Cashier section
The principle of hotel front office operations
1. The guest cycle
2. Interaction of the guest with the hotel
3. Duties of the front office personnel
4. Staff in the reservations office include
5. Porters(concierge)
Handling corporate and groups
Foreign currency exchange in hotels
Foreign exchange rules and regulations
Foreign exchange market and contracts
1. Other foreign exchange contracts
2. Foreign exchange exposures
3. Transaction exposures
Managing foreign exchange risk
Rules and restrictions for foreign exchange in hotels
1. Foreign exchange restrictions enforced by the government
2. Hotel regulation for foreign exchange
3. Procedure for accepting foreign exchange
Conclusion

Abstract

The front office in a hotel is the department responsible for the sale of hotel rooms through systematic method of reservation, followed by registration and assigning rooms to customers. The term sale of rooms may appear misleading to those unfamiliar with the industry. 'Sale here means the use of hotel rooms at a price. A room is termed 'sold' for the day when a guest leases the room for stay in the hotel. 'Room tariff i.e. rate charged per room is computed for a "revenue day" which begins at noon of a particular day and ends at 12.00 hours the next day. In other words room charges are levied for a revenue day, which is between noon and noon. Of course, a room may be sold for half a day as well, for which special rates are applicable. Such rates are referred to as "half day" rates.

The front office in a hotel holds prime importance in view of the basic nature of business of a hotel, i.e. to sell rooms. Revenue collected from the
sole of rooms contributes to more than 50% of the total hotel sales. The profit percentage from the sale of rooms is very high. It has a complementary role of image building, which is the first and last point of contract of every guest. If one looks at each component of a front office role, one could have a better perception of this department. While the title front office is a generic term to include a number of activities, smaller hotels are satisfied to call it simply hotel reception. Thus the role of the front office is thus to reserve, receive, register, assign rooms to guests and act as a continuous source of information to guests during their stay at the hotel.