Asset Management for Hotels
Expert-defined terms from the Advanced Certificate in Facility Management for Hotels course at UK School of Management. Free to read, free to share, paired with a globally recognised certification pathway.
Asset Management refers to the process of managing and maintaining the physic… #
Effective asset management is crucial for hotels to minimize costs, maximize efficiency, and ensure customer satisfaction. Related terms include facility management, maintenance management, and property management.
Benchmarking is the process of comparing the performance of a hotel's assets to… #
This helps hotels to identify areas for improvement and implement best practices in asset management. Related terms include performance measurement, quality control, and standards compliance.
Capital Expenditure refers to the funds spent by a hotel on major repairs … #
Effective management of capital expenditure is critical to ensure that a hotel's assets remain functional and efficient. Related terms include operating expenditure, budgeting, and cost control.
Condition #
Based Maintenance is a maintenance strategy that involves performing maintenance tasks based on the actual condition of a hotel's assets, rather than on a fixed schedule. This approach helps to reduce unplanned downtime and extend the life cycle of assets. Related terms include predictive maintenance, preventive maintenance, and reliability-centered maintenance.
Contract Management refers to the process of managing contracts with third #
party vendors or service providers, such as maintenance contractors or equipment suppliers. Effective contract management is essential to ensure that hotels receive high-quality services and value for money. Related terms include procurement management, supply chain management, and vendor management.
Cost #
Benefit Analysis is a method used to evaluate the costs and benefits of a particular asset management decision, such as whether to replace or repair a piece of equipment. This helps hotels to make informed decisions that minimize costs and maximize value. Related terms include return on investment, cost savings, and value engineering.
Depreciation refers to the decrease in value of a hotel's assets over tim… #
Effective management of depreciation is critical to ensure that hotels accurately reflect the value of their assets on their financial statements. Related terms include amortization, asset valuation, and financial reporting.
Energy Management refers to the process of managing and reducing the energy c… #
Effective energy management is essential to minimize energy costs and reduce a hotel's carbon footprint. Related terms include sustainability management, environmental management, and energy efficiency.
Facility Management refers to the process of managing and maintaining the phy… #
Effective facility management is critical to ensure that hotels provide a safe and comfortable environment for guests and staff. Related terms include asset management, property management, and operations management.
Hotel Asset Management refers to the process of managing and maintaining the … #
Effective hotel asset management is crucial to minimize costs, maximize efficiency, and ensure customer satisfaction. Related terms include facility management, property management, and operations management.
Infrastructure Management refers to the process of managing and maintaining the… #
Effective infrastructure management is critical to ensure that hotels provide a safe and reliable environment for guests and staff. Related terms include facility management, asset management, and property management.
Inspection refers to the process of examining a hotel's assets to identify any <… #
Regular inspections are essential to ensure that hotels maintain their assets in good condition and minimize the risk of unplanned downtime. Related terms include maintenance inspection, condition assessment, and quality control.
Inventory Management refers to the process of managing and controlling the in… #
Effective inventory management is critical to ensure that hotels have the necessary resources to maintain their assets and provide high-quality services to guests. Related terms include supply chain management, procurement management, and logistics management.
Life Cycle Costing refers to the process of evaluating the total cost of… #
Related terms include cost-benefit analysis, return on investment, and value engineering.
Maintenance Management refers to the process of managing and maintaining the … #
Effective maintenance management is critical to ensure that hotels minimize downtime and maximize efficiency. Related terms include asset management, facility management, and operations management.
Operating Expenditure refers to the funds spent by a hotel on day #
to-day operations, including utilities, maintenance, and supplies. Effective management of operating expenditure is crucial to ensure that hotels minimize costs and maximize efficiency. Related terms include capital expenditure, budgeting, and cost control.
Performance Measurement refers to the process of evaluating the performance</… #
Related terms include benchmarking, quality control, and standards compliance.
Predictive Maintenance is a maintenance strategy that involves using data ana… #
Related terms include condition-based maintenance, preventive maintenance, and reliability-centered maintenance.
Preventive Maintenance refers to the process of performing regular maintenanc… #
Effective preventive maintenance is critical to ensure that hotels minimize costs and maximize efficiency. Related terms include condition-based maintenance, predictive maintenance, and reliability-centered maintenance.
Procurement Management refers to the process of acquiring goods and se… #
Effective procurement management is essential to ensure that hotels receive high-quality goods and services at the best price. Related terms include supply chain management, contract management, and vendor management.
Property Management refers to the process of managing and maintaining the phy… #
Effective property management is critical to ensure that hotels provide a safe and comfortable environment for guests and staff.
Quality Control refers to the process of ensuring that a hotel's assets meet the… #
Effective quality control is essential to ensure that hotels provide high-quality services to guests and maintain their reputation. Related terms include performance measurement, benchmarking, and standards compliance.
Reliability #
Centered Maintenance is a maintenance strategy that involves identifying and addressing the root causes of equipment failures to improve the reliability of a hotel's assets. Related terms include condition-based maintenance, predictive maintenance, and preventive maintenance.
Return on Investment refers to the financial return generated by a hotel'… #
Effective management of return on investment is crucial to ensure that hotels maximize value and minimize costs. Related terms include cost-benefit analysis, life cycle costing, and value engineering.
Risk Management refers to the process of identifying and mitigating risk … #
Effective risk management is essential to ensure that hotels minimize losses and maximize resilience. Related terms include business continuity planning, emergency response planning, and crisis management.
Sustainability Management refers to the process of managing and reducing the … #
Effective sustainability management is critical to ensure that hotels minimize their carbon footprint and maximize social responsibility. Related terms include energy management, environmental management, and corporate social responsibility.
Total Productive Maintenance is a maintenance strategy that involves empowering… #
This approach helps to improve equipment reliability, reduce downtime, and increase productivity.
Value Engineering refers to the process of analyzing and improving the value<… #
Effective value engineering is essential to ensure that hotels maximize value and minimize costs. Related terms include cost-benefit analysis, life cycle costing, and return on investment.
Vendor Management refers to the process of managing and controlling the relat… #
Effective vendor management is critical to ensure that hotels receive high-quality goods and services at the best price. Related terms include procurement management, contract management, and supply chain management.
Work Order Management refers to the process of managing and controlling the w… #
Effective work order management is essential to ensure that hotels complete tasks efficiently and effectively. Related terms include maintenance management, asset management, and facility management.