Purchasing and costing for hotel and hospitality industry / Ian Mitchell.

Includes bibliographical references and index.

General Hospitality: links and business -- Trends in the hotel property industry -- Fix hotel property -- Movable property -- HVAC system in hospitality asset management -- Inventory management -- Marketing and planning of hospitality sector.

"Hospitality is the relationship of a host towards a guest, wherein the host receives the guest with some amount of goodwill and welcome. This includes the reception and entertainment of guests, visitors, or strangers. Louis, chevalier de Jaucourt describes hospitality in the Encyclopédie as the virtue of a great soul that cares for the whole universe through the ties of humanity. Hospitality is also the way people treat others, for example in the service of welcoming and receiving guests in hotels. Hospitality plays a role in augmenting or decreasing the volume of sales of an organization. Hospitality procurement is a subset of the broader purchasing and procurement activities that focus on buying services and goods for the restaurant, resort, and hotel industry. The four primary aspects of hospitality procurement include sourcing, contract negotiation, payment terms, and end-of-life management. Cost management in the hospitality industry refers to the processes and strategies used by organizations to effectively control and optimize their expenses. It involves managing financial resources at an optimum level to achieve the organization's goals and ensure long-term survival. This comprehensive book introduces the readers to the hospitality industry and defines the purchasing and costing in the process. The book is suitable for undergraduate and graduate students in tourism, hospitality, hotel management etc."-- Back cover.