What is TRevPAR and why does it matter for resorts?

TRevPAR (Total Revenue Per Available Room) divides ALL property revenue — rooms + F&B + spa + golf + retail + activities — by available rooms. Resorts depend on TRevPAR because ancillary capture often exceeds room revenue. A resort with $400 ADR and $250 in ancillary revenue per occupied room has 60%+ revenue beyond rooms; RevPAR alone misses this.

How are resorts valued differently from transient hotels?

Resorts are valued on TRevPAR + GOPPAR with longer hold periods (capex-intensive amenities require longer payback). Public REITs (HST, BHR, PK) report resort-segment performance separately because labor ratios run 200-400 bps higher than transient hotels but GOPPAR margins compensate when properly operated.

What ancillary revenue centers do resort agents track?

Resort ancillary tracking includes: F&B (multiple outlets with separate P&Ls), Spa (treatments + retail), Golf (rounds + cart + lessons + pro-shop), Retail (logo + sundries), Activities (excursions, kids club, watersports), and Resort Fee revenue. Each is a separate USALI Schedule with its own cost structure and capture rate KPIs.

Resort KPIs.

Resorts are destination-lodging properties combining rooms, food & beverage, recreation, and ancillary revenue centers. Performance is measured in Total Revenue Per Available Room (TRevPAR) — not just RevPAR — because ancillary capture (spa, golf, F&B, retail) often exceeds room revenue. Comparable REITs include HST and SHO (full-service resorts), plus Marriott + Hilton resort-segment data. Resorts carry higher labor ratios and capex intensity than transient hotels but command 200-400 bps higher GOPPAR margins when operated well. Ilora.ai ingests USALI Schedule 4 F&B detail, STR Resort Report data, group production + pace reports, banquet event orders (BEOs), and capital plans, then benchmarks ancillary capture against HST, PK, BHR (Braemar — luxury resort focus), SHO, and XHR. Branded operators (Marriott, Hilton, Hyatt) layer additional resort-segment standards. AHLA Resort Committee, Cornell Center for Hospitality Research, and ILHA are canonical industry organizations.

17 definitions · Sector: HOSPITALITY · Used by Ilora.ai specialist AI agents

NOI: Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.
Cap Rate: Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.
DSCR: Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.
LTV: Loan amount divided by property value. Lower LTV = lower lender risk.
OER: Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).
GRM: Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.
IRR: Annualized return on investment accounting for time value of money across the full hold period.
CoC: Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.
DCF: Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
TTM: A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
RevPAR: Total room revenue divided by available rooms over a period. Combines rate and occupancy into one metric.
ADR: Total room revenue divided by rooms sold. Measures pricing power.
Occupancy: Rooms sold divided by available rooms. Demand measure.
GOPPAR: Gross Operating Profit divided by available rooms. Profit-side complement to RevPAR.
TRevPAR: Includes room + F&B + ancillary revenue divided by available rooms. Captures total guest spend, not just rooms.
CPOR: Variable costs divided by rooms sold. Used to compare cost efficiency between properties of different scale.
Flow-Through: Incremental GOP as a percent of incremental revenue. Measures how well a property converts revenue gains into profit.

Sub-types

Sub-types within Resort.

Beach / Coastal Resort: Oceanfront destination with full leisure amenity set.
Mountain / Ski Resort: Alpine seasonal destination, often integrated with mountain operator.
Golf Resort: Golf-anchored destination with course as primary amenity.
Wellness Resort: Spa + wellness program as core differentiator.
All-Inclusive Resort: Bundled F&B + activities pricing model, common in Caribbean/Mexico.

Amenities & features

8 amenities Ilora.ai tracks for Resort.

Multiple F&B Outlets: Three+ restaurants, lobby bar, pool bar, room service. Drives F&B revenue per occupied room.
F&B revenue per occupied room
Outlet covers per day
Captive guest spend %
Destination Spa: Full-service wellness facility with treatment rooms, hydrotherapy, retail.
Treatments per available guest
Spa capture rate
Avg treatment revenue
Golf Course (On-Site or Privileged Access): Owned, leased, or partner course. Drives golf-package mix.
Rounds per available room
Golf revenue per occupied room
Pool Complex: Multi-pool resort recreation with cabanas, swim-up bar, F&B service.
Cabana revenue
Pool F&B capture
Beach / Water Access: Private beach, lake, or marina access. Drives leisure-segment premium.
Beach-club fee revenue
Activities Program: Kids club, watersports, fitness classes, excursions. Drives length of stay + capture.
Activity revenue per occupied room
Activity participation %
Resort Fee Bundle: Mandatory daily fee bundling WiFi, parking, fitness, beach service.
Resort fee per occupied room
Resort fee acceptance
Group + Wedding Sales: Dedicated catering team, ceremony lawns, banquet capacity.
Catering revenue per occupied group room
Wedding bookings per year

Industry reference

How the resort sector operates.

Market segments

Transient leisure (drive market)
Transient leisure (fly market)
Group leisure
Wedding / social
Group corporate (incentive)
Wholesale / OTA package

Operating models

Owner-operated independent
Owner-operated branded
Third-party managed (HMA)
REIT-owned + branded operator
Vacation-club hybrid

Regulatory frameworks

USALI 11th Edition
STR Reporting Standards
ADA Title III
Local TOT/lodging tax
Environmental permits (coastal/wetland)

Industry organizations

AHLA Resort Committee
AAHOA
HSMAI
ILHA (International Luxury Hotel Association)
Cornell Center for Hospitality Research

Comparable public REITs / operators

HST (Host Hotels)
PK (Park Hotels)
BHR (Braemar — luxury resort focus)
SHO (Sunstone)
XHR (Xenia)
MAR (Marriott — resort segment)
HLT (Hilton — resort brands)
H (Hyatt — destination resorts)

Documents Ilora.ai ingests

USALI P&L (Schedule 4 F&B detail)
STR Resort Report
Daily flash + 30/60/90 forecast
Group production + pace report
Banquet event orders (BEOs)
Spa/golf/activities revenue daily
Capital plan (FF&E + ROI projects)
Comp set ADR/RevPAR penetration index

Industry tools (we integrate with these)

Opera Cloud (PMS)
IDeaS G3 (revenue management)
Duetto (RM)
M3 (accounting)
Spa Booker / SpaSoft (spa)
Lightspeed Golf (golf POS)
STR Insight Solutions
Cendyn (CRM/CRS)

Frequently asked

Common questions about resort.

What is TRevPAR and why does it matter for resorts?: TRevPAR (Total Revenue Per Available Room) divides ALL property revenue — rooms + F&B + spa + golf + retail + activities — by available rooms. Resorts depend on TRevPAR because ancillary capture often exceeds room revenue. A resort with $400 ADR and $250 in ancillary revenue per occupied room has 60%+ revenue beyond rooms; RevPAR alone misses this.
How are resorts valued differently from transient hotels?: Resorts are valued on TRevPAR + GOPPAR with longer hold periods (capex-intensive amenities require longer payback). Public REITs (HST, BHR, PK) report resort-segment performance separately because labor ratios run 200-400 bps higher than transient hotels but GOPPAR margins compensate when properly operated.
What ancillary revenue centers do resort agents track?: Resort ancillary tracking includes: F&B (multiple outlets with separate P&Ls), Spa (treatments + retail), Golf (rounds + cart + lessons + pro-shop), Retail (logo + sundries), Activities (excursions, kids club, watersports), and Resort Fee revenue. Each is a separate USALI Schedule with its own cost structure and capture rate KPIs.

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