“This is a bit new for me,” said Maddie, the new controller at the 600‐room Fairmont Hotel. “I know,” said Marcus, the hotel’s general manager, “but you will catch on pretty quick I’m sure. And I am convinced you’ll do great job for us.” Maddie had just been hired by Marcus to manage the three‐person controller’s office at the Fairmont. Previously she had served as the head accountant for a small chain of retail clothing outlets. Maddie had received her Bachelor of Science degree in accounting from State University, and when the controller’s position came open at the Fairmont, she impressed Marcus in the interview process with her understanding of business and the importance of accuracy in accounting. “One thing that I’m quickly learning,” said Maddie, “is that sales in the hotel industry are certainly different than sales in the retail world.” “In what way?,” asked Marcus. “Well in several ways really,” replied Maddie. “First, when a sale is made in retail, the same item of clothing sells to everyone at the same price. But here at the Fairmont the same hotel room can have dozens of prices. There’s one price for people who are members of AAA and another for the groups that negotiate special rates with the sales department. There are a number of different prices for members of the various corporations that use our hotel and still other prices depending on whether a room is purchased on a website or directly at the front desk. In addition, rooms sell for different prices based on the day of the week or time of year.” “That’s certainly true,” said Marcus. “Room rates and room rate management are very important to us. In most cases, we vary our rates depending on the demand for our rooms. And that means we change rates often. And I do understand that doing so makes it more difficult sometimes to track whether or not we actually received the proper amount of money for the rooms that we do sell. Welcome to the hotel business!” 

The existence of variable room rates and their collection is just one unique aspect of hospitality management accounting. What are some other aspects?