What each measure on this site means.

ADR: Average daily rate: room revenue divided by the room nights sold.

Occupancy: The share of available room nights sold.

RevPAR: Revenue per available room: occupancy times ADR.

Net RevPAR: RevPAR after distribution costs such as OTA commission.

OTA commission: The cut of a booking that an online travel agency such as Booking.com or Expedia keeps.

Direct share: The share of bookings that came through the hotel's own website, phone, email and CRM.

Pace: Bookings on the books for future dates, against the same point last year or budget.

Flow-through: The share of each extra dollar of revenue that reaches gross operating profit.

GOP: Gross operating profit: a hotel's revenue minus its departmental and undistributed operating expenses.

Repeat rate: The share of guests who book another stay within a set period.

Gross margin: Revenue minus the cost of the goods sold, divided by revenue.

Markdown: A permanent price cut on a style that is not selling fast enough at full price.

Full-price sell-through: The share of a style's units that sell before its first markdown.

Product-page conversion: The share of visits to a product page that end in a purchase.

Return rate: The share of sales that customers send back.

Sell-in: What a wholesale buyer, such as a department store, orders for the season.

NOI: Net operating income: a building's rental and other income minus its operating expenses, before debt service and capital costs.

Cap rate: Capitalization rate: a building's NOI divided by its value.

Effective rent: The rent a lease pays over its term once free rent and other concessions come out.

Concessions: What a landlord gives to win a lease, such as free rent or a tenant improvement allowance.

Days on market: How long a space is marketed before a lease is signed.

Lease-up: The time a new or repositioned building takes to lease up to stable occupancy.

Pro forma: The owner's projection of rents, lease-up and costs that the deal was underwritten on.

LOI: Letter of intent: a signed summary of a lease's main terms, before the lease itself.

Break-even: the point where the extra profit from the work equals its cost.

Baseline: where a measure stands before the work starts, taken from your own systems.

Comparison: what we measure the work against, such as a sister property or last season.

Measurement plan: the measures, baselines and comparisons we agree with you in the first 30 days of a partnership.