What is the definition of RFP in the hotel industry?
RFP abbreviates for Request for Proposal and is an official solicitation for bids on business from suppliers that are paying attention in providing a commodity, service or precious asset to the hotel.
Mainly speaking a company/ organization/ hotel proclaims a demand for a exacting project or program and companies / providers can put bids for the project’s conclusion.
The deed of RFP specifies what the consumer is looking for and establishes appraisal criterion. It outlines the procedure, the terms and conditions and provides leadership on how the bid is ought to be formatted and offered. RFPs permit hotels to put on fair market price quotes from multiple sources before choosing a basis.
RFP can come from construction companies looking to construct a hotel or a car-rental corporation that wants to offer transportation to a hotel guest. An ordinary RFP in the hospitality industry is the yearly consortia and the company rates negotiation procedure between hotels (suppliers) and travel administration companies or corporations (demanders).