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Auditing panies
OVERVIEW OF THE INDUSTRY   
(a) Ownership and Operation,   
(i) Forms of Ownership,   
(ii) panies,   
(iii) Affiliations and Independent Hotels,   
(b) Supply Segmentation,   
(i) Full Service,   
(ii) Limited Service,   
(iii) Luxury,   
(c) Recent History,   
(d) Laws and Regulations,   
(e) Uniform System of Accounts for Hotels,   
RISK FACTORS   
REVENUE CYCLE   
(a) Room Revenue,   
(b) Restaurant Revenue,   
(c) Bar and Cocktail Lounge Revenue,   
(d) Banquet and Conference Revenue,   
(e) Other Revenue,   
SUBSTANTIVE TESTS OF REVENUES AND RECEIVABLES   
OVERVIEW OF THE INDUSTRY
(a) Ownership and Operation
The structure of the lodging industry plex because of the variety of methods by which lodging properties can be owned and operated. These methods can bined in various ways.
(i) Forms of Ownership. Ownership can be held in the form of sole proprietorships, partnerships, limited panies, or corporations. Some owners engage individuals or entities to manage their Other owners are owner/operators and operate their hotels themselves. Still others engage a lodging chain to operate their hotels under the chain's brand name.
Corporations include C-Corporations (C-Corps) and Real Estate Investment Trusts (REITs). A C-Corp is a legal, taxable entity chartered by a state and owned by stockholders. A C-Corp can be structured as a chain pany, an independent pany, a franchisor, an owner/operator, or an owner. The primary advantages of a C-pared with a REIT are that a C-Corp is not subject to the strict ownership and e requirements that apply to a REIT and is not required to lease assets to a lessee. Except for REITs, it is mon for hotels to be leased from an owner, but there are situations involving older, smaller, or international hotels-often government owned-where leasing occurs.
REITs ply with a series of ownership and e requirements that prevent them from operating ho