LRA – Last Room Availability
What is the meaning / definition of Last Room Availability (LRA) in the hospitality industry? LRA is short for Last Room Availability. At the contracted rate, an agent can book the last room a hotel has available, by right. Some people may be surprised by this, thinking that a hotel has [...]
Luxury Hotel
What is the meaning / definition of Luxury Hotel in the hospitality industry? A Luxury Hotel is considered a hotel that provides a luxurious accommodation experience to the guest. There are no set standards (such as stars) for luxury hotels. Often 4 or 5-star hotels describe themselves as โluxuryโ. This also [...]
LRV – Last Room Value
What is the meaning / definition of Last Room Value in the hospitality industry? The term Last Room Value (LRV), refers to the maximum revenue a hotel can expect to make from the last room it has available for sale. It is used to avoid selling the last room below a [...]
LOS – Length of Stay
What is the meaning / definition of Length of Stay in the hospitality industry? LOS stands for Length of Stay. Figure derived by dividing the number of room nights by the number of bookings. When it comes to revenue management, LOS is an important criteria. It can help enormously with the [...]
Lodging
What is the meaning / definition of Lodging in the hospitality industry? The term lodging describes a wide range of accommodation types (hotels, B&Bs, resorts, hostels, motels etc.) that provide shelter or a place to stay overnight. It is used to describe locations away from home and the quality of the [...]
Limited Service Hotel
What is the meaning / definition of Limited Service Hotel? The term limited service hotel, is used to describe budget-friendly hotels that offer accommodation without a food and beverage component like a restaurant. These hotels may have amenities such as business centre, fitness room, pool, guest laundry facilities or more. Areas [...]
Lifestyle Hotel
What is the meaning / definition of Lifestyle Hotel in the hospitality industry? Similar to a boutique or a luxury hotel, a Lifestyle Hotel is not a โproper hotel categoryโ but can be defined through specific characteristics. Those characteristics are similar to a boutique hotel. They are both unique in their [...]
Length of Stay Discounts
What is the meaning / definition of Length of Stay Discounts in the hospitality industry? Also known as Tiered Pricing, it is a price discount system for guests who stay a preselected amount of days or nights. Length of Stay Discounts are used to encourage guests to book for longer periods [...]
Lead Time Restriction
What is the meaning / definition of Lead Time Restriction in the hospitality industry? At a hotel, the time taken between when a customer makes a reservation and their actual arrival is called the Lead Time. Sometimes this time period has to be restricted. Integrating a Lead Time Restriction into a [...]