Hotel Terminology & Glossary

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 [...]

ZBB – Zero Base Budgeting

What is the meaning / definition of Zero Base Budgeting in the hospitality industry? Zero Base Budgeting can be abbreviated as ZBB. The term is used when the budgeting for hiring employees takes into account the occupancy expected for a specific time period or season. This is commonly used in seasonal [...]

Youth Hostel

What is the meaning / definition of Youth Hostel? A youth hostel is a lower priced accommodation type in the hospitality industry catering towards a younger target market. The facilities, amenities, product and services offered are all dedicated towards the needs and wants of younger travellers. Overall youth hostels are the [...]

Yield Management

What is the meaning / definition of Yield Management in the hospitality industry? Simply put, the purpose of Yield Management (aka Revenue Management) is to achieve maximum revenue/profit. To do this, a yield management strategy needs to be both reflective and forward-looking. That is, yield managers should attain a clear yet [...]

Yield

What is the meaning / definition of Yield in the hospitality industry? Yield simply means revenue made. But a common mistake is to assume that Yield is the revenue created from the selling of rooms and suites and from in-house services within the hotel. That is not necessarily so! Yield can [...]

Worldspan

What is the meaning / definition of Worldspan in the hospitality industry? Worldspan is a company providing worldwide electronic distribution of travel information, internet products, connectivity and e-commerce capabilities for travel agencies and other travel service providers, such as hotels. Its main system is the GDS (Global Distribution System) โ€“ used [...]

Workcation

What is the meaning / definition ofย โ€˜Workcationโ€™ in the hospitality industry? Theย term โ€˜Workcationโ€™ is formed by blending the words โ€˜Workโ€™ and โ€˜Vacationโ€™. By combiningย business and leisure travelย (also known as Bleisure), people can combine work trips and vacation as a chance to explore new and exciting places whilstย beingย away for work. Example: The [...]

Wholesaler

What is the meaning / definition of Wholesaler in the hospitality industry? A Wholesaler is a 3rd party organization that sells hotel room nights. Wholesalers are companies that buy rooms in bulk then sell them to travel agents and OTAs, allowing hotels to generate more sales. Wholesalers are operating in the [...]

Walk

What is the meaning / definition of Walk in the hospitality industry? Sometimes, even though a hotel accepts a reservation from an individual, couple, family or group, it cannot actually accommodate them when they arrive on the agreed date! This is usually due to the hotel having full capacity at that [...]

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