Need to know what a hotel term means? Look it up in the Xotels Glossary. We explain definitions of terminology industry lingo from hotel revenue management, ecommerce, marketing and distribution.
|LCR - Local Company Rate||
LCR is short for Local Company Rate.
Hotels sometimes agree a special rate with a local company, as that can be good for business in both the short and long term.
|Lead Time Restriction|
|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 of time than originally anticipated.
This discount is used by independent hotels and chains around the world and can be commonly seen when a low-peak season is right after a high-peak season, in hotels that specialise in long term accommodation or hotels that want to entice customers to stay for longer period of time. This strategy is also used to stay competitive in the hotel industry among price-savvy vacationers. A length of stay discount is commonly displayed on a hotels website and used by customers who book directly. However, there are special occasions where hotels partner with online booking engine for special length of stay discounts to customers who book with the online booking engine.
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 ‘proper hotel category’ but can be defined through specific characteristics. Those characteristics are similar to a boutique hotel. They are both unique in their character and very distinctive. The attributes associated with a Lifestyle Hotel are: quirky, cutting-edge, avant-garde, trendy, funky, charming.
|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 where a guest may eat or cook their own meals are BBQ areas, communal kitchens or near-by restaurants.
What is the meaning / definition of Lodging in the hospitality industry?
The term lodging describes a wide range of accommodation types which provide shelter or a place to stay overnight. It is used to describe locations away from home and the quality of the place can vary from a small island hut or a tent to a five star all inclusive resort.
|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.
There a different types of LOS, in fact.
|LRA - Last Room Availability||
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 complete control over room booking decisions at their premises, at all times. But, because of LRA, this is not necessarily always the case!
|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 certain rate - as when market demand is high the last room may be sold at a higher rate then normal.
The calculation is part of dynamic pricing practices and is done by revenue management departments of a hotel. Last room value is important in order for hotels to control their prices and inventory efficiently while making a profit. LRV calculations are a standard practice within most Revenue Management strategies.
What is the meaning / definition of Luxury Hotel in the hospitality industry?
A Luxury Hotel is considered a hotel which 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 ‘luxury’.