Hotel Revenue Management Glossary
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|
|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.
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.
|LOS - Length of Stay||
What is the meaning / definition of Length of Stay in the hospitality industry?
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!
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’.