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!
Even if a hotel only has one single room available, a room-seeking party with a contract has a right to buy it; it can’t just be left vacant.
The room must be sold in accordance with the interested party’s contract terms and prices.