glossary: L

located Negotiated Rate (LNR)  is an agreement between a hotel with a corporate group or organization that is interested in more competitive rates for rooms, meeting and event spaces over a period of time. The negotiated rate is typically made flexible between companies and organizations with no fixed permanent rate. These local negotiated rates are … Continued

Length of stay (LOS) is the number of nights a guest stays at a hotel during one stay. This value is also the difference between the departure date and the arrival date from the hotel. Length of stay usually fluctuates between weekends and weekdays, around holidays, also, there are seasonal patterns, revenue management team forecast … Continued

Last room availability (LRA) is a pre-negotiated corporate contract between a business company and a hotel at the room rate level (for example, if the specific room type is no longer available, then the negotiated rate will not be available either). In other meaning LRA is all rooms in the category for which a client … Continued

Last Room Value is the maximum amount of room revenue a hotel can expect to make from the last room available for sale, LRV 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 than normal to … Continued

Last Year refers to the year prior to the current operating year

last Year Month to Date refers to the year prior to the current operating month.

Last Year on The Books refers to business booked with a hotel for the previous year, before applied forecasts and wash factors. Generally referred to all deducted business.

Last Year Same Date refers to the exact same date as today, but 1 year prior

Last Year to Date refers to the period up until today, but for the previous year

A limited-service hotel is a brand hotel with franchise memberships of recognized hotels refers to budget-friendly accommodations that sometimes don’t have a food and beverage component like an onsite restaurant. These hotels may have typical amenities like a conference room, business center, gym, pool, and laundry facilities. These hotels are located near business areas such … Continued