Last Minute is a sales technique used by hotels. When the hotel occupancy is considerably lower than the forecasts, rates drop. This kind of technique is to be used very carefully as if constantly adopted it can encourage customers to put off their reservation in...
The Term appeared for the first time in the text of the contract between the Empy Arms Hotel and the Acme Trust Company to stress the validity of the agreement up to the last room available. It is still commonly used in contracts such as corporate contracts. Usually...
Value of the hotel’s last rooms sold to a customer under the Last Room Availability policy. If the normal room rate is 100€ with a 3 night minimum stay restriction (3 x 100€ = 300€) but the hotel must check in the LRA guest with a 50€ rate, the LRV on that day will be...
Rent in the matter of hotel asset management. This is the only typical contract and so it is regulated by Italian Law (unlike franchising and management contracts).
Part of an allotment available for sale. The more this part becomes relevant close to the occupation date the more likely these rooms are to be unsold.
Gift points collection or benefit programs created to encourage customers to buy services from a specific company.
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