Last Minute – LM

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...

Last Room Availability – LRA

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...

Last Room Value – LRV

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...

Last Second

Reservation very close to the date of arrival (usually within 24 hours before).

Lead Time

Time between the reservation and the date of arrival.

Lease

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).

Left To Sale

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.

Leisure Group

Group of people travelling for tourism with one reservation.

Length of Stay

Number of nights spent in a hotel or the difference between the date of arrival and the date of departure (between Check-In and Check-Out).

Load Factor

Synonym of Occupancy Rate. Used especially for airline carriers. Long Stay Usually promotions, offers and∕or discounts on long stays. E.g. “5×4”.

Loss

Financial loss is expected when costs exceed incomes as a result of business management. Of course its opposite is profit.

Low Rate Guarantee – LRG

Clause which guarantees that the rates shown on a website are the lowest possible for that destination.

Loyalty Program

Gift points collection or benefit programs created to encourage customers to buy services from a specific company.