L - Glossary

What is Last Available Room? Last Available Room is a contract-negotiated rate between a hotel and a customer. The contract regulates the availability of the last available room at the hotel.

What is Law of Demand? Law of demand is an economic law that states that the quantity of a good or service demanded by buyers tends to increase as the price of that good or service decreases, and tends to decrease as the price increases, all things being equal.

What is Law of Supply? Law of supply an economic law that states that as price rises, the quantity supplied increases and as the price falls, the quantity supplied decreases.

What is load? Load is the percentage or flat fee above the selling price that goes to an intermediary that must also be added to the cost of distribution.

What is a Locally Negotiated Rate? Locally negotiated rate is a rate negotiated between a hotel and a company. It is often referred to as LNR.

What is a Loyalty program? Loyalty program is a program whose members are rewarded either by receiving reduced rates or by increased value, such as added amenities.