> For the complete documentation index, see [llms.txt](https://revhero.gitbook.io/revhero-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://revhero.gitbook.io/revhero-docs/support/glossary/l.md).

# L

Hotel and revenue management terms beginning with L.

## LRA (Last Room Availability)

A contract term that lets an agent book your last remaining room at the agreed rate, even when you would rather close that rate.

LRA gives the agent certainty and takes control away from you on your busiest dates. Read it carefully before you sign it.

**See also:** [Last room value](#last-room-value) · [Negotiated rate](/revhero-docs/support/glossary/n.md) · [Allotment](/revhero-docs/support/glossary/a.md) · [Sell-out](/revhero-docs/support/glossary/s.md)

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## Last Room Value

The lowest rate at which it is worth selling your final available room.

When demand is strong enough to fill the hotel, the last room should carry a premium, not a discount. Last room value is the floor that stops you giving it away.

**See also:** [LRA](#lra-last-room-availability) · [Sell-out](/revhero-docs/support/glossary/s.md) · [Yield management](/revhero-docs/support/glossary/y.md) · [Distressed inventory](/revhero-docs/support/glossary/d.md)

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## Lead Time Restriction (LTR)

A rule that limits how far ahead of arrival a booking can be made.

You might accept bookings no earlier than 30 days before check-in. Anything requested before that point is refused.

Use it to hold dates back for later, higher-paying demand, to reduce the risk of early cancellations, or to put a deadline on a promotion.

**See also:** [Booking window](/revhero-docs/support/glossary/b.md) · [Days before arrival](/revhero-docs/support/glossary/d.md) · [MinLOS](/revhero-docs/support/glossary/m.md) · [Cutoff date](/revhero-docs/support/glossary/c.md)

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## Length of Stay (LOS)

The number of nights in a booking. It is also the basis of minimum and maximum stay restrictions.

A guest checks in on Monday and checks out on Thursday. LOS = 3 nights.

Across many bookings you use the average length of stay:

**Average length of stay = total room nights ÷ number of bookings**

100 bookings produced 300 room nights, so the average length of stay is 3 nights.

Longer stays mean fewer arrivals and departures to handle, but they can also hold a room at a lower nightly rate. Minimum stay rules are how you manage this on peak dates.

**See also:** [MinLOS](/revhero-docs/support/glossary/m.md) · [MaxLOS](/revhero-docs/support/glossary/m.md) · [Room nights](/revhero-docs/support/glossary/r.md) · [ALOS](/revhero-docs/support/glossary/a.md)

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## Lifestyle Hotel

A hotel defined by its character rather than by a formal category — individual, current and strongly styled. The term overlaps with boutique and design hotels.

**See also:** [Boutique hotel](/revhero-docs/support/glossary/b.md) · [Design hotel](/revhero-docs/support/glossary/d.md) · [Luxury hotel](#luxury-hotel)

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## LCR (Local Company Rate)

A rate agreed between a hotel and a company in its own town or city. The company gets a preferred price; the hotel gets steady midweek business.

**See also:** [Negotiated rate](/revhero-docs/support/glossary/n.md) · [Hotel market segments](/revhero-docs/support/glossary/h.md) · [Fenced rate](/revhero-docs/support/glossary/f.md)

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## Luxury Hotel

A hotel offering a very high standard of room and service. There is no fixed international standard for the word, though most hotels that use it are rated 4 or 5 stars.

**See also:** [Lifestyle hotel](#lifestyle-hotel) · [Design hotel](/revhero-docs/support/glossary/d.md) · [Boutique hotel](/revhero-docs/support/glossary/b.md)

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## LY Actual (Last Year Actual)

The final figure for the same dates last year, once every booking, cancellation and no-show had settled.

For 20 April last year the final occupancy was 92% and ADR was €145. Those are the LY Actual values.

LY Actual tells you what was achieved in the end. It is the wrong comparison for a future date, because today's on-the-books position is still building. For that, compare against STLY instead.

**See also:** [STLY](/revhero-docs/support/glossary/s.md) · [OTB](/revhero-docs/support/glossary/o.md) · [Budget](/revhero-docs/support/glossary/b.md) · [Forecast](/revhero-docs/support/glossary/f.md)

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