L

Definition

A contractual term that provides a preferred IHG customer access to their negotiated rate for contracted room type(s) as long as the same room type is available at the Best Flexible Rate, for the same length of stay requested. If the Best Flexible Rate for a standard room type is not available, but is available for the next contracted superior room type(s), then the customer’s negotiated rate for that superior room type(s) will continue to be offered so long as the specifically contracted superior room type(s) have inventory available. The negotiated rate remains subject to black out dates as defined in the Request For Proposal (RFP).

Acronym: LRA

The amount of time between when a booking is made and when the guest arrives.

Changing business rules and/or elements of the user interface to comply with local laws. For example, preventing hotels from selling a specific product or preventing certain images from displaying.

A term that measures the duration of a single term of occupancy per product, per stay.

Acronym: LOS

Developing buyer loyalty at the brand, off-property sales, and unit-level to ensure that IHG becomes the individual's first choice for accommodation needs. Lifetime relationships result in repeat business and customer advocacy and direct referrals; lifetime relationships are centred around mutual value, trust, and genuine partnership.

A prediction of the net profit attributed to the entire future relationship with a customer or guest.

Acronym: LTV

An inventory control measure to restrict the distribution of rates and inventory to specified channel(s). This mode is only an option in the Pre-Sell and Open statuses of the property record.

A negotiated offer that is contracted by a hotel with a local company in that marketplace that is not managed by IHG’s Global Sales team. This offer (including its terms and conditions) can be changed by a hotel at will.

Acronym: LNR

Synonym(s): Negotiated Rate, Corporate Rate

Superseded by IHG Best Price Guarantee. See Best Price Guarantee.

Acronym: LIRG, BPG

Synonym(s): Best Price Guarantee , Lowest Price Promise