What is the definition of Local Company Rate in the hotel industry?
LCR is short form for Local Company Rate.
Hotels sometimes have the same opinion for a special rate with a local corporation, as that can be good for commerce in both the short and long term.
When making accessible a local company contract, a hotel should take quite a few factors into description, and not simply have a solo LCR for all firms.
The key to getting an LCR rate right is to bargain the rate with each corporation discretely. Also, concerning corporate clients in the rate-setting procedure shows respect and also recognition of the previous revenue each client has produced at the hotel (where applicable).
This, of course, may be an outstanding circumstance, a rare chance, but it may still occur. That is why hotels should always adopt a supple mindset when setting LCRs. Normally speaking, LCRs are usually kept relatively alike for diverse clients, and are valid for one year.