Overview
An LNR (Local Negotiated Rate) opportunity carries more detail than most. This covers the rate itself, the fields around it, and how to record what the account actually delivers.
Dynamic vs. static rates
The rate section offers Dynamic and Static. Choose Static for a fixed negotiated rate, or Dynamic when the rate is a discount off your prevailing rate. Pick the one that matches the agreement so the opportunity reflects reality.
Rate tiers and rate plan
If the rate changes by season or length of stay, enter the appropriate rate tier (the form starts you at Tier 1 and you can add more) rather than a single flat number. There is also a Rate Plan field for the plan the rate loads under.
Each tier takes Anticipated RNs (the room nights you expect the account to deliver), a Room Type, and the Rate. Matrix multiplies those out into the tier's Value.
The Rate Grid Total row
At the bottom of the Rate Grid, the Total row summarises the whole opportunity and sets your negotiated figures beside what the account actually delivered:
| Negotiated | Actual |
|---|---|
| ANT RNS, the anticipated room nights across all tiers | ACTUAL RNS |
| RATE, the negotiated rate | ACTUAL ADR |
| VALUE, anticipated room nights times rate | ACTUAL REV |
The actual figures start empty. They fill in as you record production month by month.
Recording monthly production
Click any of the three actual figures on the Total row to open the Monthly Production fly-out. It lists every month inside the opportunity's date range, with Actual RNs, Actual ADR, Actual Revenue, and a Last Updated stamp so you can see how current the numbers are.
Enter each month as it closes. The Total row figures are derived from these entries: room nights and revenue are summed, and ADR is total revenue divided by total room nights.
This is the data behind the Account Production report. That report has nothing to show for an account until these monthly figures are entered, so it is worth keeping current on your significant contracts.
The fields around the rate
An LNR record also captures the terms that end up on the agreement:
- LRA / NLRA and Commission
- Cancellation Policy and Blackout Dates
- Stay Pattern (which nights of the week the rate applies to)
- Reservation Method: Contact Hotel Direct, Online Booking Tool, GDS, or Booking Link
- Payment Method for Room & Tax and Payment Method for Incidentals
- Notes for Client Contract for anything that should appear on the contract, and Internal Notes for everything else
If the rate loads through the GDS, fill in the GDS block: Pseudo City Code and Rate Access Code. Use + GDS to add more than one.
Loading the rate
When the negotiation is done and you are ready to load, open Actions on the opportunity and send the Rate Load Request to your revenue manager.
Questions? Email support@m1intel.com