Overview
An LNR (Local Negotiated Rate) opportunity carries more detail than most. This covers where the rates live, how the rate grid works, the fields around it, and how to record what the account actually delivers.
Where the rates live
Rates have their own tab. A saved LNR or RFP opportunity shows Background, Rates, Activity, Documents, and History. The Rates tab holds the Rate Grid, Volume, and Rate Shop. Save the opportunity first: a new LNR form does not show the rate grid until it has been saved.
Across the top of the grid, four tiles sum it up: Contract Term, Anticipated Rooms, Avg Rate, and Total Value.
Rows and room types
Each row of the grid is a length of stay, such as 1-6 Nights or 30+ Nights. A new opportunity starts with your property's default rows, which an admin sets up (see Getting Your Property Fully Set Up). On the opportunity itself you can rename a row, use + Add row to add one, or remove one. Those changes apply to this opportunity only.
Each room type has its own column, with All for a rate that covers every room type. Remove a column with its x, or add one back with +. For each row, enter the Anticipated RNs (the room nights you expect the account to deliver), the Rate Plan the rate loads under, and a rate in each room type column that applies. Matrix works out the row's Value.
Static or % off
Each row has its own Rate Type:
- Static for a fixed negotiated rate.
- % off when the rate is a discount off your prevailing rate.
One grid can mix the two, so pick the type that matches the agreement for each row.
Seasons and weekday / weekend rates
If the rate changes through the year, add seasons. In New Season, give it a name and its dates, choose whether it starts from Property default rows or a Blank row, and click + Add to List. Each season then carries its own set of rows. Your property may already have default seasons that a new opportunity picks up.
If weekends are priced differently, set Weekday / weekend to On. Each row then takes separate weekday and weekend rates.
If an opportunity has drifted from the property's set-up and you want to start again, click Reset to property defaults.
Totals and actuals
Below the rows, the Totals row adds up anticipated room nights and value, with the average rate. Under it, the Actual row shows what the account actually delivered: RNs, ADR, and REV. The actual figures start empty and show as a dash. They fill in as you record production month by month.
Recording monthly production
To enter actuals, click any of the three figures on the Actual row. Before anything has been recorded, each one is a dash, so click the dash. The Monthly Production fly-out opens. 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 actual 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.
Rate Notes
Under the grid, Rate Notes holds terms that belong with the rates. They appear under the rate grid on documents. Your property may fill in default rate notes on every new opportunity, and you can edit them here.
The fields around the rate
The Background tab captures the terms that end up on the agreement:
- LRA / NLRA (new LNR and RFP opportunities start at NLRA) and Commission
- Cancellation Policy and Blackout Dates (a new opportunity starts with your property's default blackout ranges that fall inside its 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