Glossary

This Glossary is provided to help guests understand more about the rental of inns, resorts and vacation rentals. It is not comprehensive but serves as a primer for terms guests may encounter in renting specialty lodging. Not all terms apply to all properties or managers.

Leasehold Interest

When an owner of a property leases the property to second party, that party is said to have a leasehold interest. They have certain rights in regard to the use and disposition of the property but not the right to sell the property itself. This usually refers to a leasehold interest in land.
Origin: Vacation Rental Association

Leisure Travel

Travel for recreational, educational, sightseeing, relaxing and other experiential purposes.
Origin: Vacation Rental Association

Linens

All bedding, towels and other fabric products used in a lodging facility to comfort to owners, family and guests.
See also: Bedding Origin: Vacation Rental Association

List Rate

The price that a lodging provider expresses as his price to the wholesaler. Usually the wholesaler receives a discount off the list rate.
Origin: Vacation Rental Association

Loaner

Equipment that can be loaned to Guests such as board games, hair dryers, coolers and sporting equipment. Also means equipment and appliances that may be loaned to Owners such as barbecues, patio chairs and even appliances such as refrigerators and ranges. (Used when Owner equipment malfunctions on short notice)
Origin: Istay

Location

A geographic description of where properties are located. Locations are located within Destinations, which are located within States, which are located within Countries. For example, Poipu Beach is a Location. The island of Kauai is a Destination and Hawaii is the state. These geographic descriptions are not precise and are sometimes named to accommodate various geographic features.
See also: Destination, State, Country Origin: Istay

Lock Off

A room or additional rental area which can be separate from the main rental area of hotel, motel or vacation rental unit.
Origin: Vacation Rental Association

Lost & Found

Most owners or managers have a location at which articles found in a lodging property are kept for a short period of time. Owners and managers do not take responsibility for lost and found items nor offer guarantee that such items will be located after a guest's departure.
Origin: Vacation Rental Association

Low Rise Building

Usually a building of 3 or 4 floors or less which usually houses office spaces and sometimes first floor retail space.
Origin: Vacation Rental Association

Low Season

The season when guest occupancy and rates are lowest.
See also: Travel Seasons, Peak Season, Shoulder Season Origin: Vacation Rental Association

Maintenance

The act of maintaining and providing services to a property. Sometimes routine matters such as changing furnace filters, or changing locks. Generally differentiated from work necessary to correct damages.
See also: Repairs Origin: Vacation Rental Association

Market Share

The percentage of business within a market category.
Origin: Vacation Rental Association

Market Volume Market Volume

The total number of customers within a market category.
Origin: Vacation Rental Association

Media

Methods of disbursing information to a mass audience such as Radio, Television, Websites, Newspapers and other publications. Also referred to as the "Press", media are those which accept advertising.
See also: Press Origin: Redstone Systems

Member

A person who has subscribed to any website membership plan.
Origin: Redstone Systems

Memberships

Customers who wish to utilize one or more of our websites must sign up for a Membership in that site. Each membership has a username, logon and Membership type. Some sites allow users to view some data before becoming members.
Origin: Redstone Systems

Merchant Account

In order to accept credit cards as payment from customers, a merchant must secure a merchant account from a provider, often a bank or financial institution. Merchant accounts can be difficult to obtain, and the merchant is required to pay fees and a percentage of the invoice amount to the provider for every transactions.
See also: Chargeback, Chargeback Reversal Origin: Vacation Rental Association

Mid Rise Building

A building, often used for office space and usually between four and 12 floors.
Origin: Vacation Rental Association

Net Rate

The rate provided to wholesalers and tour operators that can be makrked up to sell to the customer.
Origin: Vacation Rental Association

Network Member

A person who owns a local vacation rental company in a geographic location, that is a member of the Sunspots Network. They are the key person in the are and may have other people who work for them. A member may also be referred to as a Networker, Operator, Manager or Property Manager.
See also: networker, manager, operator, property manager Origin: Vortex Organization

1 2 3 4 5 6 7 8 9 10 11 ... 14