On the books (OTB)

The bookings you already hold for a future date, as of today. Also called OTB or pace.

An on-the-books occupancy figure is the share of nights already sold for that period, not the occupancy the period will finish with. A December report pulled in early October will show a low occupancy number simply because most December bookings have not been made yet.

This is why forward-looking reports and market indices are read as a year-on-year change, not as a level. "December occupancy is pacing 12% ahead" means you hold 12% more December nights now than you held at the same point last year. It does not mean December will finish at 12% occupancy.

Most PMS and revenue management reports will show OTB alongside the same point last year. Comparing the level to your final occupancy target is the most common way to misread a pace report and talk yourself into an unnecessary rate cut.