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Seems fine to me when "Reserve" is, as in this case, a proper noun.

Really?

Reservations is what EVERYBODY calls it. I've made thousands of reservations in my life. I had no clue what a "reserve bookings" is. You can figure it out from context... but why go out of our way to make things so difficult to understand.

Title case (which is itself an abomination before the Lord and a destroyer of communication) is the problem here.

It is not “fake reserve bookings” but “fake Reserve bookings” (that is, in longer form, “fake bookings on Reserve”.) As GP pointed out reserve is a proper, not common, noun in this use.

In case it’s not clear: “Reserve” is the name of the company affected.

FWIW I submitted it under the original title, "OpenTable Infuriates Restaurants With Fake Reservations Scheme", but I'm guessing it was changed to clarify that in the article, blame has so far only been assigned to an individual employee, and only the company Reserve was targeted.

They didn't replace “reservations” with “reserve bookings”, but with “Reserve bookings”; unfortunately, title case obliterates the distinction.