If the room you need to reserve is a part of another company's directory (in a different Microsoft 365), add the room as an attendee, rather than as a location.
In your Outlook event, add an attendee.
Search for _ORC (be sure to include the underscore) - a list of the conference rooms should display. Select the one you'd like to reserve to add as an attendee to your meeting & you'll be able to check on it's availability.
Once you send the meeting invitation, the room will auto accept and reserve your time, provided it is available.
You may manually type a description in the location field of the meeting invitation.
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