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"standing reservation" is correct and usable in written English.
It can be used in the context of a long-term reservation or a pre-existing commitment. For example: "John had a standing reservation at the restaurant every Thursday night."
Exact(5)
I have a standing reservation every Thursday at The Four Seasons.
You're not a lady who lunches, but at this point, with the number of procedures you appear to have undergone (not to mention how much makeup you cake on before each broadcast), you might as well have a standing reservation at Nello to nibble on a $26 salad of four beet slices with Annette de la Renta, Evelyn Lauder and Muffie Potter Aston.
They have a standing reservation and call only if they can't come.
The more straightforward guests tended, then and now, to eat in the hotel's restaurants, including the Polo Lounge, where for decades Chaplin had a standing reservation for booth number one.
During the week, Arthur had a standing reservation for lunch at Twigs, a restaurant near his office.
Similar(55)
Regulars, who keep standing reservations, vie with romantic couples for the 65 seats.
The place is tiny, and some of the city's most powerful players hold standing reservations, making it impossible for norms like me and you to get in.
5 The byway passes through Standing Rock reservation (standingrocktourism.com) for monuments, Sitting Bull's burial ground, and places to stay.
At the time, thousands of Native Americans and their allies from across the country were camped out near the Standing Rock reservation in a show of solidarity.
Anecdote: For years Charlie Chaplin had a standing lunch reservation for booth 1.
On Oct. 31, more than a million Facebook users "checked in" at Standing Rock Reservation, on the border between North and South Dakota.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com