Quenya 

lónë

noun. *isle, isle, [ᴹQ.] island, remote land difficult to reach

An element in the name Q. Avallónë “Outer Isle”, thus likely “[remote] isle”.

Conceptual Development: A similar form ᴹQ. lóna “island, remote land difficult to reach” appeared in The Etymologies of the 1930s as the only derivative of the root ᴹ√LONO (Ety/LONO). This root was connected to the ablative element ᴹ√LŌ “✱from” (EtyAC/LŌ, LONO), so “remote land” is likely the original meaning. This word lóna was an element of the name ᴹQ. Avalóna “Outer Isle”, which ultimately became Q. Avallónë (S/260), a name that Tolkien said was “signifying the isle that lies nighest unto the Valar in Valinor” (MR/175 footnote). Thus lónë appears to be an updated version of ᴹQ. lóna, probably of similar meaning.