What is the meaning / definition of in the hospitality industry?

A type of discount hotel rate that is negotiated with a travel agency and vendors and then sold to the public. The rate is discounted to allow the vendors and travel agents to generate a profit from the selling of a hotel room.

These discount rates allow hotels to fill rooms which they cannot sell. This allows them to recuperate some cost that they would have lost if they had not sold the room. Online travel agencies in the past have been known to offer hotel rooms less than the hotel’s selling price due to this tactic. An example of such platforms is Kayak.

See also:

  • Promo Codes

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