Rack Rate
'Rack rate' is the travel industry term for the published full price of a hotel room, which the customer would pay if he or she walked into the hotel off the street and asked for a room. In some jurisdictions a customer may be entitled to overstay a reservation if they pay the rack rate. While lower than the maximum rate that the hotel may be allowed to charge under local laws, it is higher than the rate most travel agents can book for their customers. Sometimes the terms "run of the house" or "walk-up rate" are used to refer to the same highest rate. The term "rack rate" is also used by travel-related service providers, such as car rental companies or travel mobile phone rental companies, to refer to the same highest rate they would charge customers with no pre-bookings.
Read more about this topic: Suggested Retail Price
Famous quotes containing the words rack and/or rate:
“O, let him pass. He hates him
That would upon the rack of this tough world
Stretch him out longer.”
—William Shakespeare (1564–1616)
““Terence, this is stupid stuff:
You eat your victuals fast enough;
There can’t be much amiss, ‘tis clear,
To see the rate you drink your beer.”
—A.E. (Alfred Edward)