Rack rate
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What is a rack rate?
It is the standard rate or published tariff defined by the hotel management for a particular room category/type. These rates are always without any sorts of discounts, so they are kind of the maximum price, in most situations. So they say, you could consider them 'the ideal price' from management perspective.
The counterpart is the last-minute price, though there are much more price systems than just these two. The relation between cost price, sales price and profit is to be found in RevPAR.
More info online on sites like:
Traveltips or Why are these rates so high?.
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