Over the years, the hospitality industry has changed and continuous to change dramatically. Policies which would have been considered obnoxious, such as not being able to cancel a hotel reservation 24 hour before maturity are now becoming more of a norm. It is almost as though the customer is king just before purchase, and once the purchase or reservation is complete, you then know who is really king – The hotel of course. This trend has led to a rapid surge of distressed inventory. Distressed inventory as they are so called are bookings or reservations for which they owners can neither use them nor get a refund. Hotel’s come across as the one sector in the hospitality industry which is most hit by this trend. Below is our guide on what to do with respect to hotel cancellations based on whether it is a reservation or a fully paid hotel room.
Can You Cancel Your Reservation?
There are several hotels which allow for clients to pay a portion of the actual sum of a room as reservation fee before paying out the full amount upon arrival at the hotel. The positive side of such a scenario is you wouldn’t have risked the full sum of the hotel booking should you decide to later cancel. If circumstances warrant that you cancel the reservation, you will want to first of all check the hotel’s policy on cancellation (we usually advice that you do so even before making a reservation). Most hotels allow for cancellations upon receipt of a 24 hours to 72 hours prior notice. Such cancellations could be subject to a cancellation fee depending on the hotel in question. The cancellation fee in itself could further increase if the reservation was done through a booking agency, as the agency will charge its own cancellation fee.
Should you be of the opinion that your reservation could be worth more if sold to another person than if it were cancelled, then you will again have to check with the hotel’s transfer policy. You will have to confirm whether or not the hotel allows for reservations to be transferred in name. That is whether you can transfer the reservation from your name to another person’s name. If this is possible, then you can proceed to sell the hotel reservation. But even this has got a catch as certain policies only allow for transfers within particular time limits with respect to the due date of the reservation. So you might want to have all of these sorted out first with the hotel or the purchasing agency before proceeding to sell the hotel reservation.
Buy & Sell Hotel Bookings
Considering a situation in which the full amount of the room has been paid for already, your options with respect to cancellations are pretty much limited to those expatiated on above. The only difference is you will have more cash at risk. But not to worry, with increase access to the internet and with millions of people facing the same problem on a global scale, these so called distress inventory has forged a market for itself in which millions of people are looking to buy and sell hotel bookings and reservations....that is where TransferTravel comes in!