In the United States alone there are 200,000 hotel rooms booked a day and not used resulting in upwards of $8 billion in lost fees in a year.
There are many different cancellation policies across the hotel industry ranging from 7 days to hours before your booking. Today there is an abundance of non refundable cancellation policies. Hotels are able to offer the hotel booking at a lower cost to the consumer upfront, but the reservation is non refundable for any reason.
The Rise Of Ultra Low Cost Carriers
With the rise of ultra low cost carriers in the airline industry hotels had to do something to offer ultra low cost rooms as well. Getting a hotel booking for $75 or £35 is a great alternative if you need somewhere cheap and clean to stay or want a cheaper weekend away. They offer great value for money but they also leave you with less flexibility.
Everyone Is Travelling
People are travelling more than ever nowadays, especially millennials and the younger GenZ. Younger generations value experiences over physical products therefore want to spend their extra money on things like festivals, long term travel abroad and road trips. Theyre spending time outdoors, exploring cities and countryside, participating in activities and experiences, and soaking up the atmosphere — not in their hotel rooms. What does this mean for the hotels? Well, people aren't willing to spend as much on accommodation when they are only there to sleep, forcing hotels to lower their costs.
24 - 48 Hour Cancellation Policy
To combat losing money from lower charges and from guests cancelling at the last minute, hotels have been moving away from 24 hour cancellation policies to 48 hour cancellations policies. This saves money for the hotel but ends up costing more for you if you end up with a non refundable booking.
TransferTravel.com is offering an alternative to people who are stuck with low cost non refundable bookings that they can no longer use. 80% of hotels let you change the name on the booking, which means that if you need to cancel for whatever reason, you can sell your booking to someone else who is looking for a great deal.
Selling and transferring your booking on TransferTravel is simple and easy and just takes a few minutes. Firstly, login or register and then fill in our short form with the information of your reservation. We ask dates, times, locations of the hotel check in as well as a booking confirmation. The booking confirmation is for our records only so your personal information will not be shared with anyone else. Once you sell your listing, you must change the name on the booking and upload the new document for the buyer within 72 hours of the sale. Once this is done then payment will be released to you 24 hours after the date of the reservation begins.