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.
With the rise of ultra low cost carriers in the airline industry hotels had to do something to offer ultra low cost rooms we well. In one sense 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 do leave you with less flexibility.
To combat losing money hotels have been moving away from 24 hour cancellation policies to 48 hour cancellations policies. This saves hotels from losing money when people cancel last minute. Most large hotels are moving towards this 48 hour cancellation policy now.
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. When Millenials and GenZ travel they aren’t spending a lot of time in their hotel rooms, they are our spending time outdoors in cities and at beaches participating in activities and experiences.
TransferTravel is offering an alternative to people who are stuck with low cost non refundable bookings that they can no longer use. Most hotels let you change the name on the booking, in fact almost 80% do. This means that if you have booked a non refundable booking and you need to cancel for whatever reason you can’t you can sell your booking and change the name.
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. 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 starting.