Definition, Meaning & Synonyms
rack-rate
Noun
/ræk reɪt/
Definition
The full price or standard rate for a product or service, particularly in the hospitality industry.
Examples
- The rack rate for this hotel is $300 per night, but we managed to get a discount.
- Before booking, always check if the rack rate is negotiable or if there are any special offers available.
- During the peak season, the rack rate increases significantly, making it important to book in advance.
Meaning
Rack rate refers to the highest price that a hotel or service provider charges for a room or service before any discounts are applied.
Synonyms
- Standard rate
- Full price
- List price
