Glossary

Guaranteed Reservation  is a Reservation of a Hotel Room that is paid in advance, usually with a cheque or credit card. The payment is normally held until the arrival date or until check-out time the next day. The payment is forfeited by the guest if the reservation is not cancelled in advance.

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Other definition:
Guaranteed Reservation is a lodging reservation held for passenger's late arrival, usually secured by a credit card obligation to pay even if the passenger never arrives at the lodging.