Under this model, a hotel provides OTAs net rates that are typically 10 to 30 percent below

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Under this model, a hotel provides OTAs net rates that are typically 10 to 30 percent below published levels. Typically, the guest will pay the OTA up front on their credit card and, after the traveler's stay, the OTA pays the hotel the net rate. Which model is it?
Retail
Auction
Merchant
Opaque