Usually means: Standard full price without discounts.
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We found 8 dictionaries that define the word rack rate:

General (6 matching dictionaries)
  1. rack rate: Longman Dictionary of Contemporary English
  2. rack rate: Oxford Learner's Dictionaries
  3. rack rate: Wiktionary
  4. Rack rate: Wikipedia, the Free Encyclopedia

Business (2 matching dictionaries)
  1. Travel Industry Dictionary (No longer online)
  2. rack rate: Financial dictionary

Definitions from Wiktionary (rack rate)

noun:  (travel) The published full price for a room in a hotel that has not been pre-booked.

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