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Cancellation and rre-booking under a cheaper rate

Hi! We just took over this property and working with bookings we noticed that existing bookings are being cancelled since we offered a new, lower rate under the same period. I guess this can not be avoided but wanted to check if anybody has any experience and how to mitigate this as it is frustrating to lose revenue on existing bookings just because you want to offer better conditions on empty rooms to improve occupancy. 

Thanks!

Claudio

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