The other week my boss had to fly to Sydney, Australia for work. And almost every hotel was booked out. The few rooms available were at astronomical prices.
The Boardingarea community came to the rescue! Through a brilliant article on Magic of Miles on what to do with non refundable hotel rooms, I discovered Roomer, one of several websites that allows people to sell non refundable hotel rooms. As a result, I found a hotel room at my boss favourite hotel for less than half of what was being asked for. Win for the employee (me).
There is also:
All of these sites allow you to buy and sell non refundable hotel rooms. Note. The prices rooms are being sold at are not always cheaper than making a new reservation. Compare carefully!