Its the corporate booking rate for the company I work for. There are 2-3 hotels in most cities, up to 10 in big cities like Melbourne & Sydney, and a handful at most major international destinations that are contracted at a specific price per night, regardless of date. They range from Ibis to Medina to Oaks and go up to Pullman, Marriott, Swissotel & Sheraton
They work well because they are fully flexi and typically even better than sale rates. The upside as well with Accor is that you also get a decent rate on non-contracted hotels if you don't like any on the list - usually whatever the best available rate is (no change no cancel) but + 0.50c and fully flexi till 6pm day of check-in.
It also extends to rental cars, lounge membership, transfers - pretty much everything you would need to travel. Its the only way I can afford to travel as much as I do because part of the contract is that the staff are allowed to use for leisure bookings and the Accor rates are too good to turn down a lot of the time.