For $2,500 a month, customers can make a fresh reservation as quickly as one week after they have checked out of a prior reservation. An additional $500 a month allows you to share the pass with friends or family when you’re not traveling.

But say you want to plan ahead and make multiple vacation plans for the year. For $5,000 a month you can have two active reservations at a time, and for $7,500 a month you can have three. (To share these passes with friends or family requires an additional $1,000 a month and $1,500 a month, respectively.)

“For instance, a lot of New Yorkers would buy or rent a place in South Florida,” Handler says. “You can still go to South Florida with the Inspirato Pass, but you can also go to Paris. You’re not locked in or tied in to a single place.”

The Inspirato properties available for pass holders to book vary, based on an internal algorithm that determines which places are going to lose Inspirato the most money if they remain unbooked.

Where it gets interesting is Inspirato’s ability to give pass holders access to five-star hotel brands such as Ritz Carlton and Mandarin Oriental. Inspirato has developed relationships with more than 200 hotels to offer their unbooked inventory to pass holders—as long as it doesn’t show the discounted price.

“What all luxury hospital providers also share is a disdain for consumer discounting,” Handler says. “You will never see a Four Seasons sell a room for half off.”

The Inspirato model allows luxury hotels to prevent rooms from sitting vacant without revealing how much of a discount they’re giving—which could cheapen the brand.

“We’re buying inventory from the hotel, and we’re paying for it, and the consumer is never seeing the price,” Handler explains.

Inspirato has direct relationships with about 90% of the hotels it lists, he says, but is allowed access to about 10% indirectly, through tech partners. Handler declines to disclose the exact details of the tech partnerships. A representative for Ritz Carlton said the brand does not have a relationship with Inspirato, although rooms at its hotels are listed on Inspirato’s website.

Nicholas Farina, general manager at 1 Hotel Central Park, says his hotel worked with Inspirato and then agreed to be part of the pass program. “They have a loyal membership base, and we’re able to have access to those guests,” he says.