Things may have changed but I saved the info from the Ritz site for our 2006 Barcelona trip.
The descriptions are for the same room. The first used FHR rate code, the second AXC. The cent room (and it came with an upgrade) was less per night:
FHR Rate Rules
Guarantee Policy
A CREDIT CARD NUMBER IS REQUIRED TO CONFIRM OR GUARANTEE YOUR RESERVATION
Cancellation Policy
CANCELLATION PERMITTED
- UP TO 1 DAY BEFORE ARRIVAL
513.60 EUR CXL FEE
Rate Information
FINE HOTEL AND RESORTS AMENITIES ARE COMPLIMENTARY TEA SERVICE
FOR TWO ** GUARANTEED LATE CHECK-OUT AT 4PM ** ROOM UPGRADE AT
TIME OF CHECK-IN IF AVAILABLE ** COMPLIMENTARY CONT BREAKFAST
AT THE RESTAURANT
Tax Information
CURRENCY RATES QUOTED IN EUR - EURO AND EXCLUDE TAXES
TAX 7.000 PCT/ROOM PER NIGHT
__________________________________________________ ____________
FHR 480 EUROS $113 EURO NIGHT SAVINGS: $339 for 3 nights
AXC: 367 euROS
__________________________________________________ _______
AXC Rate Rules
Guarantee Policy
A CREDIT CARD NUMBER IS REQUIRED TO CONFIRM OR GUARANTEE YOUR RESERVATION
Cancellation Policy
CANCELLATION PERMITTED
- UP TO 1 DAY BEFORE ARRIVAL
392.69 EUR CXL FEE
Rate Information
COMPLIMENTARY UPGRADE AT TIME OF BOOKING BASED ON AVAILABILITY
COMPLIMENTARY CONTINENTAL BREAKFAST FOR TWO PEOPLE AT EL SALO
GUARANTEED LATE CHECK-OUT AT 4PM
AMENITY TEA FOR TWO AT EL SALO
50 US DOLLARS CREDIT TOWARDS INCIDENTALS
FHR&S WELCOME CARD AT CHECK-IN
UPGRADE AT TIME OF BOOKING IS REFLECTED IN SABRE WHEN AVAILABLE
Tax Information
CURRENCY RATES QUOTED IN EUR - EURO AND EXCLUDE TAXES
TAX 7.000 PCT/ROOM PER NIGHT
And it wasn't just the Ritz-- I remember the Cent rate was less at a few properties.