Online travel agency Tripadvisor is set to launch its new premium annual subscription service, which will offer members even more discounts than already available on the site.

Called Tripadvisor Plus, the service will cost $99 a year and feature special pricing and perks for members only, according to Travel Weekly .

The program is now available in the U.S., with more markets to follow.

While Tripadvisor Plus will offer discounts on travel and travel products, its big selling point will be on hotel savings. Members will save an average of $350 per stay, Tripadvisor says.

"This means most members recover the annual fee on their very first trip, and still save plenty more that they can use to make their trip even better," the company said in a statement.

CEO Steve Kaufer said by way of explanation that he has asked hotels to forego what would normally be a commission for selling a hotel room, and instead pass it on to the subscriber as a discount. He called the model a "win-win-win" – travelers get discounts, Tripadvisor gets the subscription fee and a recurring revenue stream, and hoteliers gain bookings for the same, or better, distribution costs as with other channels.

Deals on the new service also include savings and benefits from Tripadvisor Plus partner Hertz rental cars.