Beat offer after vacation alfresco (7)
I believe the answer is:
outdoor
'alfresco' is the definition.
(similar in meaning)
'beat offer after vacation' is the wordplay.
'beat' becomes 'outdo' (outdoing is a kind of beating).
'after vacation' suggests removing the centre (the inside letters must vacate).
'offer' with its middle taken out is 'or'.
'outdo'+'or'='OUTDOOR'
(Other definitions for outdoor that I've seen before include "Alfresco - sort of pursuits" , "This sport is not under a roof" , "not under cover" , "Located in the open air" , "healthy pursuits" .)