Second-rate accommodation (5)
I believe the answer is:
space
'accommodation' is the definition.
(thesaurus)
'second-rate' is the wordplay.
'second' becomes 's' (common abbreviation).
'rate' becomes 'pace' (pace is a kind of rate).
's'+'pace'='SPACE'
(Other definitions for space that I've seen before include ""The final frontier"" , "Free area" , "-- Capsule; -- bar" , "Gap between words" , "Blank" .)