This is a description of a female who looks for a male sex partner, then lures him to a hotel for sex. She is normally married to a wealthy man and therefore can afford a hotel room and does not have to worry about being caught and losing her inheritance. Normally these females are quite elderly, yet carry themselves with a hint of grace. These ladies are similar to a money slut, with the only difference being that a hotel slut is more interested in sex than money.
Jim: I was out last weekend and met a great looking woman, she was a bit old and married, but she took me to a hotel and let me have my wicked way with her, it was great!
Andy: Wow, she must be a "Hotel Slut", those ladies are rare!
Jim: Yeah I know, the only problem is she gave me a STD and the doctor says I will probably never be able to have children.
Andy: Thats terrible, are you going to see her again?
Jim: Damn right I am, I don't want kids anyway! I'm meeting her in a hotel for sex in 30 minutes!