"It must allow the user to search the data for all records, or for records where the name and/or location fields exactly match values specified by the user."
So what I was doing is displaying all records if no criteria is enter by the user, but does it make sense to display records that are not in the 48 hours rule?
I prefer not to modify search results, because even CRS take bookings only within 48 hours, they can advise customers about hotel rooms available after booking deadline. "48h rule" can be checked on-the-fly, for example it is possible to disable "Book" button when unavailable room is selected.
In my search results I display 'bookable' rooms with a different background colour to those that are not available for booking at that time whether its because they are already booked or fall out of the 48 hour period.