Where's the missing money?

Three people check into a hotel. They pay €30 to the manager and go to their room. The manager suddenly remembers that the room rate is €25 and gives €5 to the bellboy to return to the people. On the way to the room the bellboy reasons that €5 would be difficult to share among three people, so he pockets €2 and gives €1 to each person. Now each person paid €10 and got back €1. So they paid €9 each, totalling €27. The bellboy has €2, totalling €29.

Where is the missing €1?