This quote is part of the last line of Richard Connell's short story "The Most Dangerous Game." The rest of the sentence reveals that it is Rainsford who is enjoying the bed. This means Rainsford finally defeated and killed General Zaroff. Earlier, Rainsford came ashore on Zaroff's private island, which Zaroff uses to hunt men. Throughout the deadly contest between the two men, Rainsford only barely staved off the relentless Zaroff in their cat-and-mouse game across the length of the island. In the end, Rainsford jumped from the cliffs across from Zaroff's chateau. Zaroff believed Rainsford to be dead, but Rainsford was able to swim ashore and hide in Zaroff's bedroom, where he confronts the general. As soon as he discovers Rainsford, Zaroff promptly congratulates his foe on winning the game, but Rainsford is not satisfied and says he is "still a beast at bay." Pleased by the game will continue, Zaroff says,
Splendid! One of us is to furnish a repast for the hounds. The other will sleep in this very excellent bed. On guard Rainsford.
Since Rainsford is comfortable in the bed in the final line, he ultimately defeated the general. The reader might also assume Zaroff was then fed to the dogs ("a repast for the hounds"), but this is never explicitly stated.