travelweb.com) and said they intend to buy the rest of the site in the future. Guide for consumers to opaque travel websites. It' a system of sophisticated algorithms that also control hotel prices on the secondary market of travel websites - the high/low, the profit margin, the offer.
Priceline.com and Travelweb LLC cooperate in hotel sales agreement (NASDAQ:PCLN)
WALK, Conn. & DALLAS, March 18, 2003 (BUSINESS WIRE) -- Priceline.com (Nasdaq: PCLN) and Travelweb LLC today signed a sales arrangement that gives websites owning and operating priceline.com direct acces to Travelweb's extensive portfolio of more than 4,000 brands of branded properties and their net rates. Travelweb, LLC revolutionizes the airline transportation business with the first fully automatic hospitality sales channel and includes Marriott (NYSE: MAR), Hilton (NYSE: HLN), Hyatt, Six Continents and Pegasus Solutions.
Travelweb founded hotels already take part in the pricelist. com's name Your Own Price® Hotelvis. Travelweb will become the sole supplier of merchandise at publicly available prices in the United States and Canada, available on both Lowestfare.com, the retailing fare services provided by priceline.com, and priceline.com.
As of the second of 2003, the parties anticipate integrating Travelweb's existing hotels on these pages. Also, as part of the deal, priceline.com will acquire a shareholding in Travelweb LLC through an $8.5 million capital expenditure and priceline.com President and Chief Executive Officer Jeffery H. Boyd will take a seat on the Board of Directors of Travelweb.
"We are pleased with this deal with Travelweb because we believe that Travelweb's sales net offers the best choice of rooms and prices for our customers," said Boyd. "The Travelweb was created out of the need to make hotels more intelligent and provider-friendly when selling on-line.
We now have a strong partnership with priceline.com, a leading provider of on-line tour operators, which is further proof of our company model," said Joe Humphry, President and Chief Executive Officer of Travelweb. "The collaboration with priceline.com will significantly extend the scope of our sales and marketing networks and provide better consumer accessibility to rooms and prices and enhance the profile, brands and turnover of the group.
" PriceLinelin.com said adding Travelweb's hotelinventory and rates will contribute to the option and cost saving available to Priceline.com and Lowestfare.com clients. Travelweb is the first fully networked sales organisation with immediate access to the hotels' reservations system.
PriceLinelin. com and Lowestfare. com currently provide premium accommodation through more than 9,000 competing hotels in the United States, Europe, Asia, Canada, Mexico and the Caribbean, which, according to the PhoCusWright research group, is the most property of all major online booking services. Located at priceline.com, versatile travellers select the precise neighbourhood they want, the stellar qualities of the hotels they want, the appointments they want and the rate they want to afford for a room in a first class resort.
Priceeline.com then works with its hoteliers to find one who is willing to pay the customer's fare. "Now, for clients whose transportation needs call for a specific hospitality and for those who are unable to get the prize they call, priceline.com and Lowestfare.com can provide them with exceptional cost reductions through the net rates provided to us through Travelweb's sales network," said Chris Soder, Executive Vice President of priceline.com's Lodging and Vacation Products.
Priceeline.com provides financial services for two types of sales: a tour operator offering airfare, accommodation, car hire, holiday package and cruise services; and a financial services provider offering mortgage, refinance and home ownership credit through an independant franchisee. PriceLinelin. com also holds the web domains and brands of LowestFare.com, another web-based tourist website.
PriceLinelin. com licences its franchise concept to unrelated licencees, which includes commercial mortgages and certain cross-border licencees. Travellerweb LLC, held by Hilton Hotels Corporation, Hyatt Corporation, Marriott Int., Six Continents Hotels, Starwood Hotels and Pegasus Solutions, Inc. provides an ingenious new way to distribute rooms in hotels on-line.
Travelweb LLC is automating the allocation of discount rooms for hospitality providers and bringing new savings in costs and times to the hospitality industry. Travelweb's privatelabel offers, sold through major online subsidiaries such as Orbitz, Priceline.com and continental.com, give customers full range of rooms and prices.
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