Exchange Database
China, global markets spur Priceline deal
Priceline Group Inc's $500 million investment in the Chinese online travel firm Ctrip.com International Ltd fortifies an existing bond between the two companies and gives "great potential" for future cooperation, according to Priceline's President Darren Huston. The deal between Priceline and Ctrip will give customers worldwide access to a pool of more than 600,000 travel accommodations - upward of 100,000 of which are located in the greater China Region. China accounted for more than 1.8 million visitors to the US in 2013, according to the latest full-year data from the National Travel and Tourism Office. A 12 percent increase in Chinese visitor volume was tied for second largest among the top 10 international visitation markets.
Outcomes:
Priceline's Huston said this collaboration will bring more guests to China and more Chinese to the rest of the world. "Chinese bookers are one of the fast growing [groups] on all of our properties, and we think that this will only accelerate," Darren Huston, who is also CEO of The Priceline Group, said on Monday in an earnings conference call. "Of course tapping into China is going to be a huge benefit, both because [China is] a great source of bookings, but also [because] we are running a global business." Priceline, founded in 1998 with its headquarters in Norwalk, Connecticut, is the world leader in online travel reservations and serves customers in more than 200 countries through six primary avenues: Agoda.com, Booking.com, KAYAK, OpenTable, priceline.com and rentalcars.com
Government?:
No
Type of Exchange:
business
Partners:
Priceline Group Inc
Ctrip.com International Ltd
Sponsor(s):
Priceline Group Inc.
Participants (Types):
business people
Exchange Date:
Wednesday, August 6, 2014
Continuing:
No
Location:
United States, China
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