Priceline in $60m Brazil hotels deal
Priceline Group Inc.? invests US$60 million for a minority stake in Brazilian online travel agency Hotel Urbano as part of a strategic partnership ahead of the 2016 Olympic Games in Rio de Janeiro.
Rio-based Hotel Urbano, which was founded in 2011, plans to use the investment to improve technology, execute its commercial strategy and forge partnerships with new hotels, chief financial officer Joel Renn? told Reuters.
Hotel Urbano currently has commercial deals with 8,000 hotels.
Renn? says the company plans to double the number of hotels in the next 12 months before Rio hosts the Olympics in August next year.
After the Olympics, Hotel Urbano plans to expand to Colombia, Chile, Argentina and Mexico.
Booking.com will be Hotel Urbano’s exclusive provider for hotels outside of Latin America, and Priceline Group will be the preferred partner for its international packages.