Booking Holdings Inc. on Friday (Nov. 12) agreed to acquire B2B hotel room distributor Getaroom from Court Square Capital Partners for about $1.2 billion and will roll it into the Priceline brand, subject to customary closing conditions including regulatory approval, according to an Associated Press report.
Getaroom will become part of Priceline’s strategic partnerships team, Priceline Partner Network, to form a strategic partnership business unit to improve B2B distribution for hotel partners and place more accommodations technology at the company’s disposal.
“As the travel industry continues to recover from the pandemic, we are continuously looking for opportunities to better support both our partners and our customers,” said Brett Keller, chief executive officer of Priceline, in the joint announcement.
“Over the years, strategic partnerships have played an important role in our efforts to reach more customers through new channels,” he said. “By combining the technology and expertise of Getaroom and Priceline, we can further streamline distribution for our hotel partners and provide new and better solutions for the U.S. accommodations segment.”
Dallas-based Getaroom has more than 150 affiliates. Its chief executive officer, Matt Davis, will lead the strategic partnerships business unit.
“The combination of Getaroom and the Priceline Partner Network will enable accelerated growth behind our shared vision of delivering a more robust solution for our customers and affiliates and greatly simplify the complexity of global distribution for our hotel partners,” said Davis.
In August, Booking Holdings said its fiscal second-quarter room nights increased 59% the first quarter of the year, largely because of increases in Europe and in the U.S. amid the recovery from the COVID-19 pandemic.
Booking Holdings reported $2.2 billion in total revenues for the second quarter of fiscal 2021, a 243% increase from the same time in 2020, and a net loss of $167 million for the quarter.