The relationship between Travelocity.com and Hotel Reservations Network have extended their alliance through July 31, 2005 and will expand the scope of their relationship.
As part of this agreement, Travelocity will continue to integrate and promote a wide array of HRN`s negotiated discount rates through its hotel offerings and will now provide vacation rental units through HRN`s Condosaver.com. HRN will offer and promote Travelocity`s air and car rental products through its Web sites.
In connection with the expanded and extended agreement, Travelocity`s existing equity rights in HRN have been enhanced through accelerated vesting to the mutual benefit of both companies.
In addition to Travelocity`s current offerings of more than 50,000 hotel properties, this alliance will allow members real-time access to the discounted vacation rental inventory provided through HRN`s Condosaver.com
, even during sold out periods. Travelocity`s members will benefit from Condosaver`s low price guarantee, and objective rating system, as well as floor plans, photos and amenities for each property. They will also have easy access to the highly fragmented condo, timeshare, villa and private home rental property markets in many of the top destinations in the world, such as the Caribbean, Florida, Hawaii, Western ski resorts, and the Carolinas. In addition, Travelocity members will continue to have access to HRN`s reduced rates from hundreds of independent hotels as well as leading national brands.