LodgeNet Entertainment Corporation has completed the acquisition of the operating assets, including technology and intellectual property, of StayOnline. The purchase price of the acquisition was approximately $15,000,000 in cash. With the closing of this agreement, LodgeNet now provides Internet access services to more than 175,000 hotel rooms nationwide. LodgeNet provides interactive television services to more than one million hotel rooms throughout the United States and Canada.
“The closing of this transaction is an important step forward in the execution of our corporate strategy to expand our networks and integrate high value solutions for our customers,” said Scott C. Petersen, LodgeNet President and CEO. “StayOnline’s expertise and solid relationships, combined with our significant resources will allow us to enhance the array of IP-based solutions we can deliver to our customers, all backed by our unparalleled nationwide customer service organization. Connectivity is one of the most essential services requested by hospitality customers, and this transaction clearly creates a leading solution for hoteliers and their guests.”