Priceline.com today announced the signing of a three-year renewal of
its marketing agreement with Marriott International under which
priceline.com acts as Marriott`s preferred distribution channel in the
opaque travel market.
Marriott has been a partner since 1999 in priceline.com`s Name
Your Own Price(R) hotel reservations service. Also as part of the
agreement, Marriott International received warrants for the future
purchase of priceline.com common stock.
“The support of leading national hotel brands like Marriott gives
priceline.com customers access to the best hotel inventory in the
market and provides priceline.com with a key competitive advantage
over time,” said Chris Soder, priceline.com`s Executive Vice
President, Lodging & Vacation Products.
“Over the years, priceline.com`s Name Your Own Price model has
become Marriott`s preferred opaque distribution channel and we are
pleased to extend our relationship with them,” said Bruce Wolff,
Marriott`s Senior Vice President of Distribution Sales and Strategy.
All five of the nation`s largest hotel brands participate in
priceline.com. In total, more than 9,000 hotel properties participate
in priceline.com (the most of any online hotel reservation service
according to travel research firm PhoCusWright), covering the U.S.,
Europe, Asia, Canada, Mexico and the Caribbean.
In connection with the Marriott warrants issuance, priceline.com
will incur a non-cash charge in the 1st quarter; subsequent quarterly
financial results will be unaffected. Terms of the warrants are
described in a Form 8-K filed today by priceline.com with the SEC.
Related stories on ITN:
(19/03/2003) Priceline & Travelweb Form Hotel Distribution Agreement
(28/02/2003) Priceline Survey Reveals Popular Destinations
(25/02/2003) Priceline.com Hotel Sales up 35% for First Quarter