announced today that it has purchased InterContinental
Hotels Group’s equity stake in Travelweb
LLC for approximately $4.1 million in cash, giving priceline.com 100
percent ownership of the reservation service. Travelweb offers specially negotiated published-price accommodations for thousands of
quality hotels around the world, including those owned and affiliated
with Travelweb’s founding hotel partners.
Initially, Travelweb had seven co-owners - IHG, priceline.com,
Marriott, Hyatt, Hilton, Starwood and Pegasus Systems. In May 2004,
priceline.com purchased the equity stakes of all partners except IHG,
as the certification of Travelweb was still pending.
Also today, Travelweb announced that it has been notified by IHG
that it is now certified as an online distributor for IHG’s more than
3,500 hotels worldwide, including InterContinental Hotels and Resorts,
Crowne Plaza, Holiday Inn, Holiday Inn Express, Staybridge Suites,
Candlewood Suites, and Hotel Indigo. Priceline.com’s Name Your Own
Price(R) hotel service was certified by IHG earlier this year.
“Travelweb and priceline.com share our values and consistently act
in the best interests of our customers and hotel owners,” said Jim
Young, IHG’s Senior Vice President, Global Distribution. “We’re
pleased to certify Travelweb as a valued distributor for
InterContinental Hotels Group’s family of hotels.”