Brazil-based online travel agency Hotel Urbano has announced the return of its founders to run the company.
The move follows a unsettling period after the Priceline Group decided to write-off the remainder of its investment in the company.
Hotel Urbano lured a sizeable $60 million investment from the Priceline Group in July 2015.
The strategy was originally to give travellers in Brazil and Latin America access to more accommodation, mainly by integrating Priceline Group’s Booking.com’s portfolio of properties.
The realisation that the partnership had begun to turn sour emerged in the Priceline Group’s Q2 results, where it conceded to receiving “disappointing 2015 results” from the OTA, with the disclosure that it forecasts for the future had been “significantly reduced” and additional funding would be required.
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