Priceline’s goal: a starring role in the vacation rental market
Priceline increases investments in vacation rental market and wants to be a leading platform to search and book all type of properties to compete with Expedia and Airbnb.
The Priceline Group had a “solid” third quarter in terms of both growth and operating results, chief executive officer Glenn Fogel said during the company’s earnings call.
Booked room nights totaled 178 million, up 19% over the same period last year.
In addition, the group has been paying particular attention to alternative accommodations, which typically offer far fewer rooms than a hotel property.
The vacation rental business requires more attention than hotels. Property owners are generally less sophisticated than hoteliers, and the sector requires a higher level of customer contacts, as well as increased support and staff.
Why is Priceline, which includes the mammoth Booking.com, taking the trouble to corral this piece of the accommodation market? “We want to be the leading platform to search and book all type of properties,” Fogel said.
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