The company’s immediate priorities include aggressive expansion into the Americas and Asia, taking what has been learned from the company’s growth throughout Europe to gain a foothold in these markets.
In the new markets, TUI will ape online travel agencies, selling dynamic packages with the aim of getting to one million customers and $1.1 billion in revenue by 2022.
By entering this partnership, HaoQiao shows its aim to reach global coverage with multi-product lines which already include accommodation, local tours and flight.
Away has brought in a total of $181 million, including the latest investment.
The transaction value is approximately $5 billion including assumed debt.
Revenue from accommodation reservation services increased by 8.8% to RMB489.2 million and revenue from transportation ticketing services increased significantly from RMB208.2 million to RMB1,258.9 million.
The New York-based company promises “tech-forward accommodations,” including a mobile app for check-ins and messaging with customer service.
We will look to drive shareholder returns through a combination of organic growth investment, share repurchases, and opportunistic M&A.
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