The Priceline Group and Hotel Urbano, one of Brazil's largest and fastest growing online travel companies, have entered into a strategic partnership consisting of a commercial agreement and a minority investment by The Priceline Group.
As part of the partnership, The Priceline Group will give access to accommodations outside of Latin America from its global network of 680,000 accommodations partners to Hotel Urbano. In addition, The Priceline Group has made a $60 million investment in exchange for a minority interest into Hotel Urbano. Additional terms of the deal have not been disclosed.
Priceline Group, which consists of six primary travel brands including Booking.com, Priceline.com, and KAYAK, will provide Hotel Urbano access to its 680,000 international hotel listings. This will allow Hotel Urbano to expand its global offering while building out tech to boost occupancy rates within its local network of Brazilian hotels.
"Brazil is a dynamic, fast growing market and both of us are growing very rapidly within this region," said Darren Huston, president and ceo of The Priceline Group.