Booking.com and Kayak parent the Priceline Group is taking a minority stake in one of Brazil’s fastest growing online travel companies.
Priceline is paying $60 million for the unspecified investment in Hotel Urbano as part of a wider commercial agreement.
Priceline will provide access to more than 680,000 hotels outside Latin America to Rio de Janeiro-based Hotel Urbano as part of the deal.
Hotel Urbano will use Booking.com to power its non-Latin American hotels on an exclusive basis and Priceline will be the preferred provider for the Brazilian company’s global packages.
Priceline president and chief executive, Darren Huston, said: “Brazil is a dynamic, fast growing market and both of us are growing very rapidly within this region.
“We are excited to partner with Hotel Urbano to help globalise their offering and let their customers experience the best of what both of us have to offer.”
Joao Ricardo and Jose Eduardo Mendes, co-founders of Hotel Urbano, said: “The Priceline Group has truly global scale and partners with the world’s best and most diverse accommodations worldwide – from hotels to villas and beyond.
“We are not only committed to bringing our customers access to the best experience out there, we are committed to expanding our presence in Latin America, and look forward to having this unique partnership with The Priceline Group as our first major step in this regard.”