Online travel booking firm HotelPlanner has announced plans for a three-way merger with Reservations.com and Astrea Acquisition that will see the new entity listed on the NASDAQ.
The special-purpose acquisition deal values the new entity, that will be known at Hotelplanner and listed as “HOTP”, at $685 million.
Meetings.com parent Hotelplanner, says it expects to post record sales this year above 2019 levels and the combined company is forecast to achieve $170 million revenue next year.
“We’re pretty confident in what we can do over COVID,” Tim Hentschel co-founder and chief executive of Hotelplanner said. “So far, we’re not seeing a spike in cancellations.
“As worldwide leisure and business travel demand rebounds in the coming months and years, we are in a prime position to rapidly grow our user base and revenue.
“We see opportunities for accelerating growth both in the US and globally as we unite two of the largest online booking websites on one highly efficient tech-forward platform, and combine it with the power of our closed user group rates.”
The Wall Street Journal reported that HotelPlanner hopes to “sell public investors on its growth potential, discounted group rates and what it terms a gig customer-service system in which independent workers around the world do short-term work for the company”.