The stock price of Tripadvisor surged more than 11% to $85.20 per share at the time of this writing around 2:03 in the afternoon in New York on Wednesday.
Details of Tripadvisor’s partnership with Marriott
Tripadvisor added the global hotel portfolio of Marriott International to its instant booking platform as part of their expanded partnership.
Traveler looking for hotel rooms on Tripadvisor will be able to book conveniently at any of the more than 4,200 Marriot hotels around the world without leaving its website starting this summer.
In a statement, Arne Sorenson, president and CEO of Marriott International said, “TripAdvisor is a perfect partner for Marriott, both strategically and culturally. Our new agreement demonstrates how the growth strategies for our two companies are aligned in the travel space.”
Tripadvisor’s distribution model is a game changer
Safiq Khan, senior vice president channel strategy and distribution at Marriot International commented that the new distribution mode of Tripadvisor is a game changer in the travel industry. He explained that the distribution model addresses the primary concerns of hotel suppliers.
“The result is mutually beneficial to both partners from a strategic and economic standpoint. Marriott’s partnership with TripAdvisor will make it easy for consumers to book with our hotels, and allows Marriott to build a direct relationship with these guests even before arrival,” said Khan.
He added that Tripadvisor’s agreement with Marriott International maintains their ability to control where to display hotel inventory and rates. It will also allow Marriott to offer the best benefits to customers including the Marriott Rewards and Ritz-Carlton Rewards.
Tripadvisor launched its instant booking platform in the United States in June last year. The company expected to gradually roll out its platform to international markets over time.
Tripadvisor president and CEO Stephen Kaufer said, “We are excited to deepen our strategic partnership with Marriott International, an innovative hospitality leader. We welcome Marriott to the Instant Booking platform, which provides travelers with a new, simplified booking functionality and an opportunity for Marriott to expand its relationship with guests before, during and after the trip.”