Online travel services provider Priceline Group paid $60m for a minority stake in Brazil-based online travel company Hotel Urbano yesterday.
Priceline made the investment as part of a strategic partnership through which it will provide Hotel Urbano users with access to its global network of accommodation partners and in return become the preferred provider for Hotel Urbano’s global holiday packages.
Founded in 2011, Hotel Urbano operates an online travel platform that encompasses more than 8,000 Brazilian hotel partners.
The company has now raised more than $140m in funding altogether, according to media reports, with the previous capital being supplied by investment firm Tiger Global Management and venture capital firm Insight Venture Partners.
Darren Huston, Priceline’s president and CEO, 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.”