Investors are loving TripAdvisor Wednesday, sending the stock soaring 22.6% as of mid-day, all thanks to a deal with Priceline that will integrate a chunk of its hotel inventory into TripAdvisor’s new booking platform.
The travel review website launched its Instant Booking service in June last year and spent the past 16 months rallying support from big hotel chains like Marriott International (MAR), but it faced major opposition from online booking sites. The Priceline (PCLN) collaboration is a first sign that the frosty welcome may finally be thawing, reported the Wall Street Journal.
Priceline, along with other booking sites, worried that partnering with TripAdvisor’s (TRIP) Instant Booking service would pull customers away from their own platforms. After months of negotiations, the two companies struck a deal. Booking.com will be the first Priceline brand to list on TripAdvisor’s service, and other brands like Priceline.com and Agoda.com may follow.