Expedia’s MeetingMarket service gets second major sign-up
In early 2016, online travel titan Expedia launched its MeetingMarket service in Germany to try and capture some of the huge potential of the Meetings, Incentives, Conferences and Events (MICE) business. Expedia believes that as much as 66% of business meetings occurs in hotels, often with a hotel room attached. At present, the company regards this as an “untapped market” that could be worth as much as $400 billion of the $1.4 trillion travel sector.
Expedia’s share price is up by 30% so far year-to-date
SOURCE: Yahoo Finance
NH Hotels has become the company’s second major hotel chain to join the platform, adding it to 24 hotels in its portfolio. This comes just six months after Best Western joined the platform, adding 200 properties to it.
According to the company, MeetingMarket is not “immediately about tapping into the so-called mega conference sector” – instead, it’s targeting events of less than 30 people.
MeetingMarket was the creation of Andreas Nau, head of Expedia Central Europe. He said that the idea was “presented to Dara [Khosrowshahi, CEO of Expedia Inc] and the senior product team and we were given the go-ahead to test and invest. So we’re using a lot of Expedia’s existing expertise to launch what is basically a startup.”
And he believes that it is a unique proposition, saying: “At the moment there is a gap in the leisure market because most OTAs can only book up to eight rooms at once and we’re looking at whether we can work with hotels who want to be able to book bigger lesiure groups.”
Dominion holds Expedia in its Global Trends Ecommerce Fund.
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