March 28, 2017
Marriott buys stake in tours/activities search engine
Marriott International has acquired a stake in PlacePass, as the world's largest hotel company looks to expand its presence in the tours and activities sector.Read more
Ctrip.com's hotel reservation revenues for the third quarter grew 11 percent to RMB457.04 million or $72.72 million, primarily driven by a 40 percent increase in hotel reservation volume and and partly offset by a 21 percent decrease in commission per room night.
China-based travel services provider Ctrip.com International Ltd. on Monday reported a 40 percent decline in profit for the third quarter as strong revenue growth was offset by higher operating expenses.
Total operating expenses surged 57 percent from the year-ago period to RMB696.95 million. Product development expenses rose 51 percent, primarily due to an increase in product development personnel related expense. Sales and marketing expenses soared 74 percent.
Looking ahead to the fourth quarter, the company forecast net revenue growth of about 15 percent to 20 percent from the prior-year period.
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