Bellevue, WA \u2013 March 29, 2001 \u2013 Expedia, Inc. (NASDAQ: EXPE) today became the first online travel agency to announce more than one million room nights sold in less than three months. Comparatively, it took Expedia\u00ae three years to sell its first million room nights. Since launching in October 1996, Expedia has sold a total of over 5.3 million room nights. These sales figures and the tremendous growth they represent firmly establish Expedia as the leading lodging service on the Internet.
\t\tRichard Barton, Expedia's president and CEO, attributes the strong lodging momentum to two underlying factors: <\/p>\n
\t\tThe success of Expedia's Expert Searching and Pricing (ESP) technology. Introduced in January, ESP gives travelers powerful sorting tools and the flexibility to build their own, customized air and hotel packages at discounted prices. For suppliers, ESP increases the prominence of lodging inventory within the flight search path, providing powerful cross sell opportunities. Additionally, packages hide the prices of individual components, making it easier for suppliers to offer discounted rates while protecting their rate integrity.
\t\tThe most extensive offering of published and negotiated rates available. Expedia offers a total of 75,000 lodging options across its properties. From specialty lodging, such as villas, condos, vacation homes and bed & breakfasts, to hotel lodging with discounts of up to 70 percent off standard rates, Expedia offers an unprecedented variety of lodging prices and choices around the world. Consumers are increasingly coming to Expedia for its diverse inventory and discounts available through services such as Expedia Packages and Expedia Special Rates. With Expedia Special Rates, customers are guaranteed the lowest prices on lodging.
\t\t“Our relationship with Expedia has been extremely beneficial in increasing our exposure to travelers. Expedia's flexibility helps us find innovative ways to dramatically increase our occupancy, and their unique business model has enabled us to increase our rev par [revenue per available room],” said Shannon Barnett, Director of Sales and Marketing for the Argent Hotel, a Destination Hotels and Resorts property. Located in the growing San Francisco South of Market neighborhood, the newly renovated, four-star Argent Hotel began working with Expedia in 1998 to drive traveler awareness of its 667 luxury suites and rooms. <\/p>\n
\t\tThe strong gains in hotel sales also indicate the strength of Expedia's merchant business model, in which Expedia acts as a wholesaler, negotiating net prices on inventory directly with suppliers. The business model benefits customers by giving them access to compelling deals they could not get elsewhere; it helps suppliers achieve their sales and marketing goals; and it increases gross profit per transaction for Expedia. <\/p>\n
\t\t“Our objective over the past year has been to diversify our business to become a major seller of everything travel, including air, hotels, car rentals, vacation packages and cruises,” Barton said. “Through technology and inventory innovations, we are accomplishing that goal.” <\/p>\n
\t\tRecent updates in Expedia lodging will make it even easier for travelers to find the right choice. Now, a search from the home page will provide travelers with more prominent links to hotels on a map and to condos, villas and apartments (when available). The first to provide an integrated view of hotels on a map, Expedia has updated the hotel map service to show hotel availability at a glance. <\/p>\n
\t\tAbout Expedia, Inc.<\/p>\n
\t\tExpedia, Expedia.com, and the airplane logo are either registered trademarks or trademarks of Expedia, Inc. in the United States, Canada and\/or other countries. Microsoft and MSN are either registered trademarks or trademarks of Microsoft Corporation in the United States and\/or other countries. Other products and company names mentioned herein may be trademarks of their respective owners.<\/p>\n
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\t\tExpedia, Expedia.com, and the airplane logo are either registered trademarks or trademarks of Expedia, Inc. in the United States, Canada and\/or other countries. Microsoft and MSN are either registered trademarks or trademarks of Microsoft Corporation in the United States and\/or other countries. Other products and company names mentioned herein may be trademarks of their respective owners.
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