Priceline Group renamed itself to Booking Holdings Inc. on Wednesday to better reflect its growing portfolio of brands in addition to highlight booking.com, the underlying driver of its business, according to CEO Glenn Fogel.
Fogel told CNBC in which booking.com has more than 1.5 million properties in addition to generates more than 1 million bookings per day. “in which helps change the perception of what our overall company is usually … through Priceline to a much more global brand,” said Fogel.
While booking.com is usually well known in Europe in addition to elsewhere, Fogel is usually betting in which a change to the company’s parent name will increase its brand awareness inside U.S.
“We’re better known outside the U.S. than inside the U.S. By changing the parent name, we expect people inside U.S. will have better awareness of all the different things in which what we do,” said Fogel.
Rebranding is usually also part of Fogel’s strategy to effectively market the company’s diverse offerings in which go beyond hotel rooms.
“We want to have a name aligned with all the different things in which we do. We are at in which point doing things in which enable people to book hotels, homes, apartments, rental cars, flights, dinner reservations. Booking Holdings unifies all of these different things,” Fogel said.
Booking Holdings currently has six brands: Booking.com, priceline.com, KAYAK, agoda.com, Rentalcars.com in addition to OpenTable.
yet why make the announcement at in which point?
“We’ve been thinking about in which for some time. in which is usually a brand new year. I have been inside CEO position at in which point for over a year. I felt like in which was the right time to do in which,” said Fogel.
The timing of the announcement comes as the broader online travel industry faces intense competition through Google, Airbnb in addition to traditional hotel operators.
Google has been criticized for using its dominant position inside internet to advertise its travel services while undercutting online travel players. At the same time, hotels are attempting to lure travelers to book directly on their sites by unveiling more attractive deals in addition to loyalty programs.
in which seems to be working. Marriott, Hilton in addition to Hyatt all posted higher bookings inside last quarter, despite higher room rates.
With competition on the rise, Booking Holdings, Expedia in addition to TripAdvisor in addition to others have been increasing their capital expenditure on marketing in addition to advertising to differentiate their brands in addition to expand their reach into brand new regions.
Increased costs, however, have weighed on profits, which in turn has contributed to the underperformance in online travel stocks.
Expedia earnings earlier in which month missed analyst estimates by a wide margin, prompting the stock to fall 15 percent. On the earnings call, Expedia CEO Mark Okerstrom said the year “did not end up as we had planned through a financial perspective.”
Investors are at in which point awaiting fourth quarter results through Booking Holdings, which reports results next Tuesday, when in which modifications its stock symbol to BKNG.