Hopping into the business-to-business fray are two more online procurement exchanges, one to supply the hotel industry and the other for the specialty-metals marketplace.
As in other industries, the hotel venture marries fierce rivals,
and privately held
in this case, while eight competing specialty-metals companies have united in the other.
Marriott, the No. 2 lodging company in the world behind
Starwood Hotels & Resorts
, and Hyatt aim to get a piece of the booming hotel-supply industry with their venture, which has yet to be named but will be formed later this year. Though the two companies plan to serve other hotel chains, in addition to restaurants and perhaps hospitals, they already account for about 10% of the $50 billion hotel-supply business in the U.S.
Competition for the hoteliers' exchange, to be based in the Washington, D.C. area, includes
Marriott, based in Bethesda, Md., and Hyatt, based in Chicago, have selected e-commerce service provider
to power the site. The company is based near Orlando, Fla.
Merrill Lynch acted as Marriott's financial advisor.
Shares of Marriott closed Monday trading at 33, up 1, or 3%. (Marriott closed Tuesday trading up 1/4, or 0.8%, at 33 1/4.)
, the metals exchange, has been developed to buy, sell and distribute aluminum, stainless steel and other metals, according to
The Wall Street Journal
Participants in the exchange include aluminum makers
Reynolds Aluminum Supply
, a division of
; stainless steel manufacturers
North American Stainless
; brass and copper producer
; and distributors
Vincent Metals Goods/Atlas Ideal Metals
, a unit of Toronto's
Thyssen Inc. North America
, a division of Germany's
All the companies will be equal partners as they try to grab a slice of the $200 billion specialty market pie, giving metal trading sites
a run for their money.