Shares jumped after Marriott International (MAR) announced a partnership with TripAdvisor. Towards the end of the summer, TripAdisor users will have the ability to book hotel rooms from Marriott's vast network of 4,200 properties within the TripAdvisor Instant Booking site.
"We welcome Marriott to the Instant Booking platform, which provides travelers with a new, simplified booking functionality and an opportunity for Marriott to expand its relationship with guests before, during and after the trip," said Stephen Kaufer, president and CEO of TripAdvisor.
TripAdvisor's Instant Booking service debuted in June of last year and said is slowly adding overseas locations to the platform. During its first-quarter earnings report, TripAdvisor saw some 340 million unique visitors per month, per data from Google Analytics.
"TripAdvisor is a perfect partner for Marriott, both strategically and culturally," said Arne Sorenson, CEO and president of Marriott International. "Our new agreement demonstrates how the growth strategies for our two companies are aligned in the travel space.'"
The analysts at Raymond James maintain a market perform rating on TripAdvisor. Piper Jaffray analysts hold an overweight rating, while Oppenheimer & Co. have an outperform rating. Of the analysts who cover the stock, 65.5% maintain hold ratings, 24.1% maintain a buy and just 10.3% hold a sell rating, according to Bloomberg data.
TripAdvisor stock has returned over 17% since the start of the year, with a market capitalization of $12.6 billion. Shares of Marriott International fell 1.3% for the year to date with a $21.2 billion valuation.