Alibaba Group Holding Ltd (BABA - Get Report) and Marriott International Inc (MAR - Get Report) announced a joint venture that will let Chinese travelers book rooms at the hotel company's 6,200 worldwide properties through Alibaba's travel service website and app, the companies announced Monday.
Alibaba said the deal is aimed at providing travel solutions for China's growing middle class. China's travelers are expected to take an estimated 700 million trips over the next five years, Alibaba said.
Users of Alibaba's Fliggy travel booking service will be able to pay using the company's Alipay smartphone payment platform both at home in China and abroad at Marriott properties, which also include Courtyard, Ritz-Carlton and Sheraton brands.
Marriott stock traded up 3% premarket Monday ahead of the Maryland-based company's second quarter earnings expected after the bell. Alibaba stock closed flat Friday.
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