USA Networks Inc said Wednesday that it has agreed to acquire Hotel Reservation Network, which provides discount hotel accommodations over the web. Financial terms of the deal were not disclosed. The transaction is expected to close in June and HRN will become an operating unit of USAi, with founders Robert Diener and David Litman remaining president and CEO, respectively.
HRN claims to be one of the fastest-growing hotel booking sites on the internet and says it offers discounts of up to 65% off published rates in over 600 hotels in 34 cities worldwide. The company’s web site is said to account for about 70% of its revenue. It also has partnership deals with more than 1,000 travel-related internet sites, which offer hotel rooms through HRN’s booking engine on a revenue-sharing basis.
