NOS Nieuws•gisteren, 23:35
The internet company for hotel bookings Booking.com expects a fine of 490 million euros from the Spanish competition watchdog CNMC. This is evident from the quarterly figures presented by Booking.com’s parent company.
A spokesperson for the company tells the Financieele Dagblad that the fine has not yet been imposed, but that it is known that it is coming.
In 2022, the Spanish regulator announced an investigation into Booking.com. CNMC suspected that Booking.com was abusing its dominant position, which would affect hotels and travel organizations in Spain. That investigation followed two complaints from the Spanish Association of Hotel Managers and the Madrid Hotel Association.
At the end of last month, the company also suffered a financial setback. The court in The Hague ruled that the travel website had to join a pension fund for the travel industry.
The company opposed it because it sees itself as an internet company. The court ruled that the site for booking accommodations and hotel stays is primarily an online travel agent. As a result of that statement, the company still has costs of 255 million euros, as can be read in the figures.
Due to both setbacks, quarterly profit fell by 82 percent compared to a year earlier. The profit now amounted to more than 205 million euros.
2024-02-22 22:35:43
#Travel #website #Booking.com #expects #fine #millions #Spanish #competition #watchdog
