First Choice in for Laterooms
TRAVEL and tour operator First Choice today snapped up online hotel booking site Laterooms.com for an initial £108 million from private equity firm ECI Partners.
But First Choice, which is a takeover target by rival MyTravel, could end up paying another 12m over the next three years depending on its performance.
Laterooms booked 1.1 billion worth of hotel accommodation in 2004 - a figure which is expected to increase 21 per cent year on year to 3.4bn by 2008.
Peter Long, chief executive at First Choice, said: "Operating in a high growth sector, we see considerable opportunity to increase Laterooms' future profitability even further."
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