Phuket-based hotel booking site sells for US$25mn

PHUKET: Blair Speers, founder of the Phuket-based hotel booking website, sold the company to Indian online travel agency (OTA) for US$25 million (over 760mn baht).

Mr Speers, a resident of Phuket for the past 20 years, founded in 1999. reportedly paid US$15mn in both cash and shares upfront, with the remaining US$10mn to be paid in MakeMyTrip shares over three annual installments, to be paid in full by 2016.

Experts assess that is trying to spread their net beyond the Indian market, which has seen profits fall in the third quarter by 25 per cent.

The losses are largely due to the current economic situation and the poor performance of domestic airlines, said CEO Deep Kalra.

The buy-out of is seen as part of’s business strategy of increasing its profile in the hotel and holiday industry in South East Asia, as well as its home market. currently has tie-in deals with some 80,000 hotels world-wide.

Phuket News
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