Alibaba is climbing after announcing a partnership with Marriott
Alibaba is trading higher by 3.31% at $158.40 a share following word the company is getting into the hotel booking business.
The Chinese e-commerce giant is partnering with Marriott to offer its Chinese customers easier access to hotels around the world. The partnership will list global hotel rooms from Marriott's various brands on Alibaba's travel platform "Fliggy," according to a news release. It will also link the two loyalty programs.
Shares of Marriott are up 1.49% on the news.
The two companies see the international travel market as a growing business in China as China's middle class expands, and more people seek "higher quality products and travel experiences."
The partnership benefits both companies. Alibaba gives its customers easy access to the global hotel market and bolsters its travel platform. Marriott gains access to Alibaba's platform, payment system, and large user base.
Alibaba is up 78.44% this year.
