The rise of special purpose acquisition companies (SPACs) in online travel continues with the merger of HotelPlanner and Reservations.com, which plan to go public through the SPAC Astrea Acquisitions Corp.
The combined company, which is valued at an enterprise value of $567.1 million, will take the HotePlanner name and list on NASDAQ under the ticker symbol “HOTP.”
With Reservations.com, HotelPlanner, which also owns Meetings.com, will offer individual, group and corporate booking access to more than one million properties globally.
HotePlanner claims that, during the height of the pandemic in 2020, it only saw an estimated 23% decline in revenue. In 2021, it expects revenue to exceed 2019 revenue by 31%.
The combined company has a forecasted 2022 revenue of about $170 million and is expecting a three-year revenue CAGR (2020 to 2023) of about 42%.
The merger transaction will enable HotelPlanner to transform into a diversified hotel and event…