Industry Report Names Pegasus Systems' TravelWeb.com(R) the Largest Supplier of Hotel Reservations Industry Analyst PhoCusWright's Report Examines the Online Hotel Market
DALLAS, May 24 / Pegasus Systems, Inc.'s
PhoCusWright's rankings were based on estimated 1998 hotel revenues generated from room reservations booked on the top online travel reservations sites, including Microsoft's(R) MSN Expedia, Sabre's Travelocity and Preview Travel. Based on Pegasus' estimated $50 million in gross hotel revenues from TravelWeb.com room bookings, PhoCusWright reports that TravelWeb.com generated far more hotel bookings than any of its competitors.
In its report, titled Hotel and Hospitality: The Sleeping Giant of Internet Travel? PhoCusWright estimates that Internet hotel sales will more than double to $1.1 billion in 1999, and reach almost $4.0 billion in 2001. PhoCusWright predicts that Pegasus' TravelWeb.com will continue to hold its position as the leader in online hotel bookings.
Pegasus Systems' president and chief executive officer, John F. Davis III, said, "We're proud that we were able to lead the hotel industry to the Internet in 1994 with the launch of TravelWeb.com. Since then, we've been able to build the brand and hold a position of leadership in the industry, while still providing a very cost-efficient distribution channel for our hotel customers."
Launched in 1994, TravelWeb.com was the first Web site to provide online hotel reservations. TravelWeb.com provides travelers anywhere in the world with direct access to the central reservation systems of nearly 29,000 hotels to check room availability, shop for the best rates, and conduct secure online reservations on a real time, interactive basis. The TravelWeb.com site also includes airline flight reservations, hotel photos, maps, weather, currency conversion and special discount programs, making TravelWeb.com a perfect " one-stop" travel site for both leisure and business travelers.
In addition to operating TravelWeb.com, Pegasus Systems provides similar online hotel booking capabilities for other travel sites such as MSN's Microsoft Expedia, Preview Travel and TravelScape.com, as well as 31 hotel branded sites, including Hyatt.com and Sheraton.com.
Company Information
Pegasus Systems, Inc. (www.pegsinc.com) provides global electronic commerce and transaction processing solutions to hotels, travel agencies, meetings and convention planners, corporate travel departments and Internet businesses around the world. Pegasus' customers include nine of the 10 largest hotel companies in the world based on total number of guest rooms. Pegasus Systems has its headquarters in Dallas and offices in London. The company's stock is traded on the Nasdaq National Market under the symbol PEGS.
This news release contains statements relating to future results which are forward-looking statements regarding future events and the future financial performance of the company and for which no assurances can be made. It contains statements, findings, opinions and projections of PhoCusWright, Inc. and others which are solely their own and which have not been verified by and do not constitute statements of the company. Actual results may differ materially from those projected as a result of certain risks and uncertainties detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission.
Michael Brophy
(214) 234 4400
