Spain hits Booking.com with record €530 million fine

Friday, 23 Feb, 2024 0

Booking.com is facing a huge $530 million fine in Spain.

The Spanish National Markets and Competition Commission (CNMC) issued a draft decision over competition law violations.

Booking CEO Glen Fogel announced the proposed penalty during its earnings call this week.

“We could not disagree more with this draft decision and the arbitrarily large fines that they have proposed,” Fogel said.

Booking.com plans to appeal but it could take years.

Booking.com is the market leader in Spain for online accommodation bookings.

It comes as Booking.com faces action by EU regulators on the Digital Markets Act.

Last year the EU blocked Booking’s proposed takeover of eTraveli due to its competition concerns.

The company announced full-year net income of $4.3 billion, up 40%.

Booking.com’s short term rentals now make up a third of total room night bookings.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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