Online travel company Webjet Limited (ASX:WEB) will form a new hotel focused venture to be based in Dubai.
The business called Lots of Hotels, will be a wholly-owned subsidiary and will launch a hotel aggregation platform that gathers hotel rooms on sale to be marketed to Dubai, Turkey and Saudi Arabia who are seeing a growth in tourism numbers.
Lots of Hotels will require $1.5 million investment from Webjet and is expected to generate about $20 million in first full year total transaction value.
In the first half of the 2012 financial year Webjet generated a net profit of $5.9 million.
