HotandCo. has launched an online booking system using the reverse auction method. The Hong Kong-based company offers a Bid and Book service, whereby travelers propose room rates at their destination. Upon receipt of a proposal, the system sends an email to the registered hotels, which can accept, reject or send a counterproposal until they reach a reasonable price according to the occupancy forecasts. Initially the service is aimed at business and individual travelers looking for value in exchange for their money. For hotels it offers the opportunity to take advantage of an additional source of income. The main site and administrative software are ready; hotel subscriptions are being received to include in the database, and work is underway on extending reservations for tour operator and airline blocks.
