CNG Travel buys PlacesToStay for $12.5m

KENMARE-based CNG Travel snapped up a US hotel bookings company as part of its expansion plan.

CNG Travel, which floated on London's Alternative Investment Market earlier this year, said it would pay out $12.5 million (€10.1m) for PlacesToStay (PTS).

PlacesToStay owns eight websites that allow customers to book hotel rooms across the world. CNG said it is the fourth largest hotel room distributor business with access to over 5,000 destinations in 140 countries.