The firm adds Priceline could see its per-property productivity get pressured, and that its findings back up the notion its core hotel business is maturing.
Priceline saw a 32% Y/Y increase in hotel room-night growth in Q1. But that growth rate is lower than the figure posted for any quarter in 2012 or 2013.
Also: Priceline is guiding for its total Y/Y bookings growth to fall to 22%-32% in Q2 from Q1's 34.2%. However, the company has a history of guiding conservatively.
Update (12:45PM): FBR has backtracked on its report, and now says hotel count is up Q/Q.