FBR survey points to soft Priceline hotel numbers (updated)

|About: The Priceline Group Inc. (PCLN)|By:, SA News Editor

An FBR survey found Booking.com's (PCLN -0.8%) hotel count has fallen since the end of Q1, and that the site's net adds have come solely from vacation rentals.

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.