Commercial real estate information provider CoStar and a group of luxury hotels have requested a U.S. judge to dismiss allegations that they colluded to keep room prices artificially high. The companies, including Hilton, Hyatt, and Marriott, have labelled the case as “fanciful” and deny any evidence of price-fixing. The lawsuit, filed in February, accuses the defendants of using CoStar’s Smith Travel Research (STR) reports to share prices, supply, and future plans, thereby allowing them to inflate prices in various cities. The defendants argue that the lawsuit is implausible and legally deficient, as the STR reports do not involve algorithms or pricing recommendations.
Source: reuters.com