Before it had a famous web address, this company was a phone number: 1-800-96-HOTEL. David Litman and Robert Diener started it in Dallas in 1991. They bought rooms from hotels ahead of time, in bulk and at a discount, then resold them to travelers. When it went public in February 2000 as Hotel Reservations Network, it had deals with about 1,500 hotels in 40 markets. The web was turning a call center into a booking site.

A Toll-Free Number in Dallas

Litman and Diener's trick was to take on risk. They committed to blocks of rooms in busy cities, so hotels gave them lower rates. Travelers called the 800 number and got a deal. Moving the business to the web cut the cost of each booking. In 1999 USA Networks, the company behind Home Shopping Network and Ticketmaster, bought the business. The founders stayed on to run it.

A Parent Buys It Back

Hotel Reservations Network sold 5.4 million shares at $16 in February 2000, under the ticker ROOM. USA Networks kept most of the company. The stock closed its first day at $26. In 2002 the company renamed itself after its best asset, Hotels.com. In 2003 its parent, by then called USA Interactive, bought the rest of the shares in a stock deal worth about $1.1 billion. The brand now belongs to Expedia Group.

Cover: Entrance to the Savoy Hotel, Joseph Pennell. Art Institute of Chicago, public domain. Chosen for a grand hotel entrance.