Booking.com says it will support changes put on it by regulators to amend hotel price agreements.
The Priceline Group-owned accommodation booking giant will "abandon its price, availability and booking parity provisions with respect to other online travel agencies".
The decision comes after recent pressure and rulings from regulatory bodies in Sweden, France and Italy.
CEO Darren Huston says:
"We welcome and encourage fair competition in the marketplace because competition drives innovation, efficiencies, and most importantly, greater value for consumers.
"We believe today’s decisions represent a continued, coordinated effort to promote competition in a way that supports innovation and encourages companies like ours to continue to invest in the capacity and technical solutions that ultimately result in more customers for our partners and more tourism across Europe and abroad."
Today, Sweden's Competition Authority issued a statement to outline how its work alongside counterparts in Italy and France will mean that Booking.com cannot insist on rate parity for properties featured on the site.
In short: Booking.com "may not require that the room prices that hotels offer on Booking.com are the same as or lower than the prices they offer via Booking.com's competitors".
There is one caveat as part of the agreement.
Booking.com says its "narrow Most Favoured Nation" agreements will continue, allowing it to offer the same rates and conditions as those on a property's own website.
The company says it will now implement the changes throughout Europe, not just in the areas where regulators have waded in.
It adds that it hopes its own commitments will now "set a tone for an industry-wide solution" in Europe.
Swedish Competition Authority’s director-general Dan Sjöblom, alongside his counterparts in France and Italy, Bruno Lasserre and Giovanni Pitruzzella, say in a statement:
"These new commitments limit Booking.com's use of price parity as part of its commission-based business model and substantially increase the hotels' margin for manoeuvre."
Read more: ANALYSIS: As rate parity falters, what OTAs and hotels may do next.
NB:Hotel monopoly image via Shutterstock.