Marriott, Hyatt to form hotel exchange

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Internet procurement mania has hit the lodging industry. Marriott International Inc. and Hyatt Corp. are to start an independent procurement exchange for hotels. The exchange, slated to launch later this year, will allow hotels to buy everything from towels, to ice machines to furniture. Washington-based Marriott and Chicago-based Hyatt are searching for a CEO for the as-yet-unnamed exchange. Financial details were not disclosed.
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