(By Balaseshan) Avis Budget Group Inc. (NASDAQ: CAR) said it has signed an exclusive concession and marketing agreement establishing Avis Car Rental and Budget Car Rental as "official rental car partners" of PortAventura, Spain's most-visited theme park and resort.
As part of the new, multi-year agreement, Avis Budget Group will provide on-site access to late-model vehicles at Hotel PortAventura.
In addition, the Avis and Budget brands will be featured on PortAventura's official website where visitors can enjoy money-saving offers on rental vehicles. Avis and Budget customers will benefit from exclusive offers and discounts on park admission and hotel stays.
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PortAventura, which is located in Salou, Catalonia, became Spain's first theme park when it opened in 1995. Since then it has expanded to include an aquatic park, three golf courses, four 500-room hotels and a convention center with capacity for 4,000 people.
PortAventura is the premier theme park in Spain in terms of revenues (nearly 175 million euros), visits (nearly four million) and profitability (27 million euros net profit), and one of the leading parks in southern Europe by number of visits. PortAventura also boasts the Shambhala, Europe's highest, fastest and longest-descending roller coaster.
"Aligning our trusted global brands with one of the Continent's leading attractions will provide our customers with a new convenient service location while advancing our strategic efforts to grow our share of cross-border travel spending," said Larry De Shon, president, Europe, Middle East and Africa, Avis Budget Group.
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CAR is trading down 0.32% at $18.85 on Tuesday. The stock has been trading between $10.39 and $19.33 for the past 52 weeks.