Marriott International and Expedia Group have finalized a new multi-year contract, following the expiration of a previous agreement between the pair in November.

In a joint statement, Expedia and Marriott said, "The agreement continues Marriott's long-standing distribution arrangement with Expedia Group for transient bookings, expands Expedia Group's role related to the Vacations by Marriott leisure packaging platform, and leverages Expedia Group's technology capabilities for an innovative distribution arrangement beyond transient retail bookings expected to launch in the fourth quarter." 

The companies said they "have reached mutually beneficial economic terms that advance each company's strategic objectives."

The companies did not provide details on the new contract's commission rate. Analysts had predicted that Marriott -- which is widely believed to have been paying Expedia a 12% commission -- would aim to reduce fees to 10%.

The deal between Marriott and Expedia is the first since Marriott acquired Starwood in 2016.

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