The hotel product is increasingly being sold electronically, and price has been identified as one of the key motivators for encouraging customers to purchase online. This study represents the first significant investigation of the electronic pricing strategies of the major international hotel companies, and analyzes the rates offered by hotels across five of the major online distribution channels. Key findings include that hotel brands currently use multiple simultaneous routes to the marketplace, and that the rates offered over these routes have to a large extent become equal. However, significant differences can be observed depending on the market segment being serviced by the brand, with direct online channels being consistently cheaper for economy and mid-priced properties and online GDS-based intermediaries offering the best value at the luxury end of the market.