State Loan for KAYAK as HQ Moves to Stamford
Online travel site KAYAK will move its headquarters to Stamford, with the help of a $2.5 million state loan. KAYAK is already headquartered in Norwalk, Connecticut, and was recently acquired by the state's other online travel giant, Priceline.com.
Now KAYAK, which is still operating under its own name, says it will move its headquarters to Market Street in Stamford. It will renovate a facility, investing $5 million, and bringing 40 jobs to the city. In return, it's been promised a $2.5 million low-cost loan from the state.
KAYAK says it will increase its employment in coming years, adding another 50 positions. DECD commissioner Catherine Smith says it was important for the state to take a role in KAYAK's relocation, because the company could have chosen a site outside Connecticut.
The funding for the loan is expected to be approved at this Friday's bond commission meeting. KAYAK was acquired by rival Priceline in a $1.8 billion deal.