11:54 AM EDT, 07/30/2024 (MT Newswires) -- Booking Holdings' ( BKNG ) Booking.com unit has been fined roughly 413.2 million euros ($446.6 million) by Spain's competition commission for allegedly "abusing its dominant position" since at least Jan. 1, 2019, the regulator said Tuesday.

The unit imposed "unfair" trading requirements on hotels and blocked competition from other online travel agencies in Spain, the regulator said. The commission initiated proceedings against company in October 2022.

The commission said it imposed two fines on Booking.com of 206.6 million euros "for each of the single and continuous infringements of abuse of a dominant position."

The regulator found that Booking.com implemented a price clause that stops Spanish hotels from offering their services on their websites below the price they offer on Booking.com's website.

The commission said that "the unfair trading conditions prevent hotels from offering cheaper prices for their rooms on their own websites, while Booking.com reserves the right to lower the room price published by the hotel on Booking.com."

"We strongly disagree with the outcome" of the commission's investigation and "intend to appeal this unprecedented decision," Booking.com said in an emailed statement to MT Newswires.

"We offer accommodation partners support programs such as our Preferred Plus and Genius that they can opt into," Booking.com said. The commission's decision "does not take this into account, adding to a lack of consistency for consumers and accommodation partners in Spain, against a global backdrop," the statement said.

Shares of Booking Holdings ( BKNG ) fell 0.6% in recent trading Tuesday.

Price: 3732.40, Change: -22.73, Percent Change: -0.61