I can see how this is bad for Booking.com users (quality will likely go down) and current employees.

But it's a good thing for a lot of people from third world countries that Majorel will inevitably hire: what might be a bad salary for this person from France is likely a great deal for the places where this jobs go.

So, from a bystander viewpoint — is this ethically a bad thing? People from poor countries out-competing their counterparts from developed countries? I'm not sure.