General Question

How does Priceline.com work?
I was researching a trip to Paris and I checked out Priceline.com ..Rooms near the Eiffel tower usually range from 200–500$ a night. But on the “bid now” portion of priceline.com it says it can book a 4 star hotel near the Eiffel tower for $90 a night? Also when do they let you know which hotel they got for you?
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