Distribution Darwinism: Can Hotel Wholesalers Survive the Age of AI?

Hotel wholesalers remain embedded in global travel distribution but face an existential reckoning. I had asked the question 10 years ago as to whether “wholesalers are on their path to extinction” – and I thought it is worth checking in again on what has happened in the last 10 years and what might come next!

Despite representing only, a small single‑digit share of global hotel bookings —far smaller than commonly perceived—these B2B intermediaries generated over tens of billions of dollars in annual transaction volume and proved resilient through the pandemic.

The industry’s two dominant players, HBX Group (Hotelbeds) and WebBeds, reported strong double‑digit growth in 2025, and HBX’ February 2025 IPO at a €2.84 billion valuation signalled continued investor confidence.

Yet structural forces—AI-powered booking agents, aggressive OTA B2B expansion, and direct booking momentum—threaten to fundamentally reshape or marginalise the wholesaler model again. Hotels must understand this channel’s true economic contribution, evolving risks, and trajectory to optimise distribution strategy.

The wholesaler channel’s actual market contribution is substantially smaller than industry perception suggests, but understanding its true impact requires proper segmentation of all distribution channels. From a definition perspective, direct bookings are those made directly with the hotel through its website, phone, email, or walk-ins—not through any intermediary. All other channels are intermediated distribution.

Europe’s distribution breakdown (2023 data):

Based on D-EDGE analysis of nearly 5,000 independent hotels and small groups, Europe’s online distribution mix shows:

• Direct bookings: 29% of online revenue (hotel website, phone, email—excluding offline channels like walk-ins which aren’t captured in online distribution data)
• Booking Holdings (Booking.com, Agoda, Priceline): 43% of online revenue
• Expedia Group: 13% of online revenue
• Other OTAs: 4% of online revenue
• Wholesalers/bedbanks: 5% of online revenue
• Other channels (GDS, tour operators, niche platforms): ~6% of online revenue

This clarifies that while wholesalers represent only 5% of European online booking revenue, they operate within a distribution landscape dominated by OTAs at 60% combined. The HOTREC study’s finding that wholesalers account for just 0.7% of total overnight stays reflects the difference between online booking revenue (where wholesalers have 5% share) and total hotel stays (which includes substantial offline/walk-in business, group bookings, and corporate direct contracts that don’t flow through digital channels).

Asia-Pacific distribution breakdown (2023 data):

The Asia-Pacific market shows dramatically different competitive dynamics:

• Direct bookings: 32% of online revenue—higher than Europe
• Traveloka Group: 19% of online revenue (strong in Southeast Asia)
• Booking.com: 15% of online revenue
• Agoda: 11% of online revenue
• Expedia Group: 7% of online revenue
• Other OTAs: 3% of online revenue
• Wholesalers/bedbanks: 1% of online revenue
• Other channels: ~12% of online revenue

Wholesaler penetration in Asia-Pacific is significantly lower at 1% of online booking revenue, with relevance concentrated in Japan (inbound tourism), Southeast Asia package holidays, and Chinese outbound group travel. The higher direct booking percentage (32% vs. 29% in Europe) reflects strong domestic OTA ecosystems and mobile-first booking behaviour in markets like China, India, and Southeast Asia.

Americas market (data more limited): Wholesaler dependency is lower still, estimated at 2-3% of online booking revenue, with concentration in:

• Florida and Caribbean resort destinations (high international inbound)
• Las Vegas and major convention cities (group/FIT business)
• South American markets where tour operators remain dominant distribution channel

The confusion between “direct” and “indirect” bookings stems from inconsistent industry measurement. Some reports classify paid metasearch traffic (Google Hotel Ads, Tripadvisor) that converts on a hotel website as “direct”—but economically, a booking that costs 10-15% in metasearch commission behaves more like an OTA booking than a true organic direct booking. For wholesaler analysis, the critical distinction is:

• True direct: Guest books via hotel website/phone/email with no intermediary payment
• OTAs: Guest books on Booking.com, Expedia, Agoda, etc. (B2C platforms)
• Wholesalers/bedbanks: Hotel inventory sold to B2B partners (travel agents, tour operators, airlines, TMCs) who resell to consumers
• GDS: Corporate travel bookings through Amadeus, Sabre, Travelport
• Other third-party: Metasearch platforms where conversion happens on third-party site, alternative accommodation platforms

Hotel segment analysis reveals stark dependency differences:

Direct booking performance varies dramatically by star rating, but this doesn’t tell us wholesaler dependency specifically—it shows total third-party channel reliance:

Segment	Direct (Europe)	Indirect (Europe)	Direct (Asia)	Indirect (Asia)
Luxury (5-star)	38%	62%	56%	44%
Upscale (4-star)	31%	69%	29%	71%
Midscale (3-star)	24%	76%	27%	73%
Economy (2-star)	18%	82%	10%	90%

Within the “indirect” percentages above, wholesalers represent approximately:

• Luxury/upscale: 6-8% of total bookings (higher international guest mix, package inclusions)
• Midscale: 4-6% of total bookings
• Economy: 2-4% of total bookings

Economy and midscale properties show lowest direct booking rates (18-24% in Europe, 10-27% in Asia), but the bulk of their indirect business flows through OTAs, not wholesalers. Independent hotels globally maintain direct-to-total-indirect ratios of approximately 1:2 to 1:3, with OTAs capturing 50-60% of bookings and wholesalers only 3-7%.

International vs. domestic traveller patterns drive wholesaler relevance:

The wholesaler channel’s value concentrates in international inbound tourism. In Europe, international travellers generate 69% of online booking revenue but show dramatically different channel preferences:

• International travellers: Only 23% book direct, 77% use intermediaries (predominantly OTAs, with wholesalers at 6-8% of international bookings)
• Domestic travellers: 40% book direct, 60% use intermediaries

This 17-percentage-point gap in direct booking rates between international and domestic guests explains why wholesalers maintain relevance despite small overall market share—they specialise in connecting international travellers through trusted intermediaries in source markets (tour operators, travel agents) rather than competing for domestic leisure traffic where OTAs dominate.

The wholesaler business model underwent radical transformation from 2015 to present, evolving from manual, fax-based operations to sophisticated API-driven platforms. This evolution occurred through three interconnected shifts: technology modernisation, consumer-adjacent business models, and dynamic pricing adoption.

Technology transformation accelerated dramatically after 2016. The landmark Hotelbeds-AccorHotels partnership in October 2016 enabled dynamic rates through API connectivity, allowing Accor to yield rates based on supply and demand while maintaining wholesale agreements. Hotelbeds launched its comprehensive APItude API suite in 2017, reducing integration time for partners. By 2020, COVID-19 forced rapid cloud migration—HBX Group became fully cloud-native, processing millions of daily searches with sub-second response times. Today, major bedbanks integrate with 200+ channel managers (Hotelbeds) and maintain direct API connectivity with hotel property management systems.

The B2B to B2B2C evolution transformed wholesalers from pure inventory suppliers into technology platform providers. Traditional wholesalers sold exclusively to tour operators and travel agents with no consumer visibility. Today’s model encompasses:

• White-label solutions enabling partners to brand and sell inventory directly to consumers
• Multi-channel distribution through B2B, B2B2B, and B2B2C pathways
• Consumer-facing brands like Hotelopia.com (operated by Hotelbeds)
• API-first platforms powering airline booking engines, bank travel portals, and loyalty program redemption sites

Pricing arrangements shifted fundamentally from static to dynamic models. The traditional net rate model—hotels providing fixed wholesale prices 6-12 months in advance, typically 20-30% below Best Available Rate—created rate leakage opportunities when contracted rates fell below market. Dynamic pricing implementation, pioneered by the Hotelbeds-Accor partnership, enables real-time rate adjustments based on demand. This requires direct PMS/CRS connectivity rather than extranet-based rate loading.

The merchant versus agency model distinction also evolved. Under the merchant model, wholesalers purchase inventory at net rates, add markup, and process customer payments—bearing inventory risk but controlling pricing. The agency model, pioneered by Booking.com, passes reservations to hotels with commission payment, keeping hotels in control of pricing. Hybrid approaches now dominate, with Expedia introducing “sell-rate models” for B2B distribution that give hotels greater price control while maintaining wholesaler distribution reach.

Rate leakage and transparency concerns have not diminished—they have evolved in complexity while remaining among hotels’ top distribution challenges. According to 2025 Expedia Group research surveying over 2,000 hoteliers across eight countries, 98% report losing revenue to rate leakage, with average annual revenue loss of 6% (rising to 7% for large chains). Hotels spend an average of $40,100 annually managing B2B distribution, with 77% reporting high or medium time-cost burden from rate integrity management.

The leakage mechanism operates through complex distribution chains. Hotels provide contracted net rates to wholesalers under agreements that rates will be bundled into packages and sold through B2B channels only. In practice, 40-50% of wholesale inventory intended for opaque distribution leaks to public consumer-facing channels according to Fornova CEO Dori Stein. The chain typically flows: Hotel → Wholesaler → Sub-distributor → Non-contracted OTA → Metasearch → Consumer, with each party adding margin while the hotel’s rate appears publicly below direct booking prices.

Booking.com’s “Booking.basic” program, launched in 2019, institutionalised this dynamic by explicitly sourcing third-party wholesale rates to undercut hotel direct prices. This represented a watershed moment—OTAs openly leveraging wholesale rates rather than maintaining the fiction of separate distribution channels.

New challenges beyond traditional rate leakage have emerged:

• Data privacy and guest ownership: OTAs mask guest emails and share minimal data, preventing direct relationship building
• Loyalty programme cannibalisation: Booking.com Genius and Expedia OneKey compete directly with hotel programmes using commission-funded member discounts
• AI-powered pricing arbitrage: Automated rate shopping by OTAs instantly identifies and exploits rate gaps
• Brand dilution: Guest experiences become disconnected from hotel identity when booked through intermediaries

Hotels and wholesalers have responded with technology solutions (Lighthouse Parity Insight, RateGain Parity+, Triptease), stricter contract terms, and compliance monitoring teams—Hotelbeds tripled its monitoring staff and implemented “zero-tolerance” policies. Yet industry professionals remain pessimistic.

The consensus view treats rate integrity as an ongoing management challenge requiring constant vigilance—a “game of whack-a-mole” rather than a solvable problem.

The competitive dynamics between wholesalers and OTAs reflect distinct business models serving partially overlapping markets. OTAs dominate consumer acquisition—Booking Holdings captured $166 billion in gross bookings in 2024 with 1.1 billion room nights—while wholesalers specialise in B2B distribution to travel intermediaries. However, this separation is eroding as OTAs aggressively expand into wholesaler territory.

Expedia Partner Solutions represents the most direct threat. The division delivered 17% booking growth versus 1% for Expedia’s consumer business in Q2 2025, demonstrating the strategic value OTAs see in B2B. Expedia’s B2B EBITDA margin of 22.8% substantially exceeds its B2C margin of 11.1%, providing strong financial incentive for continued expansion. The platform serves 70,000+ partners and 160,000+ affiliated travel agencies, including Chase Travel ($11.3 billion in sales), American Express, and major airlines.

Booking Holdings’ February 2025 announcement consolidating Booking.com, Priceline, and Agoda partnership teams into a single B2B division signals increased commitment to wholesaler competition. Key partners include Citi Travel, Apple, Microsoft, American Airlines, Southwest, Lufthansa, Air France/KLM, and Emirates. While Skift Research estimates Booking’s B2B remains “likely half the size of Expedia’s,” the consolidation eliminates internal competition and positions for accelerated growth.

Wholesaler differentiation strategies focus on capabilities OTAs cannot efficiently replicate:

• Inbound tourism specialisation: Connecting hotels with international travellers through tour operators and offline travel agents in source markets
• Package and dynamic bundling: Combining hotels with flights, transfers, activities into compelling packages—Hotelbeds offers 16,000+ activities alongside accommodation
• Group booking expertise: Conference, event, and large group travel requiring complex coordination
• Long-tail channel access: Reaching the thousands of small travel agencies, corporate travel managers, and regional tour operators that cannot justify direct hotel integrations
• Payment reliability: Lower fraud risk and chargebacks compared to direct consumer transactions

Hotels continue working with wholesalers because of incremental demand from unreachable segments, base building during need periods, connectivity efficiency (single connection to thousands of resellers), and reliable payment. Hotelbeds guests typically book earlier with longer stays and lower cancellation rates than OTA bookings—valuable characteristics for revenue management when it works as planned

The hotel wholesaler landscape consolidated dramatically between 2016-2018, creating a highly concentrated market dominated by two global leaders.

HBX Group (Hotelbeds) emerged as the market leader following its 2016 separation from TUI and acquisition by Cinven and Canada Pension Plan Investment Board for €1.165 billion. The transformative 2017 acquisitions of Tourico Holidays (U.S. market strength) and GTA/Gullivers Travel Associates (Asia-Pacific and Middle East coverage) created a global powerhouse. In early 2025, HBX launched an IPO on the Spanish stock exchanges targeting proceeds of around €725 million, reporting 2024 revenue of €693 million and EBITDA of €363 million, with some market sources indicating an implied valuation in the region of €5 billion. HBX Group now operates 250,000+ hotel partnerships, serves 60,000+ travel distributors across 191 countries, and processes 46 million room nights annually. The company’s brand portfolio includes Hotelbeds, Bedsonline, Roiback (direct booking technology), and TravelStack (airline solutions).

WebBeds, owned by Australian publicly-traded Webjet Limited, represents the primary challenger. Built through acquisitions of JacTravel (2017, £200 million), DOTW-Destinations of the World (2018, $173 million), Totalstay, Sunhotels, FIT Ruums, and Lots of Hotels, WebBeds now claims 500,000+ hotel properties—surpassing Hotelbeds in inventory breadth. The company serves 50,000+ travel buyers across hundreds of source markets with particular strength in Europe and Asia-Pacific.

Major global, regional and specialist players include:

Parent Group	Primary B2B Subsidiaries / Brands	HQ	Distinctive Position
HBX Group (formerly Hotelbeds)	Hotelbeds, Bedsonline, Roiback, Hotelopia, HolidayTaxis	Spain	Global Leader: Controls ~60% of the independent bedbank market. Fully integrated GTA and Tourico legacy inventory.
WebBeds (Web Travel Group)	JacTravel, Sunhotels, DOTW, FIT Ruums, Lots of Hotels, UmrahHolidays	Australia / Global	#2 Globally: Fastest-growing mid-market player with deep regional strength in the Middle East and Asia-Pacific.
Yanolja	Go Global Travel (Yanolja Go Global), Stuba, HPro Travel	South Korea	New Powerhouse: Massive tech-driven expansion; acquired Go Global Travel and Stuba to dominate the B2B tech-wholesale bridge.
Emerging Travel Group	RateHawk, ZenHotels, Ostrovok	UAE / USA	Growth Leader: RateHawk is the top choice for modern agents; $3.7B GTV in 2024 with 2.6M+ accommodations.
TBO.com	TBO Holidays, PrioHub	India	MEA/India Dominant: The primary B2B gateway for the Indian subcontinent and Middle East; 1M+ hotels.
Dida (formerly DidaTravel)	Dida, didago	China	China/APAC Leader: The #1 B2B player in the Chinese outbound market with massive expansion into Europe and the US in 2024.
Expedia Group	Expedia Partner Solutions (EPS)	USA	Inventory King: Access to 700,000+ properties; primary “backfill” supplier for thousands of smaller OTAs.
Booking Holdings	Booking.com B2B (for Business), Agoda (B2B)	Netherlands	Global Reach: Aggressive 2025 expansion of B2B API services to compete directly with EPS and HBX.
dnata (Emirates Group)	Yalago, Priohub	UAE	Leisure Specialist: Focuses on high-margin leisure/resort inventory in the Indian Ocean, UAE, and Mediterranean.
Iberostar Group	W2M (World2Meet), W2M Pro	Spain	Mediterranean Power: Strategic focus on Iberostar-heavy regions and high-volume leisure destinations.
Ávoris (Barceló Group)	Welcomebeds, Welcome Incoming Services	Spain	Iberian Leader: Dominant in Spain and Portugal; merged with Globalia (Travelplan) to become a regional vertical giant.
Alpitour World	Jumbo Tours Group	Italy	European DMC Specialist: Strongest in Italy, North Africa, and the Caribbean; heavy focus on ground services.
Grupo Hotusa	Restel, Keytel	Spain	Hybrid Giant: Manages distribution for 4,000+ independent hotels; leading wholesaler in the Iberian market.
Travel Designer Group	RezLive.com, RezTez	India / UAE	Specialist: Major B2B player in South Asia and Southeast Asia; highly awarded for agent technology.
Internova Travel Group	Bonotel, Travel Leaders Network	USA	Luxury North America: The go-to wholesaler for high-end US/Canadian luxury hotel contracts.
Flight Centre Group	GoGo Vacations, FCM, Corporate Traveler	Australia / USA	Retail-Wholesale Synergy: Primarily serves internal Flight Centre brands but maintains massive US B2B market share.
H.I.S. Co., Ltd.	Miki Travel	Japan / UK	Japan/Europe Bridge: The oldest specialist for Japan-Europe inbound/outbound travel (est. 1967).

Other Notable Independent & Regional Specialists

• MG Group (Indonesia): The leading B2B “Hospitality Marketplace” for Southeast Asia (specifically Indonesia, Malaysia, and Philippines).

• Travco (UK): Independent, family-owned European specialist. Highly regarded for “static” (pre-negotiated) rates and reliability in Europe.

• Nuitee Travel (Ireland): An “API-first” wholesaler focusing on high-speed technology and acting as the “Stripe of travel” for new OTAs.

• GRNconnect (Aman Travels – India): A major global aggregator with a massive presence in the Indian B2B market.

Private equity shaped the industry’s consolidation. Cinven, EQT, and CPP Investments backed HBX Group; Vitruvian Partners sold JacTravel to WebBeds; Gulf Capital exited DOTW. The HBX Group IPO marked the first major public market exit, establishing sector valuation benchmarks and providing capital for continued technology investment.

Hotel wholesalers face a pivotal inflection point where robust near‑term growth coexists with mounting long‑term threats from direct distribution, OTAs, and new tech channels. The sector’s immediate trajectory remains positive, with leading bedbanks reporting strong double‑digit volume and revenue growth in 2025, particularly in Asia‑Pacific and Latin America, even as structural pressures begin to reshape traditional bedbank models.

Growth opportunities concentrate in specific areas:

1. Geographic expansion: Growth opportunities are concentrated in specific areas: Asia‑Pacific and Latin America stand out as the fastest‑growing regions in bedbank and online travel revenues, while China, India and Southeast Asia still have large offline agency segments where wholesalers’ aggregated inventory, credit and packaging capabilities add clear, defensible value
2. AI-ready infrastructure: Wholesalers with fast, comprehensive APIs could position as efficient shopping layers for AI agents. Hotelbeds’ APItude claims sub-1-second response times—potentially competitive for AI agent integration requiring rapid inventory access.
3. Ancillary bundling: Experience-led travel favours package creators. Hotelbeds’ expansion into transfers, activities, and car rentals diversifies beyond room-only distribution.
4. Corporate and group travel: Complex bookings requiring coordination resist automation, maintaining intermediary value for TMCs and event planners.

Existential threats warrant serious strategic attention:

AI and agentic booking represent the most disruptive force. McKinsey and Skift project that by 2026, 54% of travellers will use AI agents for trip planning, with Google launching “agentic booking capabilities” in November 2025. The critical strategic question: Will AI agents prefer aggregators (wholesalers) for shopping efficiency or direct supplier connections for lowest prices? Analysis suggests likely bifurcation—AI connecting directly for major chains with good APIs while using wholesalers for long-tail properties, complex packages, and markets with weak direct booking infrastructure.

Expedia’s Optimised Distribution programme directly targets wholesaler relationships. IHG Hotels joined as a “preferred redistributor,” with Expedia offering 70,000+ B2B partners access through its Rapid API serving 750,000+ properties. Expedia explicitly positions against wholesalers: “The wholesale distribution market is inefficient and expensive. Expedia Group’s Optimised Distribution programme resolves these challenges.”

Direct booking momentum continues eroding the relative share of third‑party channels, with Skift Research projecting that by 2030 direct digital channels will generate $409 billion in hotel bookings versus $333 billion for OTAs. Hotels are investing heavily in metasearch, conversion optimisation and loyalty programmes to accelerate this shift – and one study finds that around 65% of direct bookings originate from guests who first discovered the property on an OTA, with a further 18% using OTAs for inquiries before ultimately booking direct.

Business model sustainability verdict: Viable for top 3-5 global players; challenging for smaller competitors. The industry will likely consolidate further, with survivors operating transformed models as AI infrastructure partners, package bundlers, and geographic specialists rather than traditional intermediaries. The next 24 months represent a critical window for strategic positioning—wholesalers that fail to adapt risk being bypassed entirely as AI agents connect directly with hotel inventory.

The wholesaler channel’s true economic contribution—representing 1-5% of bookings rather than the double-digit share sometimes assumed—should recalibrate distribution strategy. Hotels benefit from wholesaler partnerships for specific use cases: accessing international inbound tourism, building base occupancy during need periods, reaching long-tail travel agency networks, and obtaining reliable payment processing. These benefits persist but narrow as direct booking technology improves and AI agents mature.

Rate integrity remains an active battlefield requiring ongoing investment in monitoring tools, contract enforcement, and wholesaler relationship management. The 98% of hoteliers experiencing leakage and 6% average revenue loss represent significant economic impact warranting dedicated resources.

Hotels should diversify B2B distribution across carefully selected channels – Hotelbeds, WebBeds, and increasingly Expedia Partner Solutions rather than over-relying on any single partner. Push for dynamic-rate contracts eliminating static rate exposure. Invest in AI-ready direct booking infrastructure—the hotels best positioned for the agentic era will be those with fast APIs, structured content, and strong loyalty programmes that AI agents can efficiently access. Or in some cases where it is not worth the trouble, cut them off completely if your channel mix has enough players delivering top line revenues.

For wholesalers, survival requires transformation: becoming AI infrastructure layers rather than traditional intermediaries, specialising in complex packages and emerging markets where intermediation adds clear value, and investing aggressively in technology while consolidating to achieve scale. The HBX Group IPO establishes public market benchmarks; other major players must determine whether to pursue similar exits or find alternative capital sources for required investment.

The wholesale distribution model will not disappear—but it will fundamentally transform. Again. (see my 2016 article) The hotels and wholesalers that recognise this inflection point and act decisively will capture value in the restructured landscape; those that maintain status quo assumptions risk irrelevance.

Main Sources:

D-EDGE Hotel Distribution Report 2024 https://www.d-edge.com/wp-content/uploads/2024/04/Hotel-Distribution-Report-2024-EN.pdf

HOTREC European Hotel Distribution Study 2024 https://www.hotellerie.de/fileadmin/user_upload/Dokumente/Studien_und_Umfragen/HOTREC_Distribution_Study_2024_-_Germany_and_Europe_short.pdf

D-EDGE 2023 Hotel Online Distribution Trends: Europe & Asia https://www.d-edge.com/2023-hotel-online-distribution-trends-europe-asia/

Skift Research – Hotel Distribution Outlook 2024 https://research.skift.com/reports/hotel-distribution-outlook-2024/

Expedia Group – Inside the complex journey of hotel rates (B2B distribution study) https://partner.expediagroup.com/en-us/resources/blog/hotel-b2b-distribution-study

WiT – The untold story of rate misuse (rate leakage) https://www.webintravel.com/the-untold-story-of-rate-misuse-98-of-hoteliers-lose-revenue-to-rate-leakage/

Duetto – Dynamic wholesale rates: the new frontier in hotel distribution https://www.duettocloud.com/library/dynamic-wholesale-rates-new-frontier-hotel-distribution

AltexSoft – Bed banks 101: Understanding Wholesaler Role in Hotel and Travel Distribution https://www.altexsoft.com/blog/bed-banks/

Hotelminder – The Big Players of B2B Hotel Distribution https://www.hotelminder.com/the-big-players-of-b2b-hotel-distribution

MarketScreener – Hotelbeds owner HBX valued at $2.9 billion in one of the first IPOs of 2025 https://www.marketscreener.com/quote/index/STOXX-EUROPE-600-INDEX-EU-7477/news/Hotelbeds-owner-HBX-valued-at-2-9-billion-in-one-of-the-first-IPOs-of-2025-49017241/

Cloudbeds – What are Bed Banks? The Role They Play in Hotel Distribution https://www.cloudbeds.com/articles/bed-banks/

Hospitality Net – Do hotels need yet another mega OTA? https://www.hospitalitynet.org/viewpoint/125000276.html

Lighthouse Intelligence – Hotel rate parity issues https://www.mylighthouse.com/resources/blog/hotel-rate-parity-issues

Hotelmarketing.com – Hotelbeds on rate leakage: “We’re committed to stopping this” https://www.hotelmarketing.com/articles/hotelbeds-on-rate-leakage-were-committed-to-stopping-this

Mirai – Understanding Booking.com’s shift to the merchant model https://www.mirai.com/blog/understanding-booking-coms-shift-to-the-merchant-model-and-a-roadmap-for-hotels-to-compete-with-it/