BTIG Estimate: Booking Leads Expedia in B2B Room Nights
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This estimate challenges Expedia's perceived leadership in B2B, potentially impacting hotel distribution strategies and competitive dynamics. Booking's consolidation may lead to more transparent financials, offering clearer benchmarks for the industry.
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- Skift FeedBTIG Estimate: Booking Leads Expedia in B2B Room Nights
BTIG analyst Jake Fuller estimates Booking Holdings' B2B business booked ~196 million room nights over the past 12 months, about 15% more than Expedia's ~170 million. Since Booking doesn't disclose B2B financials, the industry assumed Expedia led. However, the estimate is sensitive to assumptions; minor changes could put Booking below Expedia. Expedia's B2B is growing faster (high-teens vs. high-single digits) and offers more robust white-label products. Booking plans to consolidate its three B2B units in early 2027, potentially leading to clearer disclosure.