Booking Holdings Surpasses Expedia in B2B Room Nights
A new BTIG estimate reveals Booking Holdings booked 196 million B2B room nights, beating Expedia's 170 million amid 2027 restructuring.
Stock photo for illustration only, not from the actual event
- BTIG estimates Booking Holdings leads the B2B sector with 196 million room nights.
- Booking's volume is roughly 15% higher than Expedia's 170 million despite zero financial disclosures.
- Booking is consolidating three B2B units under Agoda CEO Omri Morgenshtern in early 2027.
- Expedia maintains faster B2B growth and more robust white-label product offerings.
The global travel industry has been shaken by a new Wall Street estimate that challenges long-held assumptions about the B2B landscape between online travel giants Booking Holdings and Expedia. For years, Expedia has been widely recognized as the undisputed leader in travel B2B distribution—selling hotel rooms, flights, cars, and inventory to banks, airlines, and partners rather than directly to consumers.
However, BTIG analyst Jake Fuller upended that narrative in a research note published on Thursday, estimating that Booking Holdings quietly booked approximately 196 million B2B room nights over the trailing 12 months. This figure places Booking roughly 15% ahead of the approximately 170 million room nights booked through Expedia's partner business
Stock photo for illustration only, not from the actual event
Fuller noted that the widespread assumption of Expedia's dominance persisted partly because Booking discloses zero financial metrics for its B2B business, whereas Expedia reports publicly. Expedia's B2B segment grew revenue by 23% to $1.5 billion in the second quarter, outperforming the 8% growth of its larger $2.7 billion consumer business.
"The consensus is that BKNG's B2B business is probably small given the lack of disclosure, but that's not the conclusion we come to."
Despite the eye-opening figures, independent analysts like Seth Borko of Skift Research point out that the estimate is highly sensitive to underlying assumptions. Minor shifts—such as adjusting a metric from 56% to 55% or 64% to 65%—could slash roughly 37 million room nights from the total and place Booking slightly behind Expedia.
Contextual analysis reveals a nuanced competitive landscape. Even if Booking commands a larger room-night base, Expedia's B2B division is growing at a much faster clip (high-teens versus high-single digits) and provides a more comprehensive white-label product suite. In contrast, some Booking partner integrations merely redirect users to Booking.com, prompting hotel owners and revenue managers to monitor distribution control closely.
This revelation coincides with Booking Holdings' strategic move to consolidate its three competing B2B units—Agoda, Booking.com, and Priceline—under Agoda CEO Omri Morgenshtern in early 2027. This reorganization could ultimately trigger SEC segment disclosures and force clearer competitive benchmarking across the industry.
Source: Skift
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