Booking Holdings

The CEOs of Booking Holdings, Expedia Group, and TripAdvisor all saw their total compensation fall in 2018, but only because 2017 was an exceptional year for each. Glenn Fogel of Booking and Mark Okerstrom of Expedia were each appointed as CEO in 2017, and Steve Kaufer of TripAdvisor received a long-term incentive award that was undoubtedly the envy of his peers.

Booking Holdings faced opposition from hotels over its new resort-fee commission policy, although the brands that dropped out of Booking.com would not have delivered a material financial hit. This major reversal coincides with a leadership change atop Booking.com and represents a victory for hotels and their controversial fees.

There's little doubt that Tans' abrupt departure, without any transition time, points to conflicts within Booking Holdings over the company's strategic direction.

Hotels charging resort fees now have the choice of paying higher commissions to Booking.com and/or seeing their properties fall in Expedia's sort order. The other change that many don't want to make is to simply — and painfully — stop charging anti-consumer resort fees.

The Vietnamese are known for their entrepreneurial spirit. A growth spurt in homesharing listings shows how eagerly they have sought a share of the tourism boom. But yields are falling even as the supply of homes and hotels are continuing to increase. Crunch time is near or perhaps even here.

Cryptocurrency is only in its early days, but already it's easy to see how its mission to democratize the financial system might be co-opted. And do currency reformers really need Facebook, with all of its baggage, leading this Libra effort?

Booking Holdings wants to be an innovator and supporter of alternative payments systems given its presence in emerging markets, especially in Asia. So it is understandable that Booking would want to be a first mover in Facebook's digital currency effort, regardless of how it eventually turns out.

Some are too scared to say so publicly, but much of the travel industry would welcome a diminution of Google's vast market power. If a U.S. regulatory probe gets going against Big Tech, it is a very open question how far-reaching a remedy might be in the offing.

Airbnb is clearly now well down the path toward a host-only fee structure. Chalk it up to its push toward onboarding hotels, which don't charge guest fees, and Airbnb's competition with Booking.com, which sees guest fees as unholy.

Agoda has been an online travel leader in Asia for more than a decade. CEO John Brown doesn't doubt that it will stay the same, but the new competition sure indicates winter is coming.