Booking Holdings

Don't downplay the importance of intangibles and narratives in the online travel business. Expedia won 2015. Booking.com won't sit back in 2016. In this transitional year in online travel and lodging on so many levels, you can expect that Booking.com will be heard from.

Rate parity and most-favored nation provisions are slowly fading as Marriott and Hilton offer lower rates to new and existing loyalty program members on their own sites than Expedia and Booking.com can. Don't underplay the power of a several-dollar discount in the race toward bolstering loyalty-program rosters through the lure of bottom-of-the-heap pricing.

While TripAdvisor Instant Booking has become pervasive on its sites, success isn't assured. Ultimately, it will be up to consumers decide if TripAdvisor is the place they want to book their travel.

Travel-booking CEOs say the darnedest things: the Priceline Group's Darren Huston basically said he didn't waste $4 billion on acquiring HomeAway, like he thinks Expedia did, and Expedia CEO Dara Khosrowshahi let the word out that his company had been shut out of TripAdvisor Instant Booking. One can only wonder what they are saying to one another when they huddle in private.

It is very attractive for Booking.com to abstain from charging travelers a booking fee on vacation rentals. But the lack thereof means Booking.com's commissions may not be competitive and shareholders will likely demand that Booking.com maximize the revenue opportunity and impose the booking fee.

The German regulator's ruling to reject Booking.com's reformed hotel rate practices as not going far enough could be a landmark decision if it holds up upon appeal and if other European countries follow Germany's lead. Booking.com may have the leverage to inhibit hotel partners from getting carried away on discounting but the ruling is a victory for consumers nonetheless.

25 Moments that Mattered in 2015: To make our selection of 25 moments, we thought back to the stories that drove reader engagement and sparked discussion among both travel experts and the general public. Some stories were quick blips that represented bigger things while others were narratives that built slowly through out the year. Each one, though, spoke to where we are right now when it comes to the big business of global travel.

TripAdvisor's decision to expand travelers' fees for vacation rentals will please Wall Street and could put pressure on Booking.com, which adamantly eschews such fees, to do likewise.

The websites that have the most comprehensive set of lodging choices, whether they are hotels, vacation rentals, apartments or igloos, will dominate. Expedia, through its HomeAway acquisition and intent to develop apartment rentals in cities, knows this and is getting ready for the future of travel in lodging.

Priceline Group CEO Darren Huston touts his company's organic growth versus Expedia Inc.'s strategy of mostly acquiring companies that need to be put back on track. Rest assured, however, that Priceline would plunk down a few billion dollars on the right acquisition target. It just wasn't HomeAway, and TripAdvisor and Airbnb are too expensive.