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Travel & Leisure

The Great Debate: OTAs, AI, and the End of the 10 Blue Links Era | PA Dispatch No. 10
A quick view of this week’s shifts in platforms, valuations, and AI adoption. Numbers, context, and curated reads you can use.
 • Thomas Reiner
Vibe Coding an OTA, Thoughts on AI | PA Dispatch No. 9
A quick view of this week’s shifts in platforms, valuations, and AI adoption. Numbers, context, and curated reads you can use.
 • Thomas Reiner
Platform & Leisure Multiples Entering 2026 | PA Dispatch No. 8
A quick view of this week’s shifts in platforms, valuations, and AI adoption. Numbers, context, and curated reads you can use.
 • Thomas Reiner
AI Direct Hotel Booking: How CRS and PMS Vendors Become the New Gatekeepers
A breakdown of CRS, PMS, and Booking Engine vendors through the lens of AI agents and MCP-era distribution.
 • Thomas Reiner
Experience & Mobility Platform Incremental Margins & Earnings | PA Dispatch No. 6
A quick view of this week’s shifts in platforms, valuations, and AI adoption. Numbers, context, and curated reads you can use.
 • Thomas Reiner
Navan S-1 & TMC Industry Deep Dive | A Modern AI-Powered Travel Management Company
Navan’s S‑1 shows a TMC built like software: a single platform where AI, direct content, and payments converge to pull unmanaged spend on‑platform (and…
 • Thomas Reiner
The Agentic AI Adoption Matrix: Consumer & Travel
Exploring adoption challenges for Agentic AI through the lens of trust vs technical difficulty with a deep dive into travel.
 • Thomas Reiner
How Hotels Can Thrive in an Agentic AI World: From SEO to MCP
AI assistants are reshaping how travelers discover and book hotels. Hotels can reclaim visibility, bookings, and guest ownership with AI-readable data…
 • Thomas Reiner
Mind the Gap: Incremental vs Actual Margins for Experience & Mobility Platforms
Tracking the second-derivative profits that point to tomorrow’s steady-state returns at UBER, DASH, LYFT, CART, EXPE, BKNG, and ABNB
 • Thomas Reiner
Tours & Experiences Primer: Will Airbnb Disrupt the Global Experiences Industry or Flop?
The newly relaunched Airbnb Experiences business is super exciting, but is it a new S-curve for the business or doomed to flop like the original…
 • Thomas Reiner
ChatGPT Advanced Voice: The Future of Travel Booking or the End of OTAs?
After a history of false starts with Tellme, Alexa, and Siri, will ChatGPT Advanced Voice Mode unlock the holy grail: booking a flight?
 • Thomas Reiner
Is the Consumer Weak or Not? Anecdotes from Companies
Color from Uber, Lyft, Doordash, the airlines, and other leisure names on consumer health
 • Thomas Reiner
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