伯恩斯坦：2026年预订业务：如何引领在线旅游竞赛，能否再次抓住人工智能旅游市场的第一个机会？（英文版）

Sometimes we can appear to be a perma-bear an Booking,but we do appreciate over theonger term the strength of the business. Since 2008 (the year after they ac quired Agoda,their last major M&A) BKNGhave grown room rights ata 22% CAGR, 5xindustry growthand 3x Marriott & Expeda This wasno accident but the result of a focus an the best marketsthe best channels and the best platform Having built that scale, Booking then leverged theI they had over the industry to extractever better econom