Hotels, Resorts & Cruise Lines
Case studies in hotels, resorts & cruise lines.
Airbnb: What should come after the stay?
On May 8, 2024, Airbnb reported first-quarter revenue of $2.1 billion, up 18% from a year earlier. Its combined measure of Nights and Experiences Booked had increased 9.5%. The letter credited booking growth, a modest increase in average daily rates, and the timing of Easter among the factors behind revenue growth. Read case
Booking Holdings — The Rules of the Marketplace
In January 2024, Spain's competition authority, the Comisión Nacional de los Mercados y la Competencia (CNMC), notified Booking.com of a draft decision proposing a €486 million fine and restrictions on certain parity provisions and the criteria Booking.com could use to rank hotels. Read case
Carnival Corporation & plc — Pricing the Booked Position
On 21 December 2023, Carnival Corporation & plc reported a record FY2023 revenue of $21.6 billion and said it entered 2024 with its best booked position yet for both price and occupancy. Read case
Expedia Group — How Broad Should One Key Be?
Imagine you are advising Expedia Group’s consumer-business leadership on 10 February 2023. The company has said it plans to launch One Key in 2023, bringing together loyalty programs across its travel brands. Read case
Hilton — Scaling Undergraduate by Hilton
On June 1, 2026, Hilton launched Undergraduate by Hilton, an upper-midscale brand intended to expand its presence in college and university markets. Hilton described it as a complement to Graduate by Hilton, with a flexible model for new builds and conversions. It said the concept could have long-term potential for 400–500 hotels and anticipated the first opening in 2027. Read case
Marriott Bonvoy: Where Should the Next Loyalty Dollar Go?
Marriott International had built a global lodging system around brands, hotel owners and franchisees, and a large loyalty program. As the company entered its next planning cycle, one strategic question remained difficult: where would the next increment of Bonvoy investment create the most value? Read case
Norwegian Cruise Line Holdings: Should Four Ships Move from MOA to Contract?
Norwegian Cruise Line Holdings (NCLH) was working to reduce leverage while pursuing fleet growth. At the cutoff, four proposed Norwegian Cruise Line ships for delivery in 2030, 2032, 2034, and 2036 remained memoranda of agreement (MOAs), subject to Board approval, with financing under negotiation. Read case
Royal Caribbean Group: What comes after Mahahual?
In late July 2026, Royal Caribbean Group was still telling investors it expected its private-destination portfolio to expand from three locations to eight by 2028. But its most prominent planned Mexican destination had encountered a regulatory impasse. Read case