The online travel agency (OTA) or ‘intermediary’ industry contains some of the highest quality businesses we’ve come across, including Airbnb (ABNB.NAS) and Booking Holdings (BKNG.NAS), whose revenue streams we view as royalties on global travel spend. After many years of consolidation since the industry’s inception in the early 90’s, significant amounts of hotel and other short-term accommodation bookings are now completed through the largest global OTAs, with the previous leader Expedia (EXPE.NAS) now in second place behind BKNG – and ABNB hot on its heels.