Mark Vondrasek left money on the table. Hyatt's commercial chief had part of his stock award pinned to a single number, the share of bookings flowing through Hyatt's own channels, and from 2023 through 2025, he missed it. 

The forfeited bonus is a tidy emblem of a decade-long campaign that, by at least one measure, fell short of the dream.

Ten years and roughly $100 million after Hilton told travelers to "stop clicking around," the online travel agencies hold more room-night share, not less. 

Kalibri Labs data show hotel-controlled channels slipping from 59% to 58% over the period, while OTAs nudged up from 20% to 21%. Marriott, IHG, and others report directionally similar figures.

But the clicks were never where hotels won. The contracts were.

What they actually extracted was margin. Commissions once ran 15% to 25%. Marriott now pays roughly 10% to 12.5%, and it won the right to reserve its sharpest rates for direct guests and to throttle OTA inventory when rooms are scarce. Same room nights, cheaper room nights.

Now comes a phase nobody trained for. The rise of AI booking platforms could scramble the direct-booking game all over again. Read the story.

And if you'll be in New York City next week, say hi. I'll be at the NYU IHIF conference and Skift's Data & AI Summit. See you there.

Send us tips and scoops. Email Luke Martin ([email protected]) and me ([email protected]).

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