Travel's next dollar is shifting. Funding rounds steadily dropped quarter over quarter in 2026 while incumbents made targeted acquisitions. Though it's too early to say whether this is a long-term market movement, it's a clear sign of the times.

What Changed: Rounds fell for a 2nd straight quarter; AI-native rounds more than halved. Reset runway plans now.

Who it Impacts: Travel startup founders and CFOs, OTA and TMC corp dev teams, and VC and PE investors in travel.

What to Watch: Whether incumbents keep buying AI-native startups, making acquisition their likeliest exit.

Who owns the customer, who captures the payment, and who decides before the answers harden.

On the afternoon of November 11 in NYC, the executives making those bets take the stage: Tyler Morse of MCR Hotels, Citi’s Abhinav Anand, and Hitit CEO Nevra Onursal Karaagac.

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SGF 2026 Video: How independent hotel brands can expand their reach, strengthen loyalty, and compete with global groups while remaining independent.

Source: Skift Research’s State of Travel 2026

OTAs still have the edge for hotel and flight bookings, but travel agents aren’t going anywhere.

Revolution CEO Steve Case breaks down why AI should eliminate the annoying parts of travel but never the serendipity.