To some extent, the shift in geographic focus of the travel IPO market from the U.S. in 2013 toward Europe and Asia Pacific so far in 2014 reflects where the burgeoning investment and market opportunities are opening up, although it is somewhat surprising that Latin America has yet to be heard from in a very meaningful way.
A half dozen travel companies, including Southwest, Delta, United Continental, Wynn Resorts, Marriott and the Priceline Group have seen fairly massive -- more than 50% gains -- in their market caps compared with this time last year, as the big keep getting bigger. Hotels dominate the world's 15 largest publicly traded travel companies.
If you build it, and it is comprehensive and works at breakneck speeds, they will come. That's the mantra of Google, which is taking its sweet time to expand its flight and hotel partnerships around the world.