Capital Allocation: How Should Travel Invest in Its Future?
Steve Case, Chairman & CEO, Revolution
Greg O’Hara, Founder & Senior Managing Director, Certares
Moderated by Seth Borko, Head of Research, Skift
THE VERDICT
AI is reshaping how travel is discovered, booked, and serviced. However, major investors are cautious, opting not to invest in AI trip planners, which Steve Case described as “a great service, but not a durable company.” Both Case and O’Hara argue that the most robust investments involve physical assets and curated experiences, enhanced by trained human expertise.
PATHS FORWARD
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Invest where demand is rising and supply is hard to replicate.
O’Hara emphasizes “HALO assets” which are heavy assets with low obsolescence. Certares’ investment in European high-speed rail taps into a market expansion driven by a €500 billion infrastructure buildout. -
Build platforms around curation.
Case’s Exclusive Collective targets high-end travelers desiring fewer choices, promoting trusted partnerships over an overwhelming number of options. -
Use AI to enhance existing expertise.
O’Hara highlights the sale of Amex GBT as proof that AI’s true strength lies in amplifying human capabilities rather than replacing them.
WHAT TO WATCH
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Case noted that the 2028 presidential election could feature “a referendum on AI,” with states already laying down diverse regulations. Companies venturing into AI must navigate this evolving regulatory landscape.
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Both investors are dismissive of AI trip planners and space tourism but express interest in members-only clubs. Smart capital is favoring assets marked by scarcity and trust, while moving away from easily replicable tech plays.
For more insights and resources from this event, visit the Skift Global Forum attendees hub.
