AvantStay Funding, Investors & Competitors

Xiaozhu.com is a Beijing-headquartered online marketplace for short-term vacation rentals and daily room bookings across more than 400 Chinese cities, featuring safety verification systems, property guarantees, and direct landlord-tenant communication to optimize idle housing resources since its launch in 2011.

Booking is the world's largest online travel agency by sales, offering booking and payment services for hotel and alternative accommodation rooms, airlines, rental cars, restaurants, cruises, experiences, and other vacation packages. The company operates several branded travel booking sites, including Booking.com, Agoda, OpenTable, Rentalcars.com, Kayak, and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.

Airbnb is the world’s largest online alternative accommodation travel agency; it also offers booking services for boutique hotels, experiences, and hotel-like services. Airbnb’s platform offers over 9 million active accommodation listings. Listings from the company’s 5 million-plus hosts are spread over almost every country in the world. In 2025, 42% of revenue was from North America, 39% from Europe, the Middle East, and Africa, 10% from Latin America, and 9% from Asia-Pacific. Transaction fees for online bookings account for all its revenue.

Marriott operates 1.8 million rooms across roughly 30 brands. At the end of 2025, luxury represented roughly 10% of total rooms, premium was 42%, select service was 46%, and midscale was 2%. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represented 99% of total rooms as of Dec. 31, 2025. North America makes up 61% of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

Hilton Worldwide Holdings operates 1.35 million rooms across its 25 brands, serving the premium economy through luxury segments. Hampton and Hilton are the two largest brands, representing 27% and 18%, respectively, of the company’s total rooms, as of Dec. 31, 2025. Recent brands launched over the past few years include Home2, Curio, Canopy, Spark, Tru, Tempo, LivSmart, and Outset. Additionally, there is a partnership with Small Luxury Hotels of the World and acquisitions of NoMad and Graduate Hotels. Managed and franchised hotels represent the vast majority of adjusted EBITDA, predominantly from the Americas.

Expedia is the world's second-largest online travel agency by bookings, offering services for lodging (80% of total 2024 sales), air tickets (3%), rental cars, cruises, in-destination, and other (10%), and advertising revenue (7%). Expedia operates a number of branded travel booking sites, but its three core online travel agency brands are Expedia, Hotels.com, and alternative accommodations brand Vrbo. It also has a metasearch brand, Trivago. Transaction fees for online bookings account for the bulk of sales and profits.

Oriental Land is a prominent Japanese company primarily known for its ownership and operation of the Tokyo Disney Resort. It includes two theme parks, Tokyo Disneyland and Tokyo DisneySea, as well as hotels, shopping, and dining facilities. Oriental Land collaborates closely with The Walt Disney Company under a licensing agreement until 2076. This partnership has been instrumental in establishing Tokyo Disney Resort as one of the leading tourist destinations in Japan, attracting millions of visitors annually from domestic and international markets. Beyond its entertainment ventures, Oriental Land has also ventured into real estate development and operates Ikspiari, a retail and entertainment complex adjacent to Tokyo Disneyland.

Founded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits.

Las Vegas Sands is the world's largest operator of fully integrated resorts, featuring casino, hotel, entertainment, food and beverage, retail, and convention center operations. The company owns the Venetian Macao, Sands Macao, Londoner Macao, Four Seasons Hotel Macao, and Parisian Macao, as well as the Marina Bay Sands resort in Singapore. We expect Sands to open a fourth tower in Singapore in 2031. Its Venetian and Palazzo Las Vegas assets in the US were sold to Apollo and Vici in 2022. After the sale of its Vegas assets, Sands generates all its EBITDA from Asia, with its casino operations generating the majority of sales.

Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

InterContinental Hotels Group operates 1 million rooms across 20 brands addressing the midscale through luxury segments, as of Dec. 31, 2025. Holiday Inn and Holiday Inn Express constitute the largest brand, while Hotel Indigo, Even, Hualuxe, Kimpton, and Voco are newer lifestyle brands experiencing strong demand. The company launched a midscale brand, Avid, in 2017 and closed on a 51% stake in Regent Hotels in 2018. It acquired Six Senses in 2019 and launched another midscale brand, Garner, in 2023, followed by a premium conversion brand, Noted Collections, in 2025. Managed and franchised represent 99% of total rooms. As of Dec. 31, 2025, the Americas represented 52% of total rooms, with Greater China accounting for 20% and Europe, Asia, the Middle East, and Africa making up 28%.

Galaxy Entertainment is one of six casino licenseholders in Macao. Its major properties include Starworld casino in the Macao Peninsula and Galaxy Macau in Cotai, with a hotel capacity of approximately 5,564 rooms as of the end of 2024.

Hyatt is an operator of owned (3% of total rooms) and managed and franchised (97%) properties across about 40 upscale luxury brands, which includes vacation brands (Apple Leisure Group, Hyatt Ziva, and Hyatt Zilara), the recently launched full-service lifestyle brand Hyatt Centric, the soft lifestyle brand Unbound, the wellness brand Miraval, and the midscale extended-stay brand Studios. Hyatt acquired Two Roads Hospitality in 2018 and Apple Leisure Group in 2021. The regional exposure as a percentage of total rooms is 63% Americas, 15% rest of world, and 22% Asia-Pacific.

H World Group Ltd is a multi-brand hotel group in China with international operations. It operates in the leased, managed, and franchised models. The company has two operating segments: legacy Huazhu and legacy DH. Its brand and product offering includes Economy hotel brands: HanTing Hotel, Ni Hao Hotel, Hi Inn, Elan Hotel, Zleep Hotels, and Ibis Hotel, Midscale hotel brands: JI Hotel, Orange Hotel, Starway Hotel and Ibis Styles Hotel, Upper midscale hotel brands: Crystal Orange Hotel, IntercityHotel, Manxin Hotel, Mercure Hotel, Madison Hotel, Novotel Hotel, CitiGO Hotel and MAXX by Steigenberger, Upscale hotel brands: Joya Hotel, Blossom House, Steigenberger Hotels & Resorts, Jaz in the City, and Grand Mercure; and Luxury hotel brand: Steigenberger Icon and Song Hotels.