Travel recovery had been researched as early as September 2020, just six months after the World Health Organisation declared Covid-19 to be a pandemic. After nearly three years, the sector still remains in the shadow of pre-Covid numbers. As gloomy as that sounds, there have been forecasts that the sector is well poised to surpass its pre-pandemic performance. For investors, this means that more opportunities are awaiting to be captured. Travel and tourism is a huge umbrella, encapsulating multiple smaller industries. For simplicity, the industry can be broken down into two categories, namely air transport and accommodation. Yet the advent of technology means that digitalisation radically transformed the sector, giving rise to a third category formed by online travel agents (OTAs). These three categories have vastly different business models and characteristics. In this piece, we attempt to evaluate which of them is the most attractive from an investor’s standpoint....