TripAdvisor lists user reviews for hotels and makes money from advertising. More recently, it has offered its own booking feature next to listings. Expedia joined as a partner last month. Also last month, Expedia listed Trivago (TRVG) in a stock offering, but will hold onto its majority stake. Overseas, Expedia has taken a varied approach. In China, which could contribute as much as a third of online travel growth in coming years, eLong was struggling to compete with larger local favorites. Expedia sold most of its stake to International (CTRP) and the two struck up a partnership.

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