Hotelbeds became the dominant independent bed bank through scale. Its results now show that scale alone no longer protects the economics.
HBX Group, the company behind Hotelbeds, is the largest independent hotel wholesaler in the world. It expects to process more than EUR 1 billion of additional travel this year on a constant-currency basis. It also expects that larger business to produce no more revenue and less adjusted EBITDA than last year. The shares are down nearly a third from the February 2025 IPO price of EUR 11.50.
Asked by Skift what changed between its original plan and today, HBX said: “The main change versus our original assumptions has been the greater impact of take-rate dynamics.”
This is not a story about a company that lost demand. HBX is getting the growth. It is getting far less from that growth than it expected.
What a Bed Bank Is, and What Changed
Most travelers have never heard of a bed bank, but many have