Lol, you're making a bit (understatement) of a goose of yourself...

Lol, you're making a bit (understatement) of a goose of yourself mate. First you don't even understand the balance sheet with minimum two years or more cash available to them. Secondly you have previously confused non-cash and cash losses. And now you're comparing completely different segments of the market.

WebBeds is still #2 as B2B accommodation supplier to the travel industry. Its share is only like 4% or something as well which tells you how fragmented the industry is. The companies you've listed as the biggest players are mostly not engaged in B2B accommodation. They don't on-sell accommodation to travel agents, trade customers, etc. They instead deal directly with customers (B2C).

Honestly, I'm not even a holder and I know this. So it should be no different for you if you're prepared to actually do a bit (understatement again) of research.