Two Travel Giants Raised $4 Billion to Ride Out the Pandemic. Only One Needed It.

For travelers looking to book a flight or hotel room, Booking.com and Expedia.com look a lot alike. Yet the two fared very differently when the coronavirus pandemic shut down travel, thanks to different strategies behind their websites.

Revenue has plunged at both Booking Holdings Inc. and Expedia Group Inc. this year. Each company moved quickly to raise about $4 billion in the spring to navigate the crisis. Expedia ended the third quarter with double the debt it started the year with, while Booking wound up with a bigger…

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