Par Capital Management and Brad Altimeter Capital Management, two of the most prominent travel-focused hedge funds with a wide travel focus, are investing heavily in airlines and OTAs, including Avis Budget Group, Ctrip, Expedia, Priceline, TripAdvisor and Trivago, airlines such as Alaska Air Group, American Airlines Group, Delta, and United as well as budget carriers such as JetBlue and Southwest.

Neither had any cruise investments.

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