The PE multiple is price over optimistically in relation to possible earnings scenarios.
Travel business is highly cyclical and the slightest blip can cause a down turn in both business and personal travel. Occupancy and fill rates are very fine lines.
Severe competition from Kayak, Travago, Priceline.com, Expedia, Google, and last but not least Yelp all help to create risk.
George Gutowski writes from a caveat emptor perspective.