Two travel giants have raised $ 4 billion to get out of the pandemic. Only one needed it.

For travelers looking to book a flight or a hotel room, Booking.com and Expedia.com are very similar. Yet the two behaved very differently when the coronavirus pandemic interrupted travel, thanks to different strategies behind their websites.

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