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Travel and hospitality were among the commercial sectors profoundly changed by the massive use of the Internet since the 1990s. Whilst initially predictions were that the platform would lead to disintermediation, after the first decade, a new type of intermediary appeared that represented a new value proposition to end users and substantially reduced the marketing power of hotel companies. We will analyse this evolution as a ‘two-sided market’ phenomenon. The understanding of how the Internet environment affects business models will then be used to elaborate plausible scenarios for the future of hotel distribution following the Framework Foresight method. The article proposes a baseline scenario with the Internet evolving in its current form and an alternative scenario in which an oligopolistic market emerges.