"Google appears to be building travel portal- maybe with Orbitz?"
The article :
http://blogs.zdnet.com/ip-telephony/?p=1032

and I found that too :
http://www.google.com/travel

What do you think about it?

I think that writer's speculation is wrong. The job position is simply for advertising focusing on travel vertical. Google has been focusing their sales teams on vertical markets to get more advertisers. The link, www.google.com/travel, is simply industry research for advertisers in the travel industry.

If you go to http://www.google.com/ads/metrics.html you will see the different vertical markets that google's sale teams are focusing on. This does not mean they are going to set up a portal for each of those industries (although they might).

The last job proposed by Google is about Travels :

Vertical Relationship Manager, Travel

This position is located in Paris, France.

This is an opportunity to join a growing team of experienced, high achieving senior sales people. Working as a Vertical Relationship Manager you will have the opportunity to develop prospects and grow revenue for Google's advertising products.

You will be able to develop and close new business, grow existing business and support the sales team with research, market analysis and collateral. The ability to work/interface with all areas of the business is essential in achieving your sales objectives within this vertical category. Presentation and communication skills at a senior level are essential to be successful in this role.

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Not a portal, but a big thing maybe.