Russell Shaw feels that Google is making a play at the travel vertical. Russell spotted a Google job posting for a "Google: Senior Account Executive, Travel Vertical." Russell explains that the job posting details "sounds" that "Google is building a Google Travel brand." I personally do not see the wording suggesting more than Google sending more leads on a PPC or CPA basis to the major travel search engines. However, it would not surprise me to see Google release a http://travel.google.com/ some day. Last October they added a travel OneBox that brings you to travel engines such as Expedia (the default), Hotwire, Orbitz, Priceline and Travelocity.
Russell believes Google may partner or buy Orbitz, since it is currently fairly available to be bought and it is based on Chicago, just like the Google job opening. Time will tell on this, until then, you can search at Google using JFK to YYZ style searches to get the travel OneBox results from Google.
Postscript: A comment on Shaw's post says this is likely a job related to selling ads to travel industry advertisers, as noted above, and that a similar job has been posted in the past. You can find the job posting here.
Postscript 2: Google told m-Travel that it had no immediate plans to announce a Google Travel site.