Here is the sample code for using output buffering. You will be able to access all the variables inside the template which are defined above "include line".
WordPress: Include template in the email.
ob_start();
include(get_stylesheet_directory() . '/assets/email-templates/booking-details-template.php');
$email_content = ob_get_contents();
ob_end_clean();
$headers = array('Content-Type: text/html; charset=UTF-8');
wp_mail($to_email, "Booking details", $email_content, $headers);