USEUROPEAFRICAASIA 中文双语Français
Business
Home / Business / Companies

Airbnb acquires Luxury Retreats

China Daily | Updated: 2017-02-18 07:51

Airbnb Inc bought Luxury Retreats in its biggest acquisition yet as the apartment-rental website takes steps toward becoming a full-service global travel company.

Airbnb unveiled the acquisition of the Canadian manager of high-end rentals and services on Thursday, declining to disclose financial terms. The cash and stock deal was worth roughly $300 million, people familiar with the matter said. Bloomberg reported the two were in talks last week.

Accor SA, Europe's biggest hotel operator, and Expedia Inc, the global online travel giant, also bid for Luxury Retreats, people familiar with the matter said.

Those companies' cash offers were bigger, but Luxury Retreats decided on Airbnb partly because its founder, Joe Poulin, foresaw having more control than at those other firms, said the people, who asked not to be identified because the discussions were private.

Luxury Retreats, with more than 4,000 properties around the world, has built a concierge service that Airbnb will be able to offer to its customers.

Premium vacation-home rentals are a key growth area for the travel industry, which seeks greater profit margins on properties rented to wealthy globe-trotters.

Bloomberg

Most Viewed in 24 Hours
BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US