Airbnb the home rental service announced that it has acquired a high-end vacational rental company, Luxury Retreats. Airbnb did not comment about the financial terms of the deal, but Bloomberg, estimates that the Canada-based Luxury Retreats could cost about $300 million in cash and stock.
Airbnb has done extremely well for itself, given that it went from a couch surfing website to a huge online presence in over 50,000 cities. During last year the company started expanding its business from being only a home-rental service into a complete travel agency by letting travelers book excursions and day-trip via their website.
“From airbeds in an apartment to castles to villas, Airbnb has always been focused on providing a broad range of amazing experiences and trips,” Airbnb co-founder and CEO Brian Chesky said in a statement. “I’m excited to work with the Luxury Retreats team to serve more travelers.”
The Montreal based Luxury Retreats has over 4,000 houses in 100 locations across the world, including countries like Paris and Tuscany. It provides services to the affluent crowd, with upscale villas, also includes a concierge service.
“Brian’s vision, values and approach mirror what Luxury Retreats has been focused on in the luxury market since 1999,” Joe Poulin, Luxury Retreats founder and CEO, said of Chesky. “Airbnb has revolutionized global hospitality, connecting a vibrant community of hosts and guests to deliver a tremendous amount of unique travel experiences.”
Airbnb has been on a acquiring streak, Investors seem to be very pleased with Airbnb’s future as the company raised a total of $3.1 billion in venture backing, making it the fourth largest venture-backed company in the world. The company is currently valued at $30 billion.
Airbnb says that Luxury Retreats will continue to work from Montreal and will act as a standalone brand. In the future Airbnb plans to integrate Luxury company’s listing on Airbnb.