Published On: Fri, Feb 17th, 2017

Airbnb paid $200 Million for Canadian rival Luxury Retreats, report

The $30 billion company removing a competitor and expanding its activity. Luxury Retreats founder Joe Poulin will head Airbnb’s luxury rental business.
Airbnb founders L-R Brian Chesky, Joe Gebbia and Nathan Blecharczyk - Source Airbnb

Airbnb founders L-R Brian Chesky, Joe Gebbia and Nathan Blecharczyk – Source Airbnb

Airbnb just paid a rumored $200 million for Montreal-based short-term rental site Luxury Retreats International.
According to Bloomberg report on Monday, Airbnb has $3 billion in cash sitting around and planned to acquire firms across the hospitality and travel sector.

The $30 billion company removing a competitor and expanding its activity. Luxury Retreats founder Joe Poulin will head Airbnb’s luxury rental business.

Founded in 1999, the online marketplace for short-term home rentals’ prices often exceeding $1,000 per night. Last year the company raised $11 million from VC investors, bringing funding to $16 million to date.

Airbnb, is reportedly looking to expand its offerings to care rentals and plane tickets ahead of a rumored IPO.

[WSJ]

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