Airbnb paid $200M for Canadian rival: report

$30B company agreed to buy listing site Luxury Retreats

TRD LOS ANGELES /
Feb.February 17, 2017 04:00 PM
From left: Airbnb’s Joe Gebbia, Nathan Blecharczyk, Brian Chesky and Luxury Rentals’ Joe Poulin (Credit: Getty Images)

From the New York website: Airbnb bought the Canadian short-term luxury rental site Luxury Retreats International for a rumored $200 million, removing a competitor and expanding its offerings at the high end.

Montreal-based Luxury Retreats, founded in 1999, is an online marketplace for short-term home rentals with prices often exceeding $1,000 per night. Last year the company raised $11 million from venture investors, bringing its total funding to $16 million.

The firm’s founder Joe Poulin will head Airbnb’s luxury rental business.

Airbnb, valued at $30 billion in its latest funding round, is reportedly looking to expand its offerings to care rentals and plane tickets ahead of a rumored IPO. The firm has faced opposition from New York lawmakers who accuse the firm of exacerbating housing shortages by turning rental units into de-facto hotels.

On Monday Bloomberg reported that Airbnb has $3 billion in cash sitting around and planned to acquire firms across the hospitality/travel sector. [WSJ]Konrad Putzier


Related Articles

arrow_forward_ios

LA’s Airbnb hosts seek carveout for looming ban on renting out secondary homes

HomeAway CEO Brian Sharples and Airbnb CEO Brian Chesky say they need a delay (Credit: Getty Images)

Airbnb to LA: Please don’t start enforcing new law on Nov. 1

Californians want more pot shops, Airbnb asks LA to delay short-term rental ordinance: Daily digest

Airbnb CEO Brian Chesky

Airbnb — yes Airbnb — says it wants to fix California’s affordable housing crisis

Glendale Mayor Ara Najarian and City Hall

No more “party house” in Glendale if new Airbnb law passes

Airbnb's Brian Chesky and Mike Bonin, LA city councilman for Venice

LA’s new Airbnb rules may price out some short-term renters in beach towns

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

arrow_forward_ios