Airbnb paid $200M for Canadian rival: report

Miami /
Feb.February 17, 2017 01:30 PM

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
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Harvey Hernandez and Cindy Diffenderfer (Patrick McMullan/Getty; iStock)
Harvey Hernandez’s former partner seeks to put NGD Homesharing in receivership
Harvey Hernandez’s former partner seeks to put NGD Homesharing in receivership
Miami Beach Mayor Dan Gelber and 1531 Stillwater Drive (Getty, Zillow)
Miami Beach slashes fines for illegal short-term rentals
Miami Beach slashes fines for illegal short-term rentals
Opera Tower (Wikipedia, Airbnb)
Opera Tower condo association sues Airbnb amid short-term rental crackdown
Opera Tower condo association sues Airbnb amid short-term rental crackdown
An illustration f Mayor of Miami Beach Dan Gelber (Credit: Nicholas Hunt/Getty Images)
Miami Beach to allow short-term rentals in condos, hotels
Miami Beach to allow short-term rentals in condos, hotels
The appeals court \rejected Miami Beach’s petition to overturn a ruling that determined that the city’s exorbitant fines for short-term rental violators ran afoul of state law (Airbnb, iStock)
Miami Beach racks up another court loss over short-term rental enforcement
Miami Beach racks up another court loss over short-term rental enforcement
Rafael Serrano and 3098 Alton Road
Appeals court rules Miami Beach cannot shut off water for nonpayment of short-term rental fines
Appeals court rules Miami Beach cannot shut off water for nonpayment of short-term rental fines
Miami Beach Mayor Dan Gelber (Credit: EVA MARIE UZCATEGUI/AFP via Getty Images)
Miami Beach shuts down short-term rentals due to coronavirus
Miami Beach shuts down short-term rentals due to coronavirus
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...