Airbnb paid $200M for Canadian rival: report
$30B company agreed to buy listing site Luxury Retreats
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.