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.

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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

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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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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

COMPANIES AND PEOPLE

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