Airbnb acquiring HotelTonight
Last Airbnb has announced its largest acquisition yet with the agreed purchase of last minute hotel booking platform HotelTonight.
Financial terms are undisclosed but the purchase price is thought to be close to its market valuation.
That was estimated at $463 million last year.
Also based in San Francisco, HotelTonight had raised a total of $126 million from investors.
When the deal is finalized, HotelTonight will continue to operate as a standalone business with CEO Sam Shank reporting to Airbnb’s president of homes, Greg Greeley.
The company offers late bookings for unsold rooms in the Americas, Europe and Australia in mostly independent and boutique properties, which is a market Airbnb has ventured into.
Airbnb says last minute same day bookings are growing by 200% year-over-year on its own platform.
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