Airbnb acquires Montreal rentals company Luxury Retreats for $300 million

Airbnb storefront close up

Airbnb has now completed its purchase of Montreal-based rentals company, Luxury Retreats.

Reports indicate that with this acquisition, Airbnb is taking steps towards becoming a global travel company. Airbnb officially unveiled the acquisition on February 16th, and though the service declined to disclose financial terms, the cash and stock deal is reported to be worth approximately $300 million CAD.

In addition to Airbnb however, both travel giant Expedia and European hotel company AccorSA made bids for Luxury Retreats. While those companies’ cash offers were believed to be larger, Luxury Retreats founder Joe Poulin ultimately decided on Airbnb.

Luxury Retreats currently has more than 4,000 properties around the world. The company offers a concierge service that Airbnb will now be able to offer its customers. The Montreal-based company says it will maintain its head office in Montreal, though Poulin will lead its parent company’s luxury homes division in San Francisco.

Airbnb is apparently planning several acquisitions for the 2017 year. The company is considering multiple partnerships and acquisitions in sectors like airfare aggregation, group payments and pricing tools to help those listing their homes on Airbnb make more money.

In addition, the $31 billion rentals company may also be turning its sights to China and India.

Source: Bloomberg