Airbnb is set to buy HotelTonight in its biggest acquisition till now. The financial terms of the deal are under covers for now. However, reportedly the price is close to HotelTonight’s last private valuation which was around $450 million.
HotelTonight has its headquarters in San Francisco and offers last minute hotel bookings to people. It basically partners with top-rated hotels and shows the
best deals for their unsold rooms.
As reported by Recode, Airbnb’s biggest prior acquisition was its purchase of Luxury Retreats in 2017 for around $200 million.
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Airbnb has been trying to expand its operations beyond its core business of providing rental rooms in people’s houses and now has added hotel rooms for more independent providers.
This acquisition would help Airbnb extend its reach further in the hotel industry and as it is preparing to go public by next year, the acquisition would be a benefit.