‘Knowing your customer’ is probably the #1 rule in sales.
MONTREAL — Airbnb has bought Montreal-based Luxury Retreats, an apartment-rental website, for a reported $300 million, making it its biggest acquisition yet.
According to industry reports, the cash and stock deal was worth roughly $300 million, although Airbnb declined to disclose financial terms. Bloomberg reports that Accor SA, Europe’s biggest hotel operator, and Expedia Inc. also put in bids but lost out to the San Francisco-based hospitality company because Luxury Retreats founder Joe Poulin thought he’d retain more control with Airbnb.
The deal will likely bolster Airbnb’s high-end vacation offerings. Luxury Retreats has over 4,000 properties worldwide and has built a concierge service that Airbnb can now offer to its customers.
Luxury Retreats will remain based in Montreal, while Poulin will lead Airbnb’s luxury homes division, reporting to Airbnb co-founder and CEO Brian Chesky.
Airbnb is considering several acquisitions and partnership deals this year, says industry insiders. The company, valued at $31 billion, is also intent on making deals in China and India.