Airbnb buys last-minute booking site HotelTonight
Airbnb acquired on-demand booking service HotelTonight, the company announced on Thursday, a deal which expands the home-sharing firm further into hotel operations as it eyes a potential public offering in the future.
Airbnb launched as a platform for home owners to list their properties for rent by travelers who are seeking a typically cheaper stay compared to hotels.
But the company has gradually expanded into other operations -- including boutique hotels and paid experiences – and is positioning itself now as “an end-to-end travel platform" ahead of a potential initial public offering.
“Working with the incredible team at HotelTonight, we will offer guests an unparalleled last-minute travel experience that provides unique, memorable hospitality on every trip, on any schedule, at any time,” CEO Brian Chesky said.
Airbnb did not say how much it paid. And while the two entities will operate separately, the acquisition will allow the San Francisco-based firm to eventually include HotelTonight properties on its platform.
CLICK HERE TO GET THE FOX BUSINESS APP
Chesky had previously indicated that Airbnb could be ready for an IPO as early as this year. The company is valued at roughly $31 billion.