Airbnb acquires Montreal-based luxury vacation rental site

It’s being reported that home rental service Airbnb dropped around US$300 million in cash and stock to buy upscale vacation site Luxury Retreats. Airbnb won’t disclose financial terms of the deal, though. The figures mentioned above were from a report by Bloomberg. Airbnb has over three million homes for rent in over 50,000 cities and has expanded its business bit by bit. In the past year, it started letting travelers book day trips and excursions through the site. Now, they’re moving into the luxury space with this acquisition.

Luxury Retreats has over 4,000 homes in 100 locations around the world. They offer more upscale villas for the affluent crowd and include a concierge service. The company will stay in Montreal at the moment and act as a standalone brand but over time their listings will be integrated and highlighted in Airbnb’s own platform.

Source: CNET