Airbnb to buy HotelTonight in its biggest acquisition yet.

HotelTonight was appealing because it fits into Airbnb’s
model and will help it cater to growing consumer demand
for same-day bookings, according to the company. — AFP

Airbnb Inc agreed to buy HotelTonight, its biggest acquisition yet, in a move to increase hotel listings on the site ahead of an eventual initial public offering for the home-sharing startup. 

Airbnb declined to disclose financial terms of the deal, but a person familiar with the matter said the price is close to HotelTonight’s last private valuation. A venture capital deal two years ago valued HotelTonight at US$463mil (RM1.89bil), according to PitchBook Data, a market research firm. In early 2017, Airbnb acquired Luxury Retreats for about US$300mil (RM1.22bil), its largest purchase at the time. 

By Olivia Carville.

Full story at The Star.