Airbnb has struck a deal that will help bolster its boutique hotel business. The company announced Thursday, March 7, it signed an agreement to acquire HotelTonight, a last-minute hotel booking startup.
HotelTonight, founded in 2010, is best known for its app and website that allow customers to book discounted hotel rooms, ranging from boutique hotels to large chains, on short notice. While the acquisition price was not disclosed, HotelTonight was last valued at US$463 million in 2017.
Airbnb, which is worth about US$31 billion, previously stated it is on a mission to build a platform that helps people with all aspects of travel, including where to stay, what to do, and how to get there. The acquisition will help Airbnb diversify its business as it gears up to go public.
Full Content: Financial Times