Airbnb to Acquire HotelTonight

Airbnb has agreed to acquire Hotel Tonight

Airbnb has agreed to acquire Hotel Tonight

The initiative to expand its offerings comes as Airbnb is thought to be considering its initial public offering.

"Welcoming more boutique hotels to our platform will help us deliver on our commitment to make Airbnb for everyone, providing guests the authentic, local experience they have come to expect on every trip", wrote Airbnb in a press release.

Terms of the deal for HotelTonight, a mobile application which connects users to hotels for last-minute bookings, were not disclosed. Once the acquisition is complete, HotelTonight CEO Sam Shank will report to Greg Greeley, Airbnb's president of homes, and lead the boutique hotel category.

While Airbnb is used for connecting travellers with locally provided accommodation, experiences, and restaurants, HotelTonight is - you guessed it - used for booking hotels for the same night. Airbnb says that guests have responded well to this increased supply, booking three times as many nights with boutique hotels in 2018 compared with 2017.

Both based in San Francisco, Airbnb announced its intention to buy HotelTonight in a message posted on its website on Thursday, March 7. In total, the startup has raised $131 million in venture capital financing from Accel and Battery Ventures, that were engaged in just about any financing around for HotelTonight.

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Airbnb, for its part, has been appreciated at $31 billion at 2017, with a $1 billion around.

HotelTonight will operate separately, offering discounted rooms for last-minute trips. The organization partners with resorts to provide un-sold rooms, catering to business travelers or people looking to create last-minute arrangements.

"Boutique hotels are helping to bring new guests to Airbnb and making our community larger and stronger", Airbnb's statement reads. Airbnb's business travel unit, Airbnb for Work, also had quick success. Launched in 2014, it now accounts for 15 percent of reservations.

Airbnb has grown from its beginnings in 2008 to become a global giant with some five million listings in 191 countries, but has also faced criticism for alleged unfair competition and for avoiding hospitality taxes. This is why the HotelTonight acquisition could help Airbnb offset some of its upcoming losses when hosting usership potentially decreases.

Airbnb is continuing to take over the travel world, and the company's latest move is the acquisition of HotelTonight.

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