The approximately US$465-million deal would be Airbnb’s largest ever. HotelTonight offers last-minute hotel bookings, a key growth area for Airbnb as it prepares to IPO. Brian Chesky, the company’s CEO, previously said it could go public in 2019, but according to a CNBC source, it has decided to push back the timing of the offering. (New York Times, CNBC)
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The approximately US$465-million deal would be Airbnb’s largest ever. HotelTonight offers last-minute hotel bookings, a key growth area for Airbnb as it prepares to IPO. Brian Chesky, the company’s CEO, previously said it could go public in 2019, but according to a CNBC source, it has decided to push back the timing of the offering. (New York Times, CNBC)
Talking point: This move will help Airbnb in its ongoing battle with Booking Holdings, the US$80-billion company that owns Priceline and Booking.com. Airbnb is currently valued by private investors at US$31 billion. A key metric for that valuation is its number of listings, currently at six million. Airbnb has grown to that figure through a mix of acquisitions and expansions into new categories of temporary accommodation. In February 2017, it bought Montreal-based Luxury Rentals, which serves high-end travellers, for about US$300 million. And, Airbnb added hotels and bed-and-breakfasts to its platform in February 2018 and December 2017, respectively.
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