Airbnb recently announced that it will be acquiring the last minute booking app HotelTonight. This acquisition of HotelTonight is said to be the booking sites biggest acquisition to date. The acquisition of HotelTonight is said to be a move to increase the hotel listings on the Airbnb’s site ahead of the initial public offering.
HotelTonight is a last minute booking app, it allows users to find discounted hotel accommodations throughout America, Europe and Australia. It was founded in 210 by Same Shank, Jared Simon and Chris Bailey. It offers deep discounts off the listed rate, which is what makes it a very popular and a great app.
Details about the Airbnb Acquisition of HotelTonight
The terms of the deal for HotelTonight has not been disclosed, neither has the financial terms been revealed. Some sources close to the deal reveal that the acquisition price is close to HotelTonight’s last private valuation. Two years ago the last minute booking app was valued at $463 million. Airbnb released a statement about the acquisition. In the statement, Airbnb stated that the deal accelerates their work to build an end to end travel platform that will serve everyone. The statement stated that together with the last minute booking platform, they can offer places to stay for every type of traveller on all kinds of trips. According to Airbnb, the acquisition will make it easier for small businesses and hoteliers who take pride in providing authentic, unique experiences tap into Airbnb’s truly global network of hosts and guests.
Airbnb also stated that the last minute booking site was very appealing because their models fit into Airbnb’s model. The acquisition will help to cater to Airbnb’s growing consumer demand for same-day bookings. HotelTonight’s app and website will continue to operate independently. Airbnb plans to eventually integrate its boutique hotels and bed-and-breakfast listings onto its site. After the completion of the acquisition, the founder of the last minute booking app will start to report to Greg Greeley, Airbnb’s president of homes.