Airbnb to buy HotelTonight in its biggest acquisition yet
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Airbnb has 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 $463 million, according to PitchBook Data, a market research firm. In early 2017, Airbnb acquired Luxury Retreats for about $300 million, its largest purchase at the time.
San Francisco-based HotelTonight offers last-minute hotel bookings, seeking to tap into unused inventory largely in urban areas, and the app has been a travel-industry darling since it launched in 2010.
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