Airbnb acquires Luxury Retreats in biggest purchase yet

Luxury Retreats offers villas for rent such as this one in Bali. Pic: Luxury Retreats

AIRBNB moves closer towards becoming a full-fledged travel company after acquiring the Montreal-based Luxury Retreats.

The purchase marks the company’s official foray into the luxury market following rumors that the company will debut an Airbnb Lux category.

In a statement, Airbnb said: “Luxury Retreats offers high-quality listings, world class concierge service and a range of amenities, and the acquisition will complement Airbnb’s work to provide a variety of homes and experiences to travelers, particularly those visiting traditional vacation destinations.”

Although no financial terms were disclosed, reports said that the cash and stock deal was worth anywhere between US$200 million to US$300 million.

Airbnb co-founder and CEO Brian Chesky also hinted that the home-sharing company may diversify with more services added to the Airbnb platform including restaurant reservations, flight bookings, grocery delivery, and on-ground transportation.

SEE ALSO: You can now book local experiences, tours and outings on Airbnb

In November last year, the company announced the launch of “experiences” where users can book tours, activities and outings offered by hosts.

The company site highlighted that the new app will “add experiences and local trips on the spot while you’re on the go” as well as “access unique experiences, incredible homes, and local favorites”.

Meanwhile, AccorHotels is in talks to purchase 100 percent of Travel Keys, a luxury private rental platform based in Atlanta.

SEE ALSO: AccorHotels in talks to acquire luxury rental platform Travel Keys