Airbnb to accumulate last-minute resort reserving service HotelTonight

Airbnb to accumulate last-minute resort reserving service HotelTonight”

The ink was barely dry on this morning's New York Times piece on how the next generation of IPO millionaires is "about to eat San Francisco alive" when Airbnb made an announcement that, ostensibly, will add a couple hundred more millionaires to the mix.

Furthermore, nearly 90 per cent of guests who first used Airbnb to book a hotel room - and returned in future for another booking - chose to book a home on their second visit.

Airbnb Chief Executive Officer Brian Chesky called the acquisition "a big part of building an end-to-end travel platform". Airbnb and HotelTonight will operate as separate entities, Airbnb said, with HotelTonight keeping its own app and website.

"Together, HotelTonight and Airbnb can give guests more choices and the world's best boutique and independent hotels a genuine partner to connect them with those guests", he added. CEO Sam Shank explained to Bloomberg in October, "hotels are catering to this idea of providing experiences, Instagram-able moments for Millennials, and we help people get this for a great price". The organization again declined to pinpoint the cost, however, given Gaest had raised just $3.5 million up in equity funding, the arrangement fails to measure up to Airbnb's HotelTonight obtaining. It more than doubled the number of rooms available in properties categorized as boutique hotels, bed-and-breakfasts, and other hospitality venues like hostels and resorts, according to the company.

Founded in 2010, HotelTonight started out only selling hotels for last minute travelers, but it eventually expanded to allowing travelers to book a room up to seven days in advance. It has partnerships with thousands of hotels in North and South America, Europe and Australia.

Airbnb announced that it's acquiring HotelTonight. The company is also said to be on track to be profitable for the second consecutive year in 2019 before interest, taxes, depreciation and amortization.

Unlike most sky-high valued tech firms, Airbnb and HotelTonight do both now appear to be profitable operations.

This strong balance sheet should go a long way towards helping Airbnb draw investors to its upcoming initial public offering, which is is widely expected to happen this year.

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