Economy

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.



Like this

loading...
loading...

Latest


09 March 2019
Real Madrid: Santiago Solari expected more from some players
The decision comes after former boss Zinedine Zidane is said to have declined the chance to return to the club. They are also planning to go after Chelsea winger Eden Hazard, who has refused to sign a new deal at the club.

09 March 2019
Norwich retailer LK Bennett enters administration
The fashion retailer, known for its smart daywear, attracted celebrity fans over its near 30-year history, including the Duches. United Kingdom fashion and accessories brand LK Bennett has entered into administration, the BBC reports.

09 March 2019
AXA UK celebrates National Apprenticeship Week with multiple vacancies
The number of apprenticeships starts dropped 26% between 2015/16 and 2017/18, with 375,800 new apprentices in 2017/18. This suggests companies may be abandoning apprenticeships aimed mainly at school leavers with weaker exam results.

09 March 2019
French Prison Guards Protesting, Blocking Access to Jails - Trade Union
Anti-terror prosecutors have launched an investigation into the incident at the Conde-sur-Sarthe prison, in western France. A police source told the AFP news agency that Chiolo had been radicalised in prison.

09 March 2019
Giants Trading LB Olivier Vernon to Browns
In addition to adding Zeitler, the Giants on Friday re-signed center Jon Halapio , who had been an exclusive-rights free agent. The trade won't become official until 4 p.m. on March 13, the start of free agency and the NFL's calendar year.

09 March 2019
SpaceX Crew Dragon, built to carry humans, returns home from space station
Apollo 9 - which orbited Earth in preparation for the moon landings - splashed down near the Bahamas on March 13, 1969. It's aiming for a morning splashdown in the Atlantic off Florida's coast, the final hurdle of the six-day test flight.

09 March 2019
Huawei Sues U.S. Over Equipment Ban, Escalating Legal Clash
We are compelled to take this legal action as a proper and last resort, ' Huawei's rotating chairman Guo Ping said. The US government "has hacked our servers and stolen our e-mails and source code", he said at the news conference.

09 March 2019
Jussie Smollett Indicted On 16 Felony Counts!
The two brothers were arrested at Chicago O'Hare Airport and ultimately agreed to cooperate and testify to the grand jury. He is also believed to have sent a threatening letter to himself days before the staged assault.

09 March 2019
Pilot has pizzas delivered to airplane stuck on tarmac
A generous pilot placated his exhausted and stressed out passengers by ordering 23 pizzas to their airplane during a snowstorm. While the plane was stuck during a snowstorm, the pilot of the plane did a small act of kindness that garnered a lot of praise.

08 March 2019
U.S. Women's Soccer Team Sues Federation For Equal Pay
The lawsuit was filed Friday in Los Angeles under the Equal Pay Act and Title VII of the Civil Rights Act. The women's team reached a new collective bargaining agreement with the federation in 2017.