- General
- March 8, 2019
- 5 minutes read
Airbnb To Purchase HotelTonight
HotelTonight co-founder and CEO Sam Shank Photo by Noam Galai/Getty Images for TechCrunch Airbnb has announced it has reached an…
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| HotelTonight co-founder and CEO Sam Shank
Photo by Noam Galai/Getty Images for TechCrunch
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Airbnb has announced it has reached an agreement to acquire last-minute hotel booking service, HotelTonight, in what likely counts as its largest acquisition yet. Although a purchase price is not disclosed, Bloomberg reports that it hovers around HotelTonight’s last private valuation of $463 million, according to PitchBook data.
HotelTonight has raised nearly $130 million in funding, according to Crunchbase data. Backers include Aspect Ventures, First Round Capital, Battery Ventures, GGV Capital, All Blue Capital, Coatue Management and Manhattan Venture Partners. The San Francisco based startup is led by its co-founder Sam Shank, who will now report to Airbnb’s President of Homes, Greg Greeley, once the acquisition is closed.
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| Airbnb co-founder and CEO Brian Chesky
Photograph by Kevin Moloney/Fortune Brainstorm Tech
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“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.” Sam Shank said in a press release. This would mark Airbnb’s 20th acquisition since inception, going by Crunchbase data, which lists 19 prior to this.
San Francisco based Airbnb – last valued at $31 billion – is looking to go public soon. It says more than 400,000 companies now make use of Airbnb to manage their trips, and also recently announced it had surpassed 6 million total listings.
