Airbnb Completes The Deal Of Acquiring Travel App Hotel Tonight


The online hospitality service giant Airbnb has finally completed its deal of acquisition. It has completely acquired Last minute booking hotel company Hotel tonight. The deal completion was announced on Monday.
It is reported that the acquisition has cost Airbnb $400 Million. The company was already in talks to acquire Hotel tonight months ago. It was confirmed that Airbnb will acquire Hotel tonight in March. The acquisition of the booking company has made it as Airbnb’s largest Merger and Acquisition(M & A)’s transaction yet. While Airbnb has not commented on the price of the deal.
CEO Of Hotel Tonight, Sam Shank said in a statement, “When we founded HotelTonight, we sought to reimagine the hotel booking experience to be more simple, fast and fun, and to better connect travelers with the world’s best boutique and independent hotels,”.“We are delighted to take this vision to new heights as part of Airbnb,” he added.
Sam Shank will lead the boutique category of the Airbnb. Therefore, Airbnb is striving to change the holistic view about traveling around the world. Earlier, Airbnb focused only on short-term rentals and at that time it said the company is, “working to reimagine travel by building an end-to-end travel platform that combines where you stay, what you do, and how you get there, all in one place.”Hotel Tonight was founded in 2010 by Sam Shank. The valuation of the company is $463 Million. In 2017, the company raised $37 Million in Series E funding. It will help the Airbnb to spread its wing in the hospitality industry and heighten its success. The revenue of Hotel Tonight has seen an increase of 38% in 2018. The bookings done by Hotel Tonight has propelled by 41% in the first quarter of 2019.
We want Airbnb to be the place where travelers plan all of their trips, whether they are booking one year or one day in advance,” said Airbnb President of Homes Greg Greeley. “The HotelTonight team has a tremendous passion for helping guests and rich industry expertise. We are more than thrilled to have them on board.”
Airbnb has had posted its profits and have impressed the investors for a straight second year. CEO Brian Chesky had said last year that it will file for IPO next year. The last quarter of 2018, Airbnb had passed $1 Billion in revenue.
One of the leading news portals reported that Airbnb is in discussion to invest between $100 Million and $200 Million in Indian Startup OYO. The Chief Strategy Officer Nathan Blecharczyk said, “Currently, we have about 6,500 companies in India who have signed with Airbnb for business travel. So, there is a lot of traction here”


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