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This is Airbnb's second acquisition this year as it prepares for its IPO
As Airbnb gets ready for its long anticipated IPO, which is expected to happen sometime this year, the company is looking to expand its services. In January it purchased Danish co-working space marketplace Gaest to build out Airbnb for Work, the company's enterprise solution, and now the company has made another acquisition, which will give its customers more options for when they can pick their accomodations.
On Thursday, the company announced that it has bought last minute hotel booking service HotelTonight for an undisclosed amount. Talks between the two companies was first reported by the Wall Street Journal in January.
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 now offers hotels in North, Central and South America, along with Europe, Africa, the Middle East and the Asia Pacific region.
"It's simple: we partner with top-rated hotels, they give us their unsold rooms, and we show you each day's best deals. You check out those deals, book the one you like and boom! You're on your way to a great stay," the company says on its website. "And we're not just for tonight – you can book our sweet deals for tonight, tomorrow and beyond. Plan ahead or play it by ear... and turn an average night into a ‘tonight’ you’ll always remember."
Going forward, both the HotelTonight app and website will continue to operate, while Sam Shank, the company's co-founder and CEO, will report to Greg Greeley, Airbnb’s President of Homes, and lead its boutique hotel category.
Airbnb began offering hotel rooms when it entered into a partnership with Siteminder in early 2018. By acquiring HotelTonight, the company will expand further into the space, allowing its users to book hotel rooms in a shorter time frame.
"A big part of building an end-to-end travel platform is serving every guest, whether they plan their trip a year or a day in advance," Brian Chesky, co-founder and CEO of Airbnb, said in a statement. "Working with the incredible team at HotelTonight, we will offer guests an unparalleled last-minute travel experience that provides unique, memorable hospitality on every trip, on any schedule, at any time."
HotelTonight had raised nearly $127 million in venture funding, most recently a $9.2 million round last month, and was valued at $463 million. Investors in the company included Victor Koch, All Blue Capital, Manhattan Venture Partners, RSC Capital, Battery Ventures, GV Capital, Accel, First Round Capital and Aspect Ventures.
Airbnb, meanwhile, has raised $4.4 billion, last taking $447.8 million in a funding round in 2017, valuing it at $31 billion. Investors include Manhattan Venture Partners, Sequoia Capital, Andreessen Horowitz, Bracket Capital, All Blue Capital, FirstMark and Altimeter Capital.
(Image source: hoteltonight.com)
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Airbnb.com is the “Ebay of space.” The online marketplace allows anyone from private residents to commercial properties to rent out their extra space. The reputation-based site allows for user reviews, verification, and online transactions, for which Airbnb takes a commission. As of June, 2009, the San Francisco-based company has listings in over 1062 cities in 76 countries.
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HotelTonight is the ultimate way to book a same-day hotel stay via your mobile device.
Founded in 2010, HotelTonight is the first hotel booking application that is made for mobile from the ground up. HotelTonight offers some of the best pricing for last minute hotel deals in three categories: hip, elegant and basic. Perfect for business travelers, leisure travelers and locals alike.