Airbnb has struck a deal that will help bolster its boutique hotel business. The company announced Thursday, March 7, it signed an agreement to acquire HotelTonight, a last-minute hotel booking startup.
HotelTonight, founded in 2010, is best known for its app and website that allow customers to book discounted hotel rooms, ranging from boutique hotels to large chains, on short notice. While the acquisition price was not disclosed, HotelTonight was last valued at US$463 million in 2017.
Airbnb, which is worth about US$31 billion, previously stated it is on a mission to build a platform that helps people with all aspects of travel, including where to stay, what to do, and how to get there. The acquisition will help Airbnb diversify its business as it gears up to go public.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI