The company’s board of directors will reportedly vote on the deal later this week, though the transaction is yet to be finalized. Luxury Retreats currently has over 4,000 properties, making the acquisition Airbnb’s largest to date.
The rentals company is currently looking to attract more customers to its luxury tourism services. The company is also looking to expand into other parts of the travel and tourism market through a flight booking tool.
Luxury Retreats could be just the first foray into the high-end rentals market that Airbnb is looking for. The company currently generates approximately $150 million in gross bookings every year, from over 90 markets around the world.
Airbnb has over 2 million listings and sees growth opportunities in Montreal, Toronto, and other Canadian cities. Airbnb booking in Toronto saw a 60 percent increase in listings over the past year.
This news comes in the midst of the Canadian government’s review of short-term rental regulations in several provinces. Ontario and British Columbia are key in this review, since Airbnb is most active in those provinces.
UPDATE 02/16/17: The Globe and Mail has reported that Airbnb has acquired Luxury Retreats.
Airbnb will reportedly acquire Luxury Retreats for a price between $261 million CAD and $391 million, according the Globe’s sources. While Luxury Retreats will operate as a standalone business for now, its 4,000 home listings will be integrated into Airbnb over time.
The company’s 250 employees will remain in Montreal with founder Joe Poulin at the helm.
This article was originally published on MobileSyrup