Airbnb Preps for IPO With HotelTonight Purchase
Get a room. Ahead of its highly anticipated initial public offering later this year, the home rental site has agreed to buy last-minute booking service HotelTonight, which currently operates in 40 countries. Airbnb, with 5 million listings in 191 countries, now accounts for 15 percent of all bookings, and it’s apparently on a buying streak: In January it acquired Danish workspace booking app Gaest.
How does this boost Airbnb’s IPO? Acquisitions could help the $31 billion company become a more valuable end-to-end travel platform with a range of accommodations and experiences.