Airbnb in talks to acquire Montreal-based Luxury Retreats

Airbnb is planning to move upmarket by buying Montreal-based Luxury Retreats International Inc., according to a TechCrunch report.

Citing people in the know of the things, the report said that though the terms of the deal haven’t been finalized as yet, it could cost Airbnb somewhere around $200 million. Airbnb that was found on the premise of renting out unused vacant spaces in one’s home has slowly moved in the high-end segment to cater to upmarket crowd and Luxury Retreats will surely take that notch higher.

According to one source “Airbnb is deeply interested in the company because of their extremely talented team with deep experience in the luxury segment. Their capability in the luxury is unrivalled and complimentary to the capabilities at Airbnb.”

Luxury Retreats, which has more than 4,000 properties around the world, would be Airbnb’s largest acquisition. Luxury Retreats has raised $16 million in funding so far led by iNovia Capital and as per sources, has been profitable for many years.

As for Airbnb, the company began offering truffle tastings, mushroom hunting and guided tours provided by local experts last November. The company is looking to expand into other parts of the travel business and is working on a flight-booking tool.

Airbnb is expected to vote over the acquisition this week and we will keep you posted as we hear more.