Airbnb said today it will acquire Montreal-based Luxury Retreats (a purchase that was rumored to be in the works).
The acquisition is significant because it indicates Airbnb’s interest in being more than just a site for affordable accommodations. Luxury Retreats offers fancy villas and homes that are used purely as getaways (not everyone likes staying in someone else’s home). We already knew Airbnb wants to expand into a broader travel platform, but the Luxury Retreats buy shows it wants to make an up-market move a priority. Airbnb didn’t disclose the terms of the deal, but it’s rumored to be its biggest acquisition to date.