Airbnb buys iNovia-backed vacation platform Luxury Retreats
Montréal-based luxury vacation rental company Luxury Retreats has been acquired by Airbnb, a U.S. online hospitality business. No financial terms were released, however, the Globe and Mail reported Airbnb paid between US$200 million and US$300 million in cash and stock. Luxury Retreats will continue to operate as a standalone entity in the short term, with Founder and CEO Joe Poulin joining Airbnb as a luxury specialist. Airbnb said it will invest in Luxury Retreats, which offers over 4,000 homes in 100 destinations worldwide. Luxury Retreats raised about US$20 million from Canadian venture capital firm iNovia Capital and other investors, including 2015's US$11 million Series B round.
16 February 2017•4 mins read
