Airbnb has completed its acquisition of the last-minute hotel booking application, HotelTonight, the company announced on Monday. The deal is Airbnb’s largest M&A transaction yet, and will accelerate the home-sharing giant’s growth as it gears up for an initial public offering.
Airbnb reportedly began talks to acquire HotelTonight months ago, and finally confirmed its intent to acquire the business in early March. Reports indicated a price tag of more than $400 million; Airbnb declined to comment on the size of the deal.
As part of the deal, HotelTonight co-founder and chief executive officer Sam Shank will lead the boutique hotel category at Airbnb, one of the company’s newer units meant to help it scale beyond treehouses and quirky homes.
“When we founded HotelTonight, we sought