Airbnb announced Thursday that it will acquire hotel booking site HotelTonight as it builds an expansion narrative ahead of an eventual initial public offering.
The company did not disclose the price or when the deal is expected to close. HotelTonight was last valued at $463 million in the private market. Sam Shank, co-founder and CEO of HotelTonight, said in a statement that the merger will bring"more choices and the world's best boutique and independent hotels a genuine partner to connect them with those guests."
To research the deal, Chesky spent two weeks booking and living in different HotelTonight properties.
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