The leading hospitality service provider and online marketplace is the Airbnb and it allows the users to rent or list their apartment rental, vacation rentals, hostel beds, home stays, and hotel rooms for short term lodging. However, the company does not own any specific lodging, it simply acts as a platform that connects the renters and the lodgers for a short stay and collects a percentage of commission charge from both the hosts and the guests.
Like any other hospitality service, the Airbnb rental service is a sharing and collaborative consumption service. The company operates in 65,000 cities in one hundred and ninety one countries with three million lodging listings. The rental service was founded in 2008 and the main goal of the service provider is to help the travelers connect with the local culture and have a new experience.
A new experience for the company
After ten long years, it is now time for the online marketplace to stretch its wings and reach the highest peak by moving into the high end vacation villa rentals.
From being a website for the rental service the company has turned into a highly demanding online presence by acquiring a Luxury Retreats company that is based in Canada that is worth three hundred million dollars in stock and in cash.
One of the leading hospitality companies across the globe, Airbnb announced its major business dealing on February 15th 2017, that it acquired the Luxury Retreats that is based in Montreal. It is a luxury rental company that offers around four thousand homes in one hundred locations across the world. The rental platform’s co founder Brain Chesky reported that the CEO of the luxury retreats, Joe Poulin will accompany the company in leading the luxury homes and the team of the Luxury retreats team will be in Montreal.
High-end deal by the renters
The Luxury Retreats is a villa rental company that offers full service for personalized villas during the holiday season in different destinations.
The Luxury Retreats was founded in the 1999 by Joe Poulin with its headquarters in Montreal in Quebec that offers customized villa vacations in different locations. The villa rental company offers around two thousand five hundred villas in 90 destinations. The international team of Luxury Rentals consists of more than 150 passionate partners and travel enthusiasts who personally inspect and hand pick the high end villa making sure that the guests are offered with the best service.
Being the full service rental company, the Luxury Rentals offers the guest with worldwide guest support, guest complimentary concierge service and villa specialist who assists the tourists and vacationers in finding the best villa that suits their needs and taste, without paying any kind of membership fees.
Rental services to villa service
The leading company in the hospitality service, Airbnb acquired the Luxury Retreats for $6.5 million in the Series A funding round. From the couch beds in the apartments to the castles and now to the villas, the rental company has always been focused on offering a wide range of amazing trips and experience. The Co founder of the company had an opportunity to meet with the passionate employees and see their amazing service in delivering exuberant hospitality service and provide the customers with spectacular service. The team consists of incredible talents with more energy and helps in growing the community. Therefore the rental company co-founder was interested in expanding the team in Canada.
The Mayor of Montreal, Denis Coderre is pleased to welcome a global company like Airbnb to set foot in their city because the company bought the villa rental service provider- Luxury Retreats. The Mayor described Montreal as that city that accepts the modern advancements and innovations. Also, after acquiring the villa rental company, Airbnb did not change the base of the company and continues to provide activities from Montreal. By allowing the leading online marketplace in the city, Montreal proves to be large metropolis in the sharing economy.
As the time duration is lesser, the villa rental company Luxury Retreats will operate as a standalone company and later after a certain period of time, the listings in the villa rental site will be integrated and highlighted in the Airbnb. The Luxury Retreats has around two hundred and fifty members and by the acquisition of the company, all the members of the villa rental company will join the global family of Airbnb.
The future of the online marketplace
By expanding its service from the low end listing to the high end listing, the rental site will continue to provide the quality listing in the community and both the companies will invest in the Montreal office by expand the resources and by hiring more employees to the Canadian team in the future. Being the global company in the hospitality service, Airbnb has revolutionized the service y connecting the vibrant community with the host and guest to offer the users with ample amount of distinctive experience while in the vacations. As both the companies have the same value and mission in their business approach, it is easy for the companies to provide a quality service and amazing experience in the luxury travel.
By joining with the rental company, the Luxury Retreats listing like the seaside retreat in the Caicos and Turks and the villa in Tuscany will be shown in the Airbnb listing.
Airbnb has $3.1 billion from the funding and with the help of the investors it raised a business value of thirty billion dollars and for the first time the company has turned its profit by acquiring the villa rental company- the Luxury Retreats. The company has raised sixteen million dollars in 2 rounds that was led by a Canadian venture capital firm called the iNovia Capital. The website is as same as that of the rental company like the chalets; villas and other fancy home span in the ninety markets generate one hundred and fifty million dollars as a gross value for the year. Apart from this, the site offers the travelers and tourists with a concierge service that has access to all the private bartenders, chefs and masseuses.
Among the three million listing of the rental company, about one thousand four hundred listings are castles and with the joint venture with the Luxury Retreats, the company has room for many Canadian cities like the Montreal, Toronto; where the listing jumped to sixty percent in the 2016.
There are great chances for the villa rental company to bolster with the Airbnb brand name among all the international trotters and it helps the technology to feature in Priceline Group Inc and Expedia Inc. Both the hospitality service giants will increase their service by focusing on the home rentals with the HomeAway by Expedia and the unit zero vacation to placers like the mountain resorts in the Colorado or the fascinating destinations in Florida.
The intresting fact about the villa rental company is that the leading hotel operator of Europe, the Expedia Inc tried to make a deal with the Luxury Retreats, however the bidding amount was not disclosed to the media or public. And the villa rental finally chose to do business with the Airbnb.
Author Bio : Anand Rajendran is the Co-Founder and CEO of Zoplay,a best android apps development company in Chennai. As a digital marketer, his main objective is to create new apps with latest coding scripts. The Renters Script available from his company is mainly meant for Ios and Android users which is also Airbnb clone script.
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