San Fransisco-based Airbnb is reportedly in talks to acquire Montreal-based high-end rentals corporation, Luxury Retreats.
The company’s board of directors will reportedly vote on the deal later this week, though the transaction is yet to be finalized. Luxury Retreats currently has over 4,000 properties, making the acquisition Airbnb’s largest to date.
The rentals company is currently looking to attract more customers to its luxury tourism services. The company is also looking to expand into other parts of the travel and tourism market through a flight booking tool.
Luxury Retreats could be just the first foray into the high-end rentals market that Airbnb is looking for. The company currently generates approximately $150 million in gross bookings every year, from over 90 markets around the world.
Airbnb has over 2 million listings and sees growth opportunities in Montreal, Toronto, and other Canadian cities. Airbnb booking in Toronto saw a 60 percent increase in listings over the past year.
This news comes in the midst of the Canadian government’s review of short-term rental regulations in several provinces. Ontario and British Columbia are key in this review, since Airbnb is most active in those provinces.