Airbnb has confirmed the purchase of Montreal-based vacation rental service Luxury Retreats.
The cash-rich home sharing giant has been looking to grab a bigger share of the luxury market segment.
The deal gives it an additional 4,000 properties, which includes some elite homes which rent for tens of thousands of dollars a night.
In the short term Luxury Retreats will operate independently before being merged into the main business.
Luxury Retreats CEO Joe Poulin will stay on and lead Airbnb’s luxury rentals division.
Details of the purchase price and other terms have not been disclosed.
