Airbnb in talks to buy Luxury Retreats International

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Airbnb is in talks to buy the luxury Canadian site, Luxury Retreats.

Global accommodation portal Airbnb is said to be in talks to buy Montreal-based Luxury Retreats International Inc so it can expand in high-end vacation rentals and travel services, reports Bloomberg.

The sale, which is reported to be worth no more than $300 million in cash and stock is expected to be approved by Airbnb's board of directors this week.

Luxury Retreats is a booking company that specialises in mansions and high-end accommodation across the US and is notable for providing celebrities with luxury escapes.

A spokesman for Airbnb, Nick Papas was coy about the deal.  "We are always looking to provide our community with access to new and different options, but we have no announcements to make," Papas said.

Luxury Retreats, which has more than 4,000 properties around the world, would be Airbnb’s largest acquisition to date. The purchase would enable the accommodation portal to target high-paying customers for its new luxury tourism services.

In November of 2016, Airbnb began offering guided tours by local experts and is also looking to expand into other parts of the travel business and is working on an air travel booking service.

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