The travel-booking giant takes further steps into the short-term rental space with two acquisitions
Travel-booking giant Expedia is moving further into Airbnb’s turf with the acquisition of two companies that facilitate short-term rentals in multifamily properties.
Expedia Group already owns HomeAway and VRBO, two major players in the short-term rental space. The company has now announced the acquisition of Pillow, a software company that helps building owners and managers allow their long-term residents to rent their units, and ApartmentJet, a company that enables the rental of guest suites in multifamily properties. Expedia said that the acquisitions will allow HomeAway to add a broader selection of accommodations to its marketplace and marketplaces across Expedia Group brands.
“Demand for short-term rentals in US urban destinations has been growing impressively over the last several years,” said Mark Okerstrom, president and CEO of Expedia Group. “In order to deliver to our customers what they are asking for while at the same time promoting responsible renting, Expedia Group is committed to delivering solutions that give urban building owners, managers and communities control and transparency over short-term rentals. Our acquisitions of Pillow and ApartmentJet are important and foundational invetments in the Expedia Group platform.”
“Pillow was founded to connect the world and spread the joy of travel through short-term rentals, and I’m incredibly proud of the impact we’ve had by making that possible in a way that works for the multifamily industry,” said Pillow CEO Sean Conway. “We are ecstatic to continue our growth among the millions of multifamily units worldwide with Expedia Group and HomeAway.”
“Our goal has always been to develop pioneering solutions for the multifamily industry, and for years, we’ve helped property owners strategically leverage the short-term rental market,” said ApartmentJet CEO Eric Broughton. “We are thrilled to join forces with Expedia Group, whose resources and expertise will accelerate our ability to deliver innovative technologies and services, and we look forward to helping communities and travelers reap the full benefits of multifamily accommodations together.”
