Airbnb is considering the acquisition of Luxury Retreats in Montreal

San Francisco-based Airbnb is reportedly in talks to acquire a Montreal-based high-end rental company, Luxury retreatsaccording to a report by Bloomberg.

The company’s board of directors will vote on the deal later this week, although the transaction is not yet finalized. Luxury Retreats currently has more than 4,000 properties, making Airbnb’s largest acquisition to date.

The rental company is currently looking to attract more customers to its luxury tourism services. The company is also looking to expand into other segments of the travel and tourism market through a flight booking tool.

Luxury Retreats might just be a first foray into the high-end rental market sought by Airbnb. The company currently generates approximately $150 million in gross bookings each year, from more than 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 has seen a 60% increase in listings over the past year.

This news comes amid the Canadian government’s review of short-term rental regulations in several provinces. Ontario and British Columbia play a key role in this review, as Airbnb is most active in these provinces.

UPDATE 02/16/17: The Globe and Mail reported that Airbnb has acquired Luxury Retreats.

Airbnb will acquire Luxury Retreats for a price between C$261 million and $391 million, according to Globe sources. While Luxury Retreats will operate as a standalone business for now, its 4,000 property listings will be integrated with Airbnb over time.

The company’s 250 employees will remain in Montreal with founder Joe Poulin at the helm.

This article was originally published on MobileSyrup

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