Worldwide: Expedia Group has acquired two companies that make it easier to list apartments on short-term rental sites like Airbnb or its subsidiary HomeAway.
Expedia said on Thursday that it had acquired San Francisco-based Pillow and Chicago-based ApartmentJet. The former offers a software solution that allows building owners and managers to authorise renters to list their apartments as short-term rentals while ApartmentJet allows building owners to turn vacant units into short-term rental options.
In a statement, Expedia CEO Mark Okerstrom said the acquisitions were ‘important and foundational investments’ for the company as it dives deeper into the world of alternative rentals.
Okerstrom said: “Demand for short-term rentals in U.S. urban destinations has been growing impressively over the past several years. In order to be able to deliver 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.”
The acquisitions coincided on the same day with the travel giant reporting its third quarter earnings. Expedia reported net profits of $525 million — or $3.65 per share — on $3.27 billion in revenue meaning it exceeded analyst expectations on earnings per share but it fell just short on revenue.
Gross bookings, the total amount spent by customers booking rooms, flights and other travel across Expedia’s brands, rose by 11 per cent over a year ago to $24.67 billion.