Airbnb has announced plans to acquire long-term rental platform Urbandoor in a bid to reach business clients and cement relationships with multifamily building operators.
Urbandoor, which was founded in San Francisco in 2015, focuses on those traveling for business and looking for long-term stays at serviced apartments. The startup is backed by rental housing company Greystar Real Estate Partners and is available in 1,500 cities in more than 60 countries.
Unlike Airbnb, Urbandoor does not negotiate with individual property owners but rather arranges deals directly with large real estate companies and multifamily owners. According to Airbnb’s press release, the acquisition will allow the company to grow Airbnb for Work, its corporate booking platform that reportedly comprises 15 percent of its bookings and is used by business owners to book stays for their employees.
Airbnb also hopes that, by acquiring Urbandoor, it can begin to cement relationships with multi-family owners and building operators for more access to inventory in the future. In general, those booking long-term stays for business are interested in apartments that come with amenities like gyms and pools.
“Airbnb is partnering with property owners, developers, and residents to support hosting around the world,” Greg Greeley, Airbnb’s president of homes, said in a press statement. “With the Urbandoor team, we’re looking forward to building on this work by developing new technology to benefit the real estate community and improve the guest booking experience for business travelers and anyone relocating or staying for extended periods of time.”
The financial details of the acquisition were not disclosed but Airbnb, in a statement, said Urbandoor’s operations would be folded into Airbnb. With time, Urbandoor listings will also be featured on the rental platform.
“We started Urbandoor because we wanted to connect traveling and relocating professionals with the right apartment every time, anywhere,” Urbandoor co-founder Erik Eccles said. “Joining the Airbnb family will help us make good on our goals and expand our work with multifamily and corporate housing partners to bring even more great places to stay to Airbnb travelers.”