Expedia Group acquired a pair of companies that make it easier to list apartments on short-term rental sites like Airbnb or the travel giant’s subsidiary HomeAway.
Expedia said Thursday it acquired San Francisco-based Pillow and Chicago-based ApartmentJet. Pillow offers a software solution that allows building owners and managers to authorize renters to offer their apartments for short-term rental. ApartmentJet allows building owners to turn vacant units into short-term rentals.
In a statement, Expedia CEO Mark Okerstrom said the acquisitions are “important and foundational investments” for the company as it dives deeper into the world of alternative rentals.
“Demand for short-term rentals in U.S. urban destinations has been growing impressively over the past several years,” Okerstrom said. “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 came the same day that the travel giant reported its third quarter earnings. Expedia reported net profits of $525 million — or $3.65 per share — on $3.27 billion in revenue. Expedia bested analyst expectations on earnings per share but 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 percent over a year ago to $24.67 billion.