Expedia Shuts a Short-Term Rental Biz It Created From 2 Acquisitions
Skift Take
Expedia Group is trying to simplify its far-flung operations, and its multifamily, short-term rental business wasn't a core endeavor. That's especially true when you consider how Covid-19 has decimated demand for such properties in urban areas.
As part of its reorganization efforts, Expedia Group is winding down its multifamily building short-term rental business that it began with the 2018 acquisitions of Pillow and ApartmentJet, Skift has learned.
Expedia Group bought the two companies for around $54 million, and combined them, along with some staff from its Vrbo subsidiary, to create Expedia Group Multifamily solutions. Expedia rebranded the product into a suite of software tools called Flex, or Flexible Living Platform, and it was geared to help landlords attract short-term rental bookings for vacant apartments, and to enable tenants to offer up their units to guests.
Pillow had counted Airbnb as its exclusive multifamily software partner prior to Expedia buying t
