Spring 2018
Akash Pulluru
THE IMPACT OF TAX REFORM ON THE PE INDUSTRY

On December 19th, a Republican-controlled Congress narrowly passed a tax reform bill. This bill represents the most significant tax overhaul since 1986 and has profound implications for the private equity industry. Although this administration is often chastised for being overly friendly to private equity barons, the reality of this bill is far more complicated.

Hospitality

AIRBNB BUYS HOTELTONIGHT TO SERVE LAST-MINUTE TRAVELERS

Airbnb has recently agreed to acquire HotelTonight, a last-minute online hotel booking platform, for a reported price near the company’s most recent valuation of $463 million (Bloomberg, NY Times). This marks the largest acquisition to date for Airbnb since the high-end travel website Luxury Retreats that occurred at $300 million in February of 2017.

WYNDHAM SELLS ITS GROWING EUROPEAN RENTAL BUSINESS TO PLATINUM EQUITY

Wyndham Worldwide Corporation recently announced an agreement to sell its European vacation rental business to Platinum Equity, LLC for approximately $1.3 billion, or 9.2x EBITDA. Under the deal terms, Platinum Equity will acquire the target through its Platinum Equity Capital Partners IV, L.P. fund in the second quarter of 2018. The deal is subject to approval of the European Commission and includes a $55 million termination fee from Wyndham Worldwide.