Airbnb Inc on Monday announced that it is taking US$1 billion in new investment to endure and, it hopes, thrive in a travel world transformed by the COVID-19 pandemic.
Silver Lake Partners LP and Sixth Street Partners LLC are to invest the money into the home-sharing platform in the form of debt and equity, Airbnb said.
“While the current environment is clearly a difficult one for the hospitality industry, the desire to travel and have authentic experiences is fundamental and enduring,” Silver Lake managing partner Egon Durban said in a statement. “Airbnb’s diverse, global and resilient business model is particularly well-suited to prosper, as the world inevitably recovers and we all get back out to experience it.”
The fresh resources would enable the San Francisco-based company to invest in its community of “hosts,” as well as local experiences provided along with stays in homes, Airbnb chief executive officer Brian Chesky said.
Airbnb said it would focus on long-term stays, from students needing housing to remote workers, building on increasing demand as people self-isolate during the pandemic.
Terms of the investment include putting US$5 million into a Superhost Relief Fund for highly rated hosts who need help with rent or mortgage payments due to the coronavirus pandemic’s devastating effects.
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