Airbnb and the International Olympic Committee announced on Monday a partnership deal. The nine-year, five-Games partnership is designed to create a new standard for hosting.
The 2020 Olympics will be held in Tokyo, Japan and the 2024 Olympics will be held in Paris, France. Financial Times reported the sponsorship deal is worth $500 million.
In a statement, Airbnb says, “The agreement includes accommodation provisions that will reduce costs for Olympic Games organizers and stakeholders, minimize the need for construction of new accommodation infrastructure for the Olympic Games period, and generate direct revenue for local hosts and communities.”
Airbnb was first launched in 2008 and is an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences.
Earlier this month, Airbnb CEO Brian Chesky said he plans to take his home-rental platform public next year.
The company stressed that Airbnb’s mission to promote “sustainable travel” and the agreement with the Olympic Committee will support the sustainability objectives of the Olympic movement.
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