Airbnb will support Olympic games through 2028

Airbnb and the International Olympic Committee (IOC) have signed a multi-year agreement to support Olympic events through 2028, including the Beijing Winter Olympics in 2022, the company said on Tuesday.

The nine-year, five-Games partnership will cover the 2020 Olympic Games in Tokyo, the 2022 Winter Olympic Games in Beijing, the 2024 Olympic Games in Paris 2024, the 2026 Winter Olympic Games in Milano-Cortina and the 2028 Olympic Games in Los Angeles.

The company didn’t reveal the partnership value of the agreement, but it is estimated at US$500 million, according to media reports.

The IOC will make at least US$28 million worth of Airbnb accommodation available over the course of the partnership to athletes competing at the Olympic and Paralympic Games for competition and training related travel, both sides said.

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 games, and generate direct revenue for local hosts and communities, according to Airbnb.

In the first half, Airbnb’s business tripled on the Chinese mainland, thanks to meeting trendy and diversified tourism demands, including millennial travelers, the company said recently.

Shanghai, Beijing, Chengdu, Chongqing and Guangzhou are the top mainland destinations for Airbnb users.