WASHINGTON (Pakistan Point News / Sputnik - 07th April, 2020) Online vacation rental service Airbnb said in a release that it will receive an investment of more than $1 billion to overcome the blow from the novel coronavirus (COVID-19) pandemic.
"Airbnb announced today that Silver Lake and Sixth Street Partners will invest $1 billion in Airbnb in a combination of debt and equity securities," the release said on Monday.
Airbnb CEO Brian Chesky said in the release that the investment will help the company reach a strong position to rebound from the COVID-19 pandemic once people resume travel.
Silver Lake and Sixth Street Partners' investment fund includes $5 million for Airbnb's Superhost Relief Fund that will help superhosts who rent out their own homes and need help paying their rent or mortgage, the release said.
The COVID-19 pandemic has caused an economic downward spiral, especially for the travel and hospitality industries.
