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Airbnb announces $1 billion term loan, and suspends bookings in Mexico and other countries

Airbnb Co-Founder, CEO and Head of Community Brian Chesky said that the company will "will emerge from the pandemic storm even stronger"

Photo: Airbnb/Wikipedia
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  • The suspension in Mexico runs until the end of April; in the United Kingdom until at least April 18th; and in China until May;
  • On March 31st, Airbnb announced that it was extending its full cancellation policy due to the coronavirus pandemic up to May 31st.

On Tuesday Airbnb announced that “it has secured commitments of $1 billion for a syndicated term loan from institutional investors”. According to the home-sharing giant, “the new resources will ensure Airbnb can continue to invest in its company and community of hosts and guests in over 220 countries and regions around the world.” The loan follows a $1 billion debt and equity deal with Silver Lake and Sixth Street Partners.

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“I deeply appreciate the confidence and trust that so many have shown in our company even as every sector in travel is going through the storm of the pandemic. We know travel will return and rather than merely hunkering down, the support we have received will allow Airbnb to continue moving forward as we invest in our community,” said Airbnb Co-Founder, CEO and Head of Community Brian Chesky in a press release.

“All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the pandemic storm even stronger, regardless of how long the storm lasts.”

BRIAN CHESKY, Co-Founder, CEO and Head of Community at Airbnb.

Airbnb also suspended new bookings in Mexico, UK, and China (Beijing). The suspension in Mexico runs until the end of April; in the United Kingdom until at least April 18th; and in China until May.

On March 31st, Airbnb announced that it was extending its full cancellation policy due to the coronavirus pandemic up to May 31st. The company has also announced the amount of $250 million to compensate hosts for missed or canceled bookings.

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Guests who had reservations with check-in between March 14th and May 31st are eligible for asking for full refunds.