by Donald Wood
Last updated: 12:30 AM ET, Tue November 19, 2019
The International Olympic Committee (IOC) and Airbnb announced Monday an agreement to provide accommodation for visitors, families of athletes and officials through 2028.
The partnership will include five Olympics and Paralympics over the next nine years, starting with the 2020 Olympics in Tokyo. Other Olympic events covered by the deal include the Beijing 2022, Paris 2024, Milan 2026 and LA 2028 winter and summer games.
Airbnb has established rental connections with each of the cities hosting the Olympic Games.
According to the Financial Times, the value of the deal was reported at $500 million and included a "substantial payment to the IOC." While further details were not officially announced, the agreement reportedly "takes into account the cost of services that Airbnb will provide, such as free accommodation to athletes and executives."
IOC President Thomas Bach revealed the deal with Airbnb would not replace the Olympic village, but instead help reduce the need for host cities to invest in new hotels that put a strain on the local economy.
"This innovative partnership underpins our strategy to ensure that the efficient staging of the Olympic Games is sustainable and leaves a legacy for the host community," Bach said in a statement. "With Airbnb's support, we will also develop new opportunities for athletes around the world to develop their own direct revenue streams through the promotion of physical activity and the Olympic values."
The partnership between the IOC and Airbnb is designed to be mutually beneficial to the hosts in each city and visitors. Hosts will be able to earn extra income by providing accommodation and local experiences to fans, while visitors can enjoy a more authentic way to engage with the local communities.
"Airbnb and the IOC have a strong track record in creating and accommodating the world's greatest events," Airbnb Co-Founder Joe Gebbia said in a statement. "Our Olympic partnership will ensure that the Games are the most inclusive, accessible and sustainable yet, and leave a lasting positive legacy for athletes and host communities."
"Airbnb's mission is to create a world where anyone can belong anywhere, and we are proud that the Olympic spirit will be carried by our community," Gebbia continued.
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