Airbnb gets $1 billion investment for post-virus recovery

Airbnb on Monday announced it was taking a billion dollars in new investment to endure and, it hopes, thrive in a travel world transformed by the coronavirus pandemic.

Silver Lake and Sixth Street Partners will invest the money into the home-sharing platform in the form of debt and equity, according to Airbnb.

“While the current environment is clearly a difficult one for the hospitality industry, the desire to travel and have authentic experiences is fundamental and enduring,” Silver Lake managing partner Egon Durban said in a release.

“Airbnb’s diverse, global, and resilient business model is particularly well suited to prosper as the world inevitably recovers and we all get back out to experience it.”