Friday 29 March 2024
 
»
 
»
Story

Airbnb gets $1bn debt for expansion

WASHINGTON, June 16, 2016

Apartment-sharing startup Airbnb Inc has secured a $1 billion debt facility from some big US banks to aid its new services and finance its expansion plans, a source close to the company said.

JPMorgan, Citigroup, Morgan Stanley and Bank of America Corp led the debt deal, the source said.

Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a round of funding late last year.

Bloomberg reported the funding deal earlier on Wednesday.

Representatives at JPMorgan, Citigroup, Morgan Stanley and Bank of America were not immediately available for comment outside regular U.S. business hours.

Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb. – Reuters




Tags: apartments | debt | Airnb |

More Travel, Tourism & Hospitality Stories

calendarCalendar of Events

Ads