Airbnb Gets $1B Debt Facility
Airbnb snagged a $1B debt facility from big US banks—led by JPMorgan, Citigroup, Morgan Stanley and Bank of America—to finance its expansion plans and new services.
The home-sharing behemoth raised over $100M in a funding round late last year, and it expects to achieve profitability in 2016.
Airbnb (CEO Brian Chesky, pictured) hit 1 million rooms listed last year—more than Hilton—and has been spreading its business around the world, including a heavy investment in a Cuban expansion, Reuters reports.
Airbnb almost made a foray into another political battle in April, when it entered talks to partner with unions on the “Fight for $15” campaign—which would’ve given it some more political weight to throw around. However, the plan fell through before it could get off the ground. [Reuters]