REUTERS: Airbnb said on Monday it was allocating US$250 million to help offset losses by hosts around the world whose guests have cancelled bookings in the face of the coronavirus pandemic, following its announcement earlier this month that guests could get full refunds for certain reservations.
Airbnb had earlier announced that guests would receive a full refund for the cancellation of reservations made on or before March 14 for check-in between Mar 14 and Apr 14. Airbnb also said that hosts could cancel reservations without a charge. Airbnb provided no details on whether the US$250 million will be sufficient to cover fees to hosts for all eligible canceled reservations.Airbnb's revenue in 2019 exceeded US$4.8 billion, up 35 per cent on the year, and it has US$3 billion in cash, a source told Reuters last week.
Airbnb also said it is creating a US$10 million relief fund for its Superhosts - so-named for meeting certain requirements including good ratings - who rent out their own home and need help paying their rent or mortgage, and some Experience hosts who charge for sharing an experience like food touring by bike or light photography at night.
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