<p>Short-term home rental company Airbnb Inc on Monday said it was becoming a worldwide Olympic partner in time for the 2020 Olympics in Tokyo as the games' organisers bid to cut the costs associated with hosting the event.</p>.<p>Airbnb said that the partnership with the International Olympic Committee (IOC) would cover five Olympics and Paralympics over the next nine years. Financial details of the partnership were not disclosed.</p>.<p>IOC President Thomas Bach said that the partnership would not replace the Olympic village but would be based on a guarantee of accommodation for visitors, families of athletes, and officials, and would reduce the need for host cities to unsustainably invest in new hotels.</p>.<p>"One of the goals of (our) agenda is to make the Olympic Games more feasible and more sustainable," Bach said at an event in London to announce the partnership.</p>.<p>"There, this partnership will greatly help, because it will provide accommodation that will reduce the costs for the Olympic Games organisers and all the stakeholders."</p>.<p>Locals staged protests at the last summer games in Rio de Janeiro because of the cost of hosting the event while Brazil was mired in recession. </p>
<p>Short-term home rental company Airbnb Inc on Monday said it was becoming a worldwide Olympic partner in time for the 2020 Olympics in Tokyo as the games' organisers bid to cut the costs associated with hosting the event.</p>.<p>Airbnb said that the partnership with the International Olympic Committee (IOC) would cover five Olympics and Paralympics over the next nine years. Financial details of the partnership were not disclosed.</p>.<p>IOC President Thomas Bach said that the partnership would not replace the Olympic village but would be based on a guarantee of accommodation for visitors, families of athletes, and officials, and would reduce the need for host cities to unsustainably invest in new hotels.</p>.<p>"One of the goals of (our) agenda is to make the Olympic Games more feasible and more sustainable," Bach said at an event in London to announce the partnership.</p>.<p>"There, this partnership will greatly help, because it will provide accommodation that will reduce the costs for the Olympic Games organisers and all the stakeholders."</p>.<p>Locals staged protests at the last summer games in Rio de Janeiro because of the cost of hosting the event while Brazil was mired in recession. </p>