The recent partnership between Airbnb and the IOC will cover the next 5 Olympic and Paralympics over the next 9 years. It will support Airbnb's mission to promote sustainable travel, prevent the need for construction of new accommodation by housing athletes, officials and fans thereby generating revenue for local hosts and communities.

It will be interesting to see how hotels in Tokyo, Beijing, Paris, Milan and Los Angeles deal with this increased competition from Airbnb. Will they upgrade their loyalty programmes, offer additional services like free transfers to and from the airport, partner with airlines or even reduce their prices?

I was in Tokyo for the Rugby World Cup recently and hotels were at a premium for an event which is much smaller than the Olympics. Maybe the addition of Airbnb properties will allow smaller cities to host global events?