Luxury Hotels Accepting Cryptocurrency – Nasdaq | Jewelry Dukan

Some luxury hotels are now offering a new benefit: the ability to pay in cryptocurrencies. From Dubai to the Swiss Alps, several high-end hotels are allowing their guests to exchange their credit cards for their digital assets.

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The Chedi Andermatt, a 5-star hotel in Andermatt, Switzerland, is one of them.

General Manager Jean-Yves Blatt said the hotel, which began offering such payments in August 2021, currently accepts Bitcoin and ETH, an option that represents a continuation of the personalized services it offers its guests.

Gatt: “We make a clear statement to our hotel guests that we are open to new technologies and offer a new payment experience as an additional service.”

Check out some of the luxury hotels that accept crypto.

The Chedi Andermatt

Gatt said Chedi Andermatt, which “aspires to revolutionize the world of luxury hospitality,” looked at the process four years ago, but “at the time it wasn’t possible because the volatility of these currencies was too high.”

He added that digital payments company Worldline Switzerland now enables the hotel to offer its guests payments in cryptocurrencies without the risk of volatility, as the crypto transactions are converted to Swiss francs immediately after confirmation.

This, he said, offers the best of both worlds — providing payment options for customers while ensuring the hotel’s own revenue and operations are not subject to the volatility of crypto.

The Pavilions Hotels & Resorts

The group has been accepting Bitcoin, ETH and 40 other currencies since July 2021. The group has 14 locations around the world, including properties in Phuket, Bali, Himalayas, Mongolia and Niseko in Asia, and Amsterdam, Madrid, Lisbon and Rome in Europe, according to a press release.

The Kessler Collection

The Kessler Collection says it is the “first US luxury hotel group to accept cryptocurrency as a form of payment,” which it began offering in March 2021, according to a press release.

Hotels in Alabama, Colorado, Georgia, Florida, North Carolina, and South Carolina will accept Bitcoin, Ethereum, Dogecoin, and a few others, including four stablecoins, as payment “to meet growing demand.”

S Hotels & Resorts

The group partnered with platform FTX in October 2021 to allow its customers to pay with crypto at two of its hotels in the Maldives: SAii Lagoon Maldives and Hard Rock Hotel Maldives. Guests can pay in USD coins (USDC) and tether tokens (USDT), with more cryptocurrencies expected to be added, according to a press release.

More hotels are now taking crypto

From Dubai to Hong Kong, the number of luxury hotels accepting various forms of crypto payments is growing rapidly, which makes sense from multiple perspectives, said Daryl Kelly, manager of Chestertons Barbados and CEO of NFT platform LTD.INC.

First, crypto adoption has grown exponentially and globally. In addition, wealthy individuals in particular have invested a larger part of their net worth in Bitcoin and other cryptocurrencies.

“So in short, there are more people willing to spend their crypto for a variety of purposes, including when it comes to travel and staying in upscale hotels,” Kelly said, adding that there are benefits for hotels too because Payments in crypto are generally instant and final.

According to him, in the near future there will be a development of crypto in luxury hotels and tourist destinations, which will include more complex and interesting use cases, such as B. Using NFTs as a form of exclusive club membership.

“This could mean, for example, a five-star resort in the Maldives handing out exclusive NFTs to its most loyal customers, who in turn can use those NFTs in much the same way you would imagine an airline using a frequent flyer mile point system,” Kelly said . “This would mean that holders of these NFTs could check in at the hotel, scan the digital asset in their wallet, and immediately receive discounted uses for spas or nighttime activities. In fact, the use cases of NFTs as a digital indication of an exclusive membership at any hotel or resort could be as large, if not larger, than general crypto payments.”

Advantages of paying with crypto

Armin Schmid, head of BTCS Pay, Bitcoin Suisse’s crypto payment solutions team, also notes that there are several benefits for guests. It’s as easy as paying by credit card, avoids currency conversion and stands for equal opportunities for all.

“Luxury hotels often have mostly international guests,” says Schmid. “One benefit of paying with crypto is that they don’t have to exchange their local fiat currency for the domestic fiat currency of the hotel location.”

Schmid added that while there are some upfront costs involved in setting up the crypto acceptance process, the cost of managing crypto payments is much lower than the cost of credit card payments once everything is set up.

“Downloading a mobile crypto wallet and storing your crypto there to use for everyday payments is easy,” he said, adding that Bitcoin Suisse supports crypto payments alongside Worldline, the European leader in cryptocurrency payment and transaction services industry. “The younger generation in particular prefers quick and easy crypto payments over more traditional means.”

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This article originally appeared on GOBankingRates.com: Luxury Hotels That Accept Cryptocurrency

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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