S Hotels and Resorts, the flagship hospitality arm of Thailand’s Singha Estate PCL, now accepts cryptocurrencies as payment, beginning with its properties in Maldives.
Tapping on cryptocurrency trading platform FTX, guests at SAii Lagoon Maldives and Hard Rock Hotel Maldives can book and pay with virtual online currencies, starting 1 October earlier this month.
The two resorts are the first in the Maldives to accept cryptocurrencies — either in USD Coins (USDC) or Tether tokens (USDT). More cryptocurrencies are expected to be added in future.
Bookings must be made directly with each property’s reservations department, and payments can be arranged securely, from anywhere in the world.
With this move, S Hotels & Resorts hopes to target new and potentially untapped sectors of the market — including Gen Y and Gen Z consumers — while helping hotels to drive a greater number of direct bookings.
“At S Hotels & Resorts, we are constantly seeking new ways to connect with our customers and remove barriers to travel. We fully understand that in today’s world, an increasing number of consumers are turning to cryptocurrencies as a secure and stress-free way of paying for goods and services," said Dirk De Cuyper, Chief Executive Officer, S Hotels & Resorts.
There are plans to expand this initiative to more of its hotels are resorts worldwide, towards becoming "the hospitality provider of choice for a new generation of customers,” added De Cuyper.
S Hotels & Resorts joins a growing number of companies that now accept cryptocurrencies as a payment option, including Pavilions Hotels & Resorts in early July this year.