- Hotels around the globe are experiencing unprecedented declines in occupancy due to lockdowns and stay-at-home orders meant to curb the spread of the coronavirus.
- Thanks to two initiatives, "Buy Now, Stay Later" and "Hotel Credits," travelers can purchase hotel bonds and credits to support independent hotels during the coronavirus outbreak and redeem them in the future for up to $100 more than what they paid.
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Across the globe, hotels are experiencing unprecedented declines in occupancy as countries and cities order residents to stay at home to curb the spread of the coronavirus.
Marriott and Hilton , two of the biggest hotel chains in the world, have furloughed tens of thousands of employees. A study by Oxford Economics last month predicted that nearly 4 million US hotel jobs could be lost in the coming weeks due to the effects of the coronavirus on travel.
The "Buy Now, Save Later" initiative lets travelers purchase $100 "bonds" for independent hotels and redeem them for $150 after 60 days.
Buy Now, Stay Later is a new initiative that helps independent hotels stay afloat during the coronavirus outbreak. Travelers can purchase "hotel bonds" in increments of $100 that are redeemable for $150 after 60 days. Eight luxury independent hotels, ranging from Le Barthelemy in St. Barth's to Greydon House in Nantucket and Casa Violeta in Tulum, are currently participating. The website indicates that more hotel partners are "coming soon" and includes a sign-up form for interested hotels.
To purchase bonds, travelers must contact each hotel directly. To facilitate this, buynowstaylater.com includes a "Get Your Bond" button next to each hotel participating hotel, which links out to the hotel's website and contact information.
Travel app Porter & Sail has launched a similar "Hotel Credits" program for 17 properties across the globe.
Travel app Porter & Sail has launched a Hotel Credits store that allows travelers to buy hotel credits for 17 properties through its website. Credits can be purchased through its website at two tiers: $120, later redeemable for $150; and $200, later redeemable for $300. Participating properties are located across the globe, from Thailand to Lake Como to Los Angeles and Nairobi.
The purpose of the program is to help independent hotels keep their staff employed, and Porter & Sail is not taking any fees.
Are you a hotel owner or employee affected by the coronavirus outbreak? We want to hear your story. Email this reporter at mwiley@businessinsider.com.