The Tourism Authority of Thailand has launched hotel bonds, which increase in value over time, to support the sector.
The country was due to start opening to foreign visitors from 1 August, with the provinces of Phuket, Krabi, and Surat Thani where health monitoring can be more easily controlled.
Through the ‘Buy now, stay later’ website, travellers can access a list of partner properties and connect with them directly to purchase bonds in $100 increments. Similar to savings bonds, hotel bonds purchased for $100 today can be redeemed for a value of $150 following a 60-plus day maturation period. Partner properties include Anantara Mai Khao Phuket Villas, The Slate Phuket, Santhiya Koh Phangan Resort & Spa, and .
Vachirachai Sirisumpan, director, Tourism Authority of Thailand, said: “With the launch of Buy Now, Stay Later: Thailand, TAT is broadening the systems of support we have in place for Thailand’s hotels. We hope that this revenue-generating initiative will help to ensure the survival of many of the country’s most beloved tourist destinations. Furthermore, we hope the campaign inspires and empowers foreign visitors to invest in the tourism industry in Thailand, a country that for many years, has had a warm and welcoming connection to the global travel community.”
Buy Now, Stay Later: Thailand is a part of the Buy Now Stay Later program developed by Rachel Harrison of Lion & Lamb Communications. Created in April 2020 as an early response to the impact of COVID-19 on the hotel industry, Buy, Now, Stay Later has since expanded to include 500+ partner properties in countries around the world. Many participating hotels have reported an uptick in bookings as a result of guests connected through the website.
The adoption of bonds in the sector was gaining momentum. Last month saw Imran Hussain, director, THC/Endevour, write in this publication: “Why would the industry or any industry entertain a model like this? Because just like those hands, we have to all do our bit to keep the economy moving. And these actions, while they might seem small when compared to the bigger problems at hand, it is the series of small actions that come together to create an impact. We’ve all lost so much, and the bond issue is a means to get transactions going and in the spirit of one purchase leading to another, the bond issue also has the means to give back to local and national charities where a percentage of the transactions can be offset to go to industries that need it most.”