Billionaire's Swiss Hotel to Accept Crypto Payments

(Bloomberg) -- The Chedi Andermatt, a luxury hotel controlled by billionaire Samih Sawiris, said it will allow guests to use cryptocurrency to pay for their stay in the Swiss Alps. The hotel will accept both Bitcoin and Ethereum and will consider taking other cryptocurrencies in the future, it said in a statement. A top-end suite at the five-star Chedi Andermatt, about a 110 kilometers (70 miles) drive from Zurich, can cost thousands of dollars per night, according to the hotel’s website. The resort began considering taking cryptocurrencies as a payment option about four years ago, but waited until it was able to ensure transactions would be secure and price fluctuations could be avoided. It’s partnering with payment-service provider Worldline as well as Swiss crypto service provider Bitcoin Suisse for the endeavor. Payments by cryptocurrency will be immediately converted into Swiss francs once they are confirmed, the hotel said. Cryptocurrencies have surged in popularity and interest over the past two years even as valuations for the digital money have swung wildly and their everyday practicality as a payment system has remained challenging. Swiss Canton Takes Taxes in Bitcoin as Crypto Gains Traction The Chedi opened in 2013 as the cornerstone of a Sawiris-led redevelopment of Andermatt, a ski resort that had fallen out of favor. Sawiris, whose fortune comes from Egyptian real estate, teamed up with other investors to spend more than $1 billion to revive the town. “We are making a clear statement to our hotel guests that we are open to new technologies and at the same time offer a new payment experience as an additional service,” Jean-Yves Blatt, general manager at the Chedi, said in a statement. Switzerland has been among the most enthusiastic European countries in embracing cryptocurrencies. Zug, known for its low corporate taxes and home to commodities traders, said last year it would begin accepting Bitcoin as payment for taxes. Also a hub for cryptocurrency firms, Zug has accepted Bitcoin as payment for some services since 2016 and inspired the ski resort of Zermatt to do the same. (Updates with Zug’s decision to allow taxes paid in Bitcoin in final paragraph. A previous version of the story corrected the spelling of a cryptocurrency.) ©2021 Bloomberg L.P.

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