Brittain Resorts & Hotels Selects Affirm as Exclusive Pay Over Time Partner to Bring Hotel Guests a More Flexible Way to Book Accommodations

Rhea-AI Summary

Affirm (NASDAQ: AFRM) has partnered with Brittain Resorts & Hotels to offer a pay-over-time booking option for accommodations at over 15 hotels and resorts. Guests can split the cost of bookings over $150 into monthly payments up to 18 months, with no hidden or late fees. For example, a $1,000 booking could cost $64.76 per month at 20% APR. Brittain Resorts & Hotels VP of Sales, Brian Miller, noted an increase in overall spend per guest using Affirm. Affirm saw a 35% YoY growth in travel and ticketing for the quarter ending March 31. Affirm collaborates with 292,000 retail partners, including major brands like Amazon and Royal Caribbean.

Positive

• Affirm's partnership with Brittain Resorts & Hotels increases customer flexibility in booking accommodations.
• Offering Affirm at checkout can drive overall sales and increase average order value.
• Affirm experienced 35% year-over-year growth in travel and ticketing for the quarter ending March 31.
• Brittain Resorts & Hotels reported higher spending per guest when using Affirm.

Negative

• Potential high interest rates of up to 20% APR could deter some customers.
• The reliance on customers being approved for financing could limit the user base.

Insights

Financial Analyst

Affirm's partnership with Brittain Resorts & Hotels could have notable implications for both companies' financial health. For Affirm, this collaboration expands their reach into the hospitality sector, a move that could significantly boost their top-line revenue. The travel and ticketing segment has already demonstrated a 35% year-over-year growth for the quarter ending March 31, which suggests strong demand for their services among travelers. Should this partnership replicate or exceed these growth rates, it can contribute positively to Affirm's future earnings reports.

For Brittain Resorts & Hotels, the inclusion of a 'pay over time' feature might increase average order values and encourage more guests to book accommodations they might not have considered due to upfront costs. This could lead to higher occupancy rates and improved revenue per available room (RevPAR), a critical metric in the hospitality industry.

Retail investors should note that while the immediate financial impact might be moderate, the long-term customer retention and increased spending could prove to be substantial revenue drivers for both entities.

Market Research Analyst

From a market dynamics standpoint, the hospitality industry has been increasingly adopting flexible payment solutions to attract a broader customer base. Affirm's no hidden fee policy is likely to appeal to budget-conscious travelers who seek transparency in their financial commitments. This aspect could enhance brand loyalty and increase the likelihood of repeat bookings through Brittain Resorts & Hotels.

Furthermore, the broader trend of integrating 'buy-now-pay-later' (BNPL) options into various sectors indicates a shift in consumer behavior towards more flexible payment methods. This partnership aligns well with this trend and could set a precedent for other hospitality management companies to follow suit.

In the longer term, successful execution could open up new opportunities for expansions into other segments like travel packages, enhancing both businesses' overall market positioning.

Bookings available in simple monthly payments, with no hidden or late fees

SAN FRANCISCO--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, today announced a partnership with full-service hospitality management company Brittain Resorts & Hotels. Now, approved hotel guests can book accommodations at more than 15 hotels and resorts and pay over time with Affirm.

By selecting Affirm at checkout, approved guests can split the total cost of any purchase over $150 into monthly payments up to 18 months. They are shown the total cost of their purchase and will never pay more than they agree to upfront. Affirm never charges customers any late or hidden fees such as compounding or deferred interest. For example, a $1,000 purchase might cost $64.76/mo over 18 months at 20% APR.

“We’ve been pleasantly surprised by the initial response. Our Guests seem to like paying for their vacations over time and the overall spend per guest is greater when using Affirm. We plan to implement this option in our call center over the next couple of months,” said Brian Miller, VP of Sales at Brittain Resorts & Hotels.

“Hotel guests remain eager to pay over time for trips, and at Affirm we saw 35% growth year over year in travel and ticketing for the quarter ending March 31,” said Pat Suh, Affirm’s SVP of Revenue. “Partnering with Brittain Resorts & Hotels means guests now have a flexible payment option when booking accommodation that never charges any late or hidden fees.”

Brittain Resorts & Hotels joins 292,000 Affirm retail partners, including Amazon, Casper, Newegg, SeatGeek, Royal Caribbean, Priceline, American Airlines and more. Offering Affirm at checkout can drive overall sales, increase average order value, and increase customer repurchase rates.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X.

About Brittain Resorts & Hotels

Brittain Resorts & Hotels is a full-service hospitality management company providing multi-layered expertise in all disciplines of hotel and resort operations. Since 1943, Brittain Resorts & Hotels has been enriching the lives of its team members, guests, partners, and the communities they serve by providing exceptional guest experiences, a supportive work environment, and superior returns. With over 4,000 rooms, suites, and condos in the portfolio, the company currently operates 20 hotels and resorts and 40+ restaurants & bars within the United States.

Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Lender license 60DBO-111681.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240612569407/en/

Press

Affirm

Alex Rafter

press@affirm.com

(650) 398-2715



Brittain Resorts & Hotels

Patrick Norton

Patrick.Norton@brittainresorts.com

(843) 282-7359

Source: Affirm

FAQ

What is the new partnership between Brittain Resorts & Hotels and Affirm?

Affirm has partnered with Brittain Resorts & Hotels to offer guests the option to pay for bookings over time with no hidden or late fees.

How does Affirm's payment plan work for bookings at Brittain Resorts & Hotels?

Guests can split the cost of bookings over $150 into monthly payments up to 18 months, with no hidden or late fees.

What is an example of cost using Affirm for a booking at Brittain Resorts & Hotels?

A $1,000 booking might cost $64.76 per month over 18 months at 20% APR.

What was the growth rate for Affirm in the travel and ticketing sector?

Affirm saw a 35% year-over-year growth in travel and ticketing for the quarter ending March 31.

How many retail partners does Affirm have?

Affirm has 292,000 retail partners, including major brands like Amazon and Royal Caribbean.