Thai Billionaire Betting on Tourism Rebound Eyes Troubled Inns

Asset World Corp., the property unit of Thailand’s richest gentleman, strategies to acquire distressed inns, betting on a brief revival in tourism as soon as the Southeast Asian nation reopens to international site visitors.

Far more than 100 lodges are readily available for sale in Thailand now and “the selection is growing by the working day,” in accordance to Stephan Vanden Auweele, chief hospitality team officer of the organization, vast majority-owned by billionaire Charoen Sirivadhanabhakdi’s TCC Group. It purchased a resort in vacationer hotspot Pattaya this thirty day period and is on the lookout for much more acquisitions, he said.

Tourism-reliant Thailand has long gone without the need of its millions of foreign website visitors for a calendar year, leaving its hotels and tourism businesses battling to remain afloat. Some properties have closed down and might not reopen when global travels resume later on this 12 months, in accordance to the Thai Motels Affiliation.

Karen J. Simmons

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