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Thailand’s richest man buys Pattaya hotel, expects tourism will rebound

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Thailand’s richest man is expects tourism will rebound quickly. He’s so confident, that he’s now investing in hotels, including a hotel in Pattaya. Asset World Corp., the property arm of Thai billionaire Charoen Sirivadhanabhakdi’s TCC Group, purchased a Pattaya hotel this month. The company is now searching for more properties.

With the drastic slowdown of international travel over the past year due to the Covid-19 pandemic, Thailand’s massive tourism industry has suffered, leaving over 100 hotels for sale, with more properties selling or closing each day. Many hotels have closed down during the pandemic and will not reopen, even when borders reopen, tentatively scheduled for October

Plans are underway to convert the property in tourist hotspot Pattaya into a branded hotel. Asset World has more than 50 billion baht invested in upcoming projects, with 3 hotels slated to open later this year. Thailand’s tallest tower is also planned, scheduled to begin construction at the beginning of 2023. The company may also acquire properties and land from Charoen’s TCC Group.

Asset World aims to purchase more struggling properties. Stephan Vanden Auweele, chief hospitality group officer, says the time is right to buy.

“If the right products, the right hotels come at the right price, we will definitely look at every opportunity.”

With tourism down, and a third of tourism-related businesses closing down in the last year due to the effects of the pandemic, Charoen’s investment in the Pattaya hotel, and positive outlook on recovery may help boost recovery.

Many hope tourism will pick up as people are vaccinated worldwide and travel restrictions finally begin to ease. Vanden Auweele believes that tourism will recover quickly in October when international travel is fully reopened. But he acknowledges that many hotels were failing before the pandemic, and views this as a chance to refurbish and revitalize the tourist industry. 

“This situation is about cleaning up and maybe eliminating whoever was already not doing well before the crisis.”

SOURCE: Bloomberg

 

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14 Comments

14 Comments

  1. Issan John

    Friday, March 26, 2021 at 4:00 pm

    ““This situation is about cleaning up and maybe eliminating whoever was already not doing well before the crisis.””

    I’m sure it is.

  2. John_2

    Friday, March 26, 2021 at 4:18 pm

    Hasn’t counted on the “Brazilian mutation” taking hold – that’s the next big Covid roll out. This ain’t over by a long way – in fact, it may only have just begun!

  3. toby andrews

    Friday, March 26, 2021 at 5:42 pm

    Smart move. The price was probably a bargain.
    And with influence and friends in government, the hotel will be a quarantine hotel next week.
    However I could be completely wrong.

  4. Issan John

    Friday, March 26, 2021 at 6:42 pm

    You’re certainly not wrong about the “influence and friends in government”, Toby ?

  5. Mr cynic

    Friday, March 26, 2021 at 7:40 pm

    Almost certainly a good move.he has probably paid about 20 percent of the pre crisis valuations.

  6. Dan

    Saturday, March 27, 2021 at 2:58 am

    Which hotel did they purchase?

  7. QR

    Saturday, March 27, 2021 at 7:07 am

    That’s on a need-to-know basis. And we puppets do not need to know anything.

  8. QR

    Saturday, March 27, 2021 at 7:11 am

    The full quote from the Bloomberg article:

    “This situation is about cleaning up and maybe eliminating whoever was already not doing well before the crisis,” Vanden Auweele said. “If people weren’t making money then, should they still exist?”

    No, they should be eliminated, with a toxic vaccine if necessary.

  9. Ben

    Saturday, March 27, 2021 at 9:12 am

    Very predictable move by those with cash to buy distressed assets that can be revived. Will probably spruce up the place and make necessary improvements in time for tourists to re-emerge. Then buy a few more and do the same thing.

    Pattaya will come back eventually and in a few years they can get a nice multiplier on their investment.

  10. Geronimo

    Saturday, March 27, 2021 at 12:39 pm

    As Warren Buffet said: “When people are scared, that’s the time to buy” Shucks if I had the money I’d be buying the hotels now too. The tourists will definitely come back. Bangkok is the most visited tourism spot in the world. As the virus resolves, people will be dying to travel again. What a great move by this investor. I wish I could be on his investment team.

  11. Issan John

    Saturday, March 27, 2021 at 2:24 pm

    Exactly, Ben.

    The idea that “Thailand’s richest man is expects tourism will rebound quickly. He’s so confident, that he’s now investing in hotels, including a hotel in Pattaya” is without any foundation at all.

    “This situation is about cleaning up and maybe eliminating whoever was already not doing well before the crisis” spells it out beyond any doubt – nothing to do with “quickly”, just taking advantage of the crisis to buy cheap and “clean up”.

  12. Edward

    Sunday, March 28, 2021 at 12:35 pm

    The world revolves around sex and money which Thailand is renowned for. Not a difficult decision to make.

  13. LondonAl

    Sunday, March 28, 2021 at 8:05 pm

    Tourism will rebound quickly, no question about it in my mind, the world is about to be inundated with vaccines.

  14. Steve

    Thursday, April 1, 2021 at 12:51 pm

    Money makes Money!

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Neill is a journalist from the United States with 10+ years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

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