With Pattaya hotel operators in dire financial straits brought on by the lack of tourists during the pandemic, foreign investors are apparently keeping a close eye on the situation. The hotel operators in the tourist city are being warned that if they do not get assistance for their outstanding loans, then their businesses could be taken over by foreign investors.
Pattaya is one of the areas in Thailand that has been hit the hardest by Covid-19. The city’s famous “Walking Street” has been compared to the zombie apocalypse series, the “Walking Dead.” Many businesses have been struggling to stay afloat.
The president of the hotel association of the eastern region warned hotel operators to take care of their outstanding loans and called on the government to support the hotel sector, such as by suspending loan payments to financial institutions and cutting interest rates.
He says that if hotels do not get help, and if the tight travel restrictions remain in 2022, then many will have no other option than to sell the business and many groups of foreign investors, mostly Chinese, are interested in buying hotels in Pattaya.
SOURCE: Bangkok Post
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