Thailand’s richest man, Charoen Sirivadhanabhakdi, believes tourism will recover quickly and continues to invest in hotels. He bought a hotel in Pattaya this month through his Asset World Corp., the real estate arm of the TCC Group.
With the drastic decline in tourism last year due to the Covid-19 pandemic, Thailand’s tourism industry has suffered greatly, with over 100 hotels for sale and more properties being sold or closed every day. Many hotels will not reopen, even if the borders reopen to foreign holidaymakers, which is scheduled for October.
There are plans to convert existing tourist hotels in and around Pattaya into class hotels. Asset World has invested more than 50 billion baht in upcoming projects, three of which will open later this year. Construction of Thailand’s tallest tower is also planned, with construction expected to begin in early 2023. Asset World plans to buy more properties from troubled companies.