Thread: Covid-19 crisis sees nearly 100 Koh Samui hotels put up for sale

Nearly 100 hotels on the tourism island of Koh Samui are for sale due to the negative impacts of the Covid-19 coronavirus lockdown. Tourism on Koh Samui died after the government ordered hotels shuttered on April 7th to control the disease.


Worasit Pongkampan, president of the Tourism Association of Koh Samui, said owners of nearly 100 local hotels announced plans put their hotels for sale. Above all because they lacked cash flow and banks won’t lend to them.


According to Worasit, their financial problems started late last year and picked up in January. The COVID-19 crisis struck them in February. Some hotel owner have been unable to collect overdue payments from big tour agencies for months.

Furthermore, during the temporary closure of their hotels, owners had no revenue but have to pay salaries and other costs.


Due to the circumstance its difficult for them to seek soft loans from banks to maintain their liquidity. Mr. Worasit said he would like the government to immediately help the hotel owners with soft loans. Above all before it is too late because hoteliers are in deep financial troubles.


The impacts happen not only on Koh Samui but also nationwide,” Mr Worasit said.

MORE Nearly 100 Koh Samui Hotels Up for Sale Due to Lockdown

Why on earth would the govt sabotage a buying opportunity for certain oligarchs by saving these hotels?

Happened here in the US when housing went into the shitter. Big corps bought homes by the thousands, for pennies on the dollar, to turn into rental properties.

Every downturn is just an opportunity for the wealthy to consolidate power and even more wealth.

Originally Posted by Agent_Smith

Why on earth would the govt sabotage a buying opportunity for certain oligarchs by saving these hotels?

Happened here in the US when housing went into the shitter. Big corps bought homes by the thousands, for pennies on the dollar, to turn into rental properties.

Every downturn is just an opportunity for the wealthy to consolidate power and even more wealth.

Yep. Similar to the Great Depression of the 1920's, businesses, property, and independent banks at that time were all snapped up for a song.

And then if the behemoth banks hit problems, the taxpayer bails them out.

Hurrah!

The continued temperance measure prohibiting the sale of alcohol within a public social setting is of course a critically valuable tool in preventing the transmission of the virus which in a region of over 150 million has only had a handful of deaths in three months.

Domestic tourism could have softened the economic blow on the economy, particularly when it became apparent that transmissibility in Thailand as elsewhere in SE Asia was not indigent and its spread was dependent on foreign vectors that had effectively ceased by end April, but it seems the government had better ideas.

I suppose in the final analysis they have other priorities.

Samui has never had full occupancy even in high season. Too many rooms, too little infrastructure spending. A taxi Mafia that would trouble Phuket.
Too many greedy locals gouging tourists, who will never return. No need to mention local airline monopoly.

Originally Posted by Seekingasylum

particularly when it became apparent that transmissibility in Thailand as elsewhere in SE Asia was not indigent

I don't believe those numbers for one minute. Some shady stuff going on in these autocratic countries.

owners of hotels,not so say the banks,if they cant borrow against what they own,that means they have fyk all.