The great Thailand hotel fire sale that never happened

[BANGKOK] Thailand’s vastly overbuilt and fiercely competitive hotels sector has somehow survived the devastating Covid-19 pandemic of the last three years and is poised for a swift revival as foreign tourists, especially from China, swarm back to the kingdom this year.

There were few hotel bargain sales reported during the pandemic years despite the industry’s unprecedented pain, as occupancy rates averaged a measly 9 per cent for the whole of 2021.

“I remember talking to some investors looking for new properties in Thailand who were hoping for a 50 per cent Covid-19 discount,” said Gilles Cretallaz, the chief operating officer of Dusit Hotels & Resorts, a Thai hotel chain. “They were disappointed because it didn’t happen.”