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Samui Hotels May Join Chopping Block

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Koh Samuihotels may be joining hundreds of others up for sale after Covid-19 ravaged Thailand’s tourism economy.

A source in the hotel industry told “Prachachat Business” that these hotels, mainly in Samui, Phuket and Krabi, are now the targets of property raiders looking to take advantage of the crisis that has impacted sale prices.

But most of the buyers only want rock-bottom prices that are well below the evaluation before Covid-19. Property websites listed hotel properties in Phuket, Samui, Surat Thani, Krabi and even Pattaya with list prices of THB1,000 to 10,000 million, medium-sized three-star properties were selling at THB500 to 1,000 million and small hotels with prices of THB50 to 100 million.

A property expert warned that the cheap sales of hotels would eventually extend to Chiang Mai, Lamphun and Chiang Rai in North Thailand.

Hotel sale prices could even fall by 20 to 30% lower than the market price, with foreign investors readying themselves to snatch them up.

 

SOURCE: TTR Weekly

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