Room rates drop as Thailand’s hotels feel the Covid pinch

Photo by Siravit Phiwondee on Unsplash

The ongoing tourism slowdown has led several hotels to reduce the price tag on their property by more than usual, says Destination Capital, part of Destination Group.

The difference between the coronavirus crisis and the 1997 financial crisis is revenue dried up during the outbreak without visitors and had to close temporarily, but still had to bear operation costs, said James Kaplan, chief executive of Destination Capital, asset investment and management company.

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