The global Covid pandemic has wreaked havoc on economies all over the world and Thailand has seen virtually no tourists in 2020, while close to 30 million foreign tourists visited the Land of Smiles the year before. This has had a serious impact on the Thai economy and many hotel and resort owners have their property on the market and many are prepared to sell for a much lower price than under normal conditions, mainly due to the uncertainty that Covid-19 brings.
Getting Back to Normal
All the signs are pointing to 2021 being the year we see a return to normality, as there are already Covid-19 vaccines in production, which is very good news indeed. If you are interested in creating a 5-star resort in Thailand, talk to the leading quantity surveyors at https://ges-solutions.com/, who have an excellent track record in costing hotel and resort development. They have a lot of experience with luxury 5-star resorts and they can even procure the land for the project.
Buying an Existing Resort
Now might be the perfect time to invest in a luxury 5-star spa resort that comes complete with staff and is ready for business. While the majority of hotels and resorts have the capital to survive a complete year of inactivity, some simply cannot wait and are desperate to find a buyer.
Setting Up a Company
Of course, you will need expert legal advice when setting up the business and you will need to have at least one Thai partner, plus the Thai Board of Investment (BOI) offers very generous benefits to foreign investors. A Google search will help you to locate a Thai law firm that has the know-how to set up the company, plus they can advise you on the best way to register your new business. When building a resort or hotel, it pays to take on some branding advice to make your venue stand out from the crowd.
Arrange a Reconnaissance Trip
It is now possible to obtain a visa to visit Thailand (you might have to spend 10 days in state quarantine) and you can take a look at some resorts that are already on the market. The Thai government have already set aside a large advertising budget to begin to woo tourists back to the Land of Smiles and if all goes well, 2021 should be a very good year for Thai tourism. Ideally, you would hire a good General Manager who speaks fluent English and then define your target groups and invest in some digital marketing, then you can prepare for online bookings.
Of course, from a business perspective, it is best to buy in at lower than market prices and if you act now, there are some amazing resorts and boutique hotels available at ridiculously low prices and if you have the capital to launch the business, now might be the ideal time to acquire a Thai resort or hotel. Click here for information about tourism in Thailand in 2021.
If you would prefer to build your own resort, there are specialist Thai companies that can cost such a project and oversee everything from sourcing the land to finishing the resort with luxury furnishings.