A survey conducted the Bank of Thailand and the Thailand Hotel Association found that the country’s hotel industry is in hot water in the wake of the third wave that occurred between Christmas and the end of January.
The occupancy rate had shrunk to 9%, half what it was last month. If the trend continues, Thai hotels may go bankrupt in a matter of three months.
The survey found that 51% of reservations in April were cancelled, rendering Songkran—Thai New Year held on April 13—less successful this year.
The BOT-THA further discovered that nearly 40% of hotels reported less than 10% of normal income while over 25% reported half their normal income.
In light of this, the sector has called for help from the government including salary subsidy, debt moratoriums and tourism stimulus programs to stave off Covid19’s crippling effects.