With 1 million jobless, Thai Hotels Association seeks 100 billion baht bailout

Photo: Coconuts
Photo: Coconuts

One million hotel workers have been laid off during the pandemic, and today the industry association announced it has sought a government bailout. 

The Thai Hotels Association said it has asked the Finance Ministry and Bank of Thailand for THB100 billion (US$3.2 billion) in rescue funds and soft loans after the pandemic left tourism devastated and so many out of work.

The association said in a statement it had asked the central bank for more soft loans that can be repaid in two to three years at a fixed 2% rate. 

While some hotels have been able to resume operation, a great deal remains at very low occupancy due to their dependency on international arrivals. Thailand’s borders have been closed since March and will remain so until further notice.

If Thailand doesn’t soon begin welcoming guests from abroad, association president Marisa Sukosol Nunbhakdi said the industry will suffer even more, with more workers laid off and more hotels closing permanently. 

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