The luxury Phuket hotel hit by a political boycott

[webfact]

The luxury Phuket hotel hit by a political boycott

By The Nation

 

 

The globally renowned Sri Panwa resort is under an unwelcome spotlight after its owner, Vorasit Issara, criticised pro-democracy protesters, who promptly hit back by calling for a boycott on his hotel.

 

Sri Panwa is a luxury resort of private pool villas and spa located in the southwest of Phuket. The stunning scenery around the resort marks it as one of Thailand’s leading hotels.

 

Beach Tomato UK named Sri Panwa as the most beautiful hotel in the world, while Anywhere magazine said it was the most charming, and CNN International tagged it for housing one of the world’s three best beach bars in 2011.

 

The hotel was registered to Sri Panwa Management Ltd on July 18, 2013 with capital of Bt100 million.

 

Despite all the praise, it made a net loss of Bt157.5 million in 2019, up on the previous year’s loss of Bt75.9 million.

 

Vorasit Issara is a scion of the family that owns real-estate giant Charn Issara Development.

 

Source: https://www.nationthailand.com/news/30394901

 

-- © Copyright The Nation Thailand 2020-09-22

 

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[torturedsole]

3 minutes ago, webfact said:

Beach Tomato UK named Sri Panwa as the most beautiful hotel in the world, while Anywhere magazine said it was the most charming, and CNN International tagged it for housing one of the world’s three best beach bars in 2011.

But it still doesn't make money and certainly won't be recovering anytime soon. That's some deep pockets that are going to need further alterations to make them much deeper.  Ouch!

[donnacha]

20 minutes ago, webfact said:

Vorasit Issara is a scion of the family that owns real-estate giant Charn Issara Development.

Yup. Guess who the junta work for.

 

[RichardColeman]

26 minutes ago, webfact said:

Despite all the praise, it made a net loss of Bt157.5 million in 2019, up on the previous year’s loss of Bt75.9 million.

In my estimation - with this year a write off - they are looking at losing something like a $16,000,000 loss over 3 years. Surely at some point a loss on 500 million baht on a 100 baht investment must be worth just walking away from

[SoilSpoil]

Baba beach club, in Natai and also owned by this clan, has also been empty since January. Lot of villas for sale. They are hurt.

[hotchilli]

6 hours ago, webfact said:

Despite all the praise, it made a net loss of Bt157.5 million in 2019, up on the previous year’s loss of Bt75.9 million.

Globally renowned yet few customers?

[Deli]

Just another 2nd or 3rd generation kid that never worked for the money it spends.

If not backed by family or Government, bound to fail in life and business.

[Caldera]

They already lost money well before Covid, there's really no hope regardless of any political entanglement. Just a rich heir's pet project, pretty to look at but not viable as a business.

 

[CheelBeel]

7 hours ago, SoilSpoil said:

Baba beach club, in Natai and also owned by this clan, has also been empty since January. Lot of villas for sale. They are hurt.

good

[daejung]

12 hours ago, webfact said:

The globally renowned Sri Panwa resort is under an unwelcome spotlight after its owner, Vorasit Issara, criticised pro-democracy protesters, who promptly hit back by calling for a boycott on his hotel.

It would be interesting to get a  list of such hotels 

[overt2016]

What ever it is the foul mouthed owner needs to garner some respect of others.

Personally I  hope he suffers.

[ChipButty]

Not an easy place to get to, Build it and they will come, no worries guys I'll take it over big discounts for TV members

[xylophone]

On 9/22/2020 at 9:13 AM, hotchilli said:

Globally renowned yet few customers?

Just about an oxymoron hc!

[pagallim]

I remember when I first moved here 13 years ago, when you left the airport and got to the Thepkassatri junction, there was a huge billboard with a photo of Gordon Ramsey recommending the restaurant at Sri Panwa.

 

I've actually eaten there a few times, and their core customer base are Bangkok hi-so's and celebrities.   Very, very few farang tourists stay there.   It's also a favourite weekend destination for members of the Royal family who usually helicopter in to the nearby naval base.

 

Not without some irony that the Thais that do use the place are the very people least likely to take up the cause of those demonstrating let alone would contemplate boycotting the place.

 

Another lesser known fact, the Thai Government's Social Security investment fund is a major investor in Sri Panwa.   Given it's lack of profitability even in the best of years, one wonders the criteria used in its selection, however I'm sure that several free holidays a year (strictly on the basis of auditing the investment of course) is great leverage.

[rkidlad]

On 9/22/2020 at 2:50 AM, webfact said:

The globally renowned Sri Panwa resort is under an unwelcome spotlight after its owner, Vorasit Issara, criticised pro-democracy protesters

 

[donmuang2]

Quote

 

Sri Panwa is a luxury resort of private pool villas and spa located in the southwest of Phuket.

 

Last time I have been there, Cape Panwa was in the southeast.