Danish entrepreneur plays monopoly in Thai hotel market

[webfact]

Toke Terkelsen in front of The Train Resort in Jomtien. This is one of the few resorts where Toke is the one and only investor – Photo: Lasse Sandholdt

 

by Lasse Sandholdt

 

The Covid crisis and its subsequent lockdown and restrictions have kept the tourism industry of Thailand in a stranglehold. Numerous hotel buildings are up for sale or rent and an industry waiting for investors to pick up the slack. One of the persons to do so is the Danish investor Toke Terkelsen. During the last year, he has leased 10 new hotels and according to him the prices has never been lower than right now.  

 

“It is like Christmas eve right at the moment” that’s how Toke Terkelsen describes walking the streets of Phuket as an investor these days. The “for sale” and “for rent” signs are hanging in one hotel after another. The same sight is common in Chiang Mai. This situation is a unique possibility if you ask Toke. He has bought ten new hotels in these two popular vacation destinations adding them to his collection of other hotels and apartments. He is now rushing to get ready for a hopefully busy tourist season free from the shadow of Covid.

 

“Right now, we are hiring a new staff member every day. The days are very long but try getting 20 hotels ready to function at once. It’s a big handful,” Toke Terkelsen says.

 

Full story: https://scandasia.com/danish-entrepreneur-plays-monopoly-in-thai-hotel-market/

 

-- © Copyright ScandAsia 2021-11-20

 

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[alyx]

If he has got the shoulders for it, then it is great 

[RichardColeman]

Good luck to him, my only worry would be getting too rich and become a magnet for undesirables.

 

I'm happy with my life. Have enough money to live and be happy is enough for me

[ezzra]

There's no doubt that Thailand, a beautiful country, will be back to it's former glory, the question are within how long and what will be the costs of the country and the business people who were heavily invested in tourism and tourism related industries... 

[HashBrownHarry]

Rather him than me.

[nobodysfriend]

4 hours ago, webfact said:

The days are very long but try getting 20 hotels ready to function at once. It’s a big handful,” Toke Terkelsen says.

To be able to manage so many hotels he needs a good crew .

Hard to find in Thailand .

Edited November 20, 2021 by nobodysfriend

[jerrymahoney]

3 hours ago, RichardColeman said:

Good luck to him, my only worry would be getting too rich and become a magnet for undesirables.

 

I'm happy with my life. Have enough money to live and be happy is enough for me

Yes I enjoy reading your 'happy' posts every morning.

[worgeordie]

4 hours ago, webfact said:

the prices has never been lower than right now.  

There is a reason for that .......He is gambling ,taking a big risk

that tourists will return ,sooner rather than later , with a surge

in Covid in European countries , rather him than me , I am not

a gambler, but take calculated risks as all business people do.

regards Worgeordie 

[hotchilli]

4 hours ago, alyx said:

If he has got the shoulders for it, then it is great 

And the pink shorts.

[RAZZELL]

Read the original article...

 

Started the business by borrowing 100m from a "friend".

 

And is asking for investors to help him buy more hotels ????

 

RAZZ

Edited November 20, 2021 by RAZZELL

[Misterwhisper]

Toke Terkelsen? With all these funds available to him, he really should invest in changing his name to something more snappy.

 

You know...

Helpy Helperton

Busby Busy

Goody Goodman

Freeby Frisby

 

Oh, and please get rid of those pink shorts. Pretty pleaaase!

[shackleton]

Is he interested in Beer bars and clubs   plenty available  at the moment in Pattaya 

It's a buyers dream thing of all the sex tourists waiting to come

next year ????

 

[Walker88]

Wasn't that the name of George C Scott's character in Dr Strangelove?

 

Okay, seriously, vulture capitalism and bottom fishing can be immensely profitable, but one must be very selective. A return to the past is an unknown at this point, as we've never experienced a worldwide collective experience like this one. Wars end and people make up, and the 1918 epidemic came well before int'l travel was the norm. This is uncharted territory. It's a parlor game guessing when the average person will feel comfortable enough to travel again---and that only when entry-exit become easier.

 

That being said, some assumptions can be made. I would say the 'tourist' most likely to return is the single male, because the drives that bring that demographic to Thailand are eternal. Thus I might concentrate on Bangkok (Pattaya remains up in the air as a major family seems intent on carrying out its own rebranding of that city). In Bangkok, I would look inside the square represented by Siam to Thong Lo, Petchburi Rd to Rama 4, as that area allows access to Nana and Asoke. The major chains within that square have the fat to endure, but there are one-offs and possible boutique hotels that could be interesting. Also, restaurants within that square should fare well.

 

The next demo that might return is the snowbird...folks escaping the frigid winters of some parts of the US and EU. Backpackers might be a third demo, as the young feel themselves invulnerable, so they will have little fear of getting sick, plus the trend in that age group is still geared toward 'experience' (so they can post on FB or TikTok).

 

I would bet the family vacation is a thing of the past, and folks will remain closer to home.....Grand Canyon instead of Thailand. I think some of the old supposed 'major draws'---food, temples, shopping---are less of a draw now, as its a cost-benefit decision with a touch of fear. The impetus, it seems to me, will be 1) the biological imperative, 2) escape bad winters, and 3) the millennial 'experience'.

Edited November 20, 2021 by Walker88

[Burma Bill]

Quote - "entrepreneur plays monopoly"

 

[Gsxrnz]

14 minutes ago, Burma Bill said:

Quote - "entrepreneur plays monopoly"

 

Not sure if there's a Thai version of Monopoly. 

 

Walking Street and Soi Buakaeow don't hold quite the same charm and desirability as Mayfair and Park Lane.

[Scott Tracy]

Risk taker. Hope it pays off. Still, it is a lease, can walk away any time. It's not as if he owns them.

[Will B Good]

He won't be risking a penny of his own money.......anything he has will ring-fenced and tucked away from creditors for sure.

[Misterwhisper]

double post

 

 

Edited November 20, 2021 by Misterwhisper

[StayinThailand2much]

2 hours ago, worgeordie said:

There is a reason for that .......He is gambling ,taking a big risk

Call it the 'Danish lottery'...

[StayinThailand2much]

1 hour ago, Misterwhisper said:

Toke Terkelsen? With all these funds available to him, he really should invest in changing his name to something more snappy.

 

You know...

Helpy Helperton

Busby Busy

Goody Goodman

Freeby Frisby

 

Oh, and please get rid of those pink shorts. Pretty pleaaase!

MonopolyBob PinkPants

Edited November 20, 2021 by StayinThailand2much

[khunpa]

If it is such an amazing opportunity, then why does he need other peoples money to “invest/risk”?

 

 

 

[Will B Good]

Just now, khunpa said:

If it is such an amazing opportunity, then why does he need other peoples money to “invest/risk”?

 

 

 

He is clever.

[mtls2005]

https://www.youtube.com/channel/UCco9PmL_Kf2ZDpn_h9SPmqg

 

Feels boiler-roomish to me.

 

 

[toofarnorth]

44 minutes ago, Gsxrnz said:

Not sure if there's a Thai version of Monopoly. 

 

Walking Street and Soi Buakaeow don't hold quite the same charm and desirability as Mayfair and Park Lane.

Is there an  Old Bent Road in Patts. there should be ?

[Will B Good]

1 minute ago, toofarnorth said:

Is there an  Old Bent Road in Patts. there should be ?

The Devil, Islington.

 

Useless Road

 

Fleece Street

[Gsxrnz]

3 minutes ago, toofarnorth said:

Is there an  Old Bent Road in Patts. there should be ?

Boyz Town is as close as we get to it.  You need Boyz Town, Soi 6, and Soi 13/2 before you can erect anything on them.  But rents these days are somewhat difficult to come by.

[khunpa]

2 hours ago, RAZZELL said:

Read the original article...

 

Started the business by borrowing 100m from a "friend".

 

And is asking for investors to help him buy more hotels ????

 

RAZZ

Exactly and he even admits he has been losing money the past two years and have had to sell off personal assets to survive.

 

At “great” investment for sure… 

 

Hope for him that he can keep getting other peoples money in to cover the losses and tourism does return very fast. Otherwise the “business plan” could crumble very fast.

 

 

 

Edited November 20, 2021 by khunpa

[BKKTRAVELER]

It will be a race for him, either the tourists come back and he can hope to make money, or they don't and he'll keep bleeding money until he's dry and has to sell/go bankrupt. Time will tell.

 

As he is trying to revive the hotel industry (yes, for his own profit), I hope that he makes it.

 

And I sure hope he is not scamming his investors somehow, crazier things have happened...

[Freddy42OZ]

8 hours ago, Misterwhisper said:

Toke Terkelsen? With all these funds available to him, he really should invest in changing his name to something more snappy.

 

You know...

Helpy Helperton

Busby Busy

Goody Goodman

Freeby Frisby

 

Oh, and please get rid of those pink shorts. Pretty pleaaase!

 

Toker Tokerson would be a good name once marijuana is legalised and the weed tourists start coming.  

 

[Freddy42OZ]

I admire people who are willing to take risks to get rich.