Pattaya Hotel Closes

[robint]

i heard second hand that a large hotel in pattaya was closed down through bankrupcy forcing 500 + loss of jobs (reported on thai tv news) unfortunately was unable to get the name of the hotel. Anyone know which one, or if its true?

its wierd here cos they are building new hotels, condos and shopping malls like crazy, and they had the worst tourist number for august since records began, go figure?

Black money gotta go somewhere i guess.

Also strange is the colossal construction of villa developments across the sukhumvit highway in self styled East pattaya. must be 100,000 + units in the 5 to 25 million baht bracket, mostly empty and growing over with weeds. construction activities at a standstill

East pattaya must be 10 times the area of pattaya bay

What does this portend? 555

any insightful comments pls

[Heng]

It's an example of how tourists and long stay guests in the LOS often overstate their importance to the economy. Pattaya could easily survive 80% of the tourists disappearing but likely couldn't survive 80% of the Bangkok license plates doing so.

I can't get enough of Chonburi real estate and it's going fast. Wish I had some black money to invest.

[farangene]

i heard second hand that a large hotel in pattaya was closed down through bankrupcy forcing 500 + loss of jobs (reported on thai tv news) unfortunately was unable to get the name of the hotel. Anyone know which one, or if its true?

Town in Town Pattaya is converting from a Hotel to a Serviced Apt and laying off most of their staff. The hotel is described as a Chinese tourist hotel.

[bangkoksingapore]

Heng,

why didnt you comment in the thread where everyone claimed that only a select group of Thais have been making money these last ten years and that there is no middle class in Thailand?

[Heng]

evening BKKSIN,

Although I try... I cannot be everywhere at once.

As for the "select groups," that label is a bit dramatic, although I empathize with folks who feel that way... it certainly must look that way when you adopt or marry folks who are decidedly not well to do. Middle class has always been a rather ambiguous term. But if we're talking about folks who DON'T call the shots, don't pull the strings, are not connected to the army, police, and those in power in government, then yes, there is sizeable middle class (I don't think anyone would be silly enough to think that the middle class must be made up of 1/3 of the population) who are living rather comfortably, own multiple properties, have high savings rates, don't peg their lives to any particular interest rate, forex rate, price of a particular commodity, tourist numbers, government actions, result of any particular election, etc...

Bangkokians and central city dwellers of the major cities own most of the country but that isn't a few hundred or a few thousand folks, it's hundreds of thousands of business families and by extension several million Thais.

[duchovny]

its wierd here cos they are building new hotels, condos and shopping malls like crazy, and they had the worst tourist number for august since records began, go figure?

Because once you've maid a commitment and bought land, had the plans drawn and sold your idea to a heap of investors you're at the point of no return. You have to keep building and hope for the best.

Most of these condo and mall projects would have been put together a year or two ago before Thailand shot itself in the foot.

I'm certainly glad not to be investing in Thailand at the moment. However, I might swoop in for some bargains in a couple of years time when the fire sales begin.

[robint]

hi duch

yes i take your point, well made

does that explain why most of the building projects are at a standstill. just look around ptya at how many of the sites have no activity, the skyline shows most tower cranes at a standstill

[pointofview]

And all this started with Mr Thaksin promoting negative nationalism, as a form of his false populist policies , in order to line his and his cronies pockets. Its now someone elses turn to bleed the country dry, but in order to do so they really need to crank up the nationalsit card.

Many thais will buy it hook and sinker - blame the ferangs for exploiting the country!

Does anyone recall a few years ago when some army general died leaving an estate valued at billions of baht. Apparantly he had been a conscienses saver all his life - his salary was 40 thousand baht per month - just goes to show what you can achieve on a modest thai income if your prepaired to save a little each month!!!!!!!!

[Heng]

"its wierd here cos they are building new hotels, condos and shopping malls like crazy..."

"does that explain why most of the building projects are at a standstill. "

So which is it? I haven't done a survey of the entire city, but they are certainly still building near the properties I own (on Theprasit Road near the under construction Outlet II, near the under construction/semi completed Major Cineplex, and of course our own Baan Dusit Pattaya project) in some locations much to my annoyance because IMO the rate of development is beyond the rate at which I can acquire more good potential properties.