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Thai billionaire snaps up troubled hotels, betting on big tourism rebound

Asset World Corporation, the property unit of Thailand’s richest man, plans to acquire distressed hotels, betting on a quick revival in tourism once the Southeast Asian nation reopens to foreign visitors.More than 100 hotels are available for sale in Thailand currently and “the number is increasing by the day”, according to Stephan Vanden Auweele, chief hospitality group officer of the company, majority-owned by billionaire Charoen Sirivadhanabhakdi’s TCC Group. It bought a hotel in tourist…

Read the original article at South China Morning Post

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