Italthai Group is preparing a recapitalisation plan for its hotel business in Thailand to stem the impact of the pandemic because a full recovery is not expected for five years.
Yet the firm is keeping the faith in its resort expansion in the Maldives.
Yuthachai Charanachitta, group chief executive at Italthai Group, said a budget injection from shareholders is necessary as its eight hotels need financial support to stabilise given the uncertain tourism situation, which is estimated to last for two years.
“A partial reopening in some provinces will not provide an instant remedy. The best-case scenario for this year is we can break even with an average occupancy rate of around 40%, which is not yet profitable,” he said.
“This volatile situation led…
