THAILAND’S Board of Investment (BoI) has moved to allow 100 per cent foreign ownership of hotels in an attempt to stimulate investment in the hospitality industry.
The new amendment will allow hotel developments operating under 500 million baht to be eligible for the new program. Prior to this only hotels over 100 guest rooms qualified.
The initiative will most positively affect the islands and beach resorts of Thailand, including Phuket, Krabi, and Phang Nga. The BoI program will also expedite work permits, and remittance of currency for overseas through the Bangkok branch office.
The new scheme, however, will only apply to hotels and not be applicable to residential projects such as condos or be able to be applied to varied projects which include villas for rent.
Several new developments will have their projects applied to the new initiative with a backdating system which will allow pending projects from September 2009 onward to apply.
Furthermore, the new initiative will also be a victory for the environment as the minimum guest room requirement of 100 rooms will no longer be enforced allow hotels to operate on a more eco-friendly, intimate level.
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