You find that many tourists who visit Thailand for the first-time dream of living and working in the Land of Smiles. Many do go on to become expatriates and start a business, with many getting into the hotel & hospitality industry and other industries. However, this is not something you want to rush into, and there is a lot to consider when you are looking to buy a hotel in Thailand. Below are some things you will need to consider before making the leap and becoming a hotelier in Thailand.
The Legal Stuff
Thailand protects itself from foreigners owning property and companies in Thailand, so you need to research the legalities of owning a hotel in Thailand. You are not allowed to own land as an individual, but a company can own land, but as a foreigner, you are not allowed to own more than 49% of the company, and 51% must be owned by a Thai national. The system can be confusing when you are new to it, but as with most legalities, there are often legal loopholes you can jump through, so you will need to hire the services of a reputable and qualified lawyer. You can get an idea of the system’s complexities by clicking here to read about foreigners owning property and business in Thailand.
Having A Business Plan In Place
Once you have taken care of the legalities of buying the hotel, you will also need to devise a business plan for your hotel. You will need to look at the day-to-day running of your operation, investing in your hotel, and marketing it correctly to attract guests to it. You will also need to ensure that you have experienced staff members who know what they are doing to assist you in running the hotel. Your business plan is also going to have to accommodate the low season, as it will most likely not be as busy for the rest of the year as it is between the months of November and February.
Investing In Your Hotel
You will also have to consider the amount of money you will need to invest in your hotel, not including the money you need to buy it. You will want to give it a makeover, and a coat of paint on the walls can make a massive difference. Ensure all the furniture in your hotel is in a good state of repair and replace anything you need to. If your hotel has gardens and a swimming pool, ensure these areas are clean and presentable so your guests will enjoy their stay.
These are only a few considerations you need to think about when buying a hotel in Thailand, but there are more besides. Ensure you do a lot of research about owning and running a business in the Land of Smiles and do not rush into making your decision.