The Charn Issara Group acknowledges the impact of the COVID-19 virus on the global hotel and tourism industry, which has faced severe slowdowns. The company is moving forward with strategic management adjustments while strictly adhering to government directives, hoping that once the situation improves, the government will support tourism recovery initiatives. They have prepared liquidity and cash flow measures since late last year to accommodate financial needs this year.

Mr. Songkran Issara, CEO and Managing Director of Charn Issara Development Public Company Limited, revealed that the COVID-19 pandemic is affecting various business sectors worldwide, particularly the tourism and hotel industries, which have been directly impacted, leading many hotels to announce temporary closures. The hotels under the company, including Sri Panwa Phuket, Baba Beach Club Phuket, and Baba Beach Club Hua Hin, have also been affected by this situation.

“The COVID-19 situation has created a severe global crisis in all aspects, as everyone is well aware. Businesses must adjust their operational plans to cope with the current circumstances. Our hotels have negotiated with customers who prepaid for their stays to postpone their visits until the situation allows, receiving positive feedback. We are using this time to maintain relationships with both Thai and international customers and sales agents to foster understanding and support brand loyalty. We believe that once the situation improves, both the government and private sectors will need to adjust measures to accelerate tourism recovery, initially focusing on Thai customers before the return of international guests. We have great confidence in the outstanding potential of both Phuket and Hua Hin,” said Mr. Songkran.

Regarding the real estate business, which primarily consists of medium to high-end projects, the company will expedite backlog work and continue developing various projects to deliver on agreements made with clients, as most customers have genuine demand. In terms of cost management, we emphasize measures to enhance work and cost efficiencies, reduce working time and expenses, while also focusing on developing hardware and software and improving services to further impress customers.

In terms of financial readiness, the company has received funding from financial institutions to support projects at Sri Panwa and Hua Hin since last year, with construction expected to continue and be completed by the end of 2020. Additionally, in the latest credit assessment in March, the company maintained a BB+ rating from TRIS Corporation Limited, despite the overall negative outlook for the real estate sector due to the ongoing situation.

“I want to assure everyone that every project we develop, whether real estate or hotels, is of high quality and value. We will continue to grow. We will strive to overcome various obstacles to reach that day,” Mr. Songkran concluded.