William Heinecke has never seen anything like it. The US-born founder of a Bangkok-listed hospitality group has weathered the 1997 Asian financial crisis and the economic fallout of the 2004 tsunami that destroyed one of his company’s hotels.
But the coronavirus pandemic, he says, is hitting his business with a far greater force.
“The Asian financial crisis was a walk in the park compared to what we are going through now,” said Mr Heinecke, chief executive of Minor International, which has a portfolio of 535 hotels and more than 2,200 restaurants in Thailand and overseas.
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