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Bali hotels up for grabs as tourism faces a blow

Jul 01, 2020 13:42 IST

As the Covid-19 pandemic hammers the tourism industry, hotel owners in Bali are putting their properties up for sale. According to a Bloomberg report, the hotels are being offered to potential buyers are dirt cheap prices. A 50-villa resort under construction, Balangan Wave's asking price has been slashed from $17 million to $9 million. Tourism accounts for about 60% of the island's revenue. This year, the island received only 1 million travelers in the first quarter compared to a record 6 million in 2019. Bali aims to follow a three-step strategy where domestic tourists will be allowed back in August and international tourists in September. Bali is home to over 43,000 hotels, and many small business may come under pressure due to the pandemic, says the report.