The acquisition by Bangkok based Publishers of the Thailand hospitality portal, hotelintel.co of Destination Thailand News as reported in www.destinationthailandnews.com in July, has not gone through.
Hotelintel.co managing director Wimintra Raj stated “When we entered into this deal, economies were in a very different place. It is with regret that now due to the current economic climate, we were forced to make some hard decisions and sadly stepping back from this deal is something that we had to make a call on.”
Stephen Morton, Founder, CEO of Destination Thailand News said that the original deal consisted of hotelintel.co acquiring his Australia-based Destination Thailand News online publication, along with Destination Thailand, with the article at the time in July saying that the objective of the acquisition by hotelintel.co was to create what hotleintel.co described as a formidable travel industry publishing group, positioned to take advantage of the international tourism growth expected after the lifting of COVID-19 restrictions.
He added that it was unfortunate and disappointing they had now decided to cancel the deal at this very late stage, saying that they now needed to pursue a different business focus and direction.
Morton said while he was disappointed, at the same time he was very pleased and excited that the Destination Thailand News team could now move on under his leadership and refocus on the considerable success and reputation Destination Thailand News has enjoyed to date in the marketplace, with 80,000 trade and consumer subscribers and according to Google Analytics, enjoying over 10 million pages/visits and 10 million views every 90 days.
He added that this refocussing would also allow the Destination Thailand News team to concentrate on and pursue some very exciting new initiatives, including a new domestic and in due course, Destination Thailand Newson location programme and other very exciting and dynamic initiatives to be announced very shortly.