UNDERSTANDING THE KEY FACTORS TO HOW A HOTEL IN THAILAND EMBRACED SUFFICIENCY ECONOMY PHILOSOPHY AND SURVIVED THE COVID-19 CRISIS: A SME HOTEL IN BURIRAM, AKELADA HOTEL

Abstract

The pandemic that had started back in the year of 2020 has made many several SMEs and Small businesses especially within the hospitality industry in Thailand to drown badly and forced them to closed down due to the high loads of financial debts they owed. Although many were forced to closed down, there sure were ones that have survived. There was one SME Hotel in Buriram province in particular that survived through using the concept of Sufficiency Economy Philosophy (SEP) which, comes from the inspiration from sustainability. In addition, Sufficiency Economy Philosophy indeed interestingly also does have a relation to some of the SDGs that the United Nations has plans for our world to achieve the goals by 2030 as well. The purpose of this paper therefore aims to study how has Akelada hotel applied SEP and to identify the key factors that lead to a successful application of SEP within the hotel. The research methodology will be executed via qualitative research through conducting in-depth interviews with five respondents, that has connection to the SME hotel being studied. Lastly, the findings from this research aims to provide one conclusive framework that will act as one method for other SMEs or other Small businesses within the hospitality industry to have the idea on how they could apply SEP concept into reality within their business operations.