A fallout from declining tourist arrivals, especially Chinese since the Phoenix tourist boat tragedy in mid-July, has forced more than 10 small hotels and hostels in Chiang Mai to put up their properties for sale.

According to Nikkei Asian Review, the offering selling prices range from a few million baht up to 50 million baht as the hotel or hostel operators have been hard hit by the sharp drop of tourists arrivals from China since July since the boat tragedy in the sea off Phuket in which 47 Chinese tourists drowned.

One property agency said this phenomenon of small hotels and hostels offering their properties for sale was unprecedented.

According to statistics of tourist arrivals this year, Chinese tourist arrivals during the third quarter this year dropped 8.8 percent compared to last year’s figures.

Breaking down on monthly basis, tourist arrivals from China in July dropped 0.9 percent, 11 percent in August and 15 percent in September.

Tourism and Sports Permanent Secretary Pongpanu Sawetroon said tourist arrivals in October numbered 2.71 million representing 0.51 percent drop compared to the same period last year – the first drop in ten months.

He attributed the drop in tourists arrivals to declining tourist arrivals from China.

But tourist spending grew 0.66 percent with Chinese tourists being the top spenders.