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Govt offers hefty discount for takeover of Dhara Devi Hotel


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Govt offers hefty discount for takeover of Dhara Devi Hotel

By The Nation

 

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The government is wooing investors to take over Dhara Dhevi Hotel Chiang Mai by setting a low reserve price for the auction.

 

The Legal Execution Department will open the auction for the property next month at a price of Bt2.116 billion.

 

The Court of Appeal had earlier dismissed a petition for rehabilitation of the hotel, as a result the hotel has to go into bankruptcy.

 

Recently, it was reported that the department had announced the auction of Dhara Dhevi Hotel on February 18, at the Chiang Mai Legal Execution Office, with a starting bid of only Bt2.116 billion. The overall price would be less than half what Inter Far East Energy Corporation Pcl had paid in 2015 for the acquisition, which involved the final price of Bt2.52 billion but exceeded Bt4.3 billion when outstanding debt was taken into account.

 

Dhara Dhevi Hotel Chiang Mai opened in 2002 as a 5-star hotel with ancient Lanna style architecture, located at Tha Sala subdistrict in Chiang Mai province.

 

Spread over an area of approximately 153 rai (24.48 hectares), with 123 rooms, it is located in the middle of Muang Chiang Mai district.

 

The hotel completely shut down on November 18, 2020, after business was hit badly due to the Covid-19 outbreak.

 

Source: https://www.nationthailand.com/property/30401006

 

 

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-- © Copyright The Nation Thailand 2021-01-11
 
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14 minutes ago, ukrules said:

Bankruptcies and the subsequent liquidations often take years, something's very wrong here.

Khun Pom is an insider and I am not surprised that the top brass is eager to help his clan out.  

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These are the worst of times to sell a hotel let alone this kind of a hotel, whoever buys it will have to fork a billion more in upkeep until the tourism market will come back to its former glory..

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4 hours ago, webfact said:

Spread over an area of approximately 153 rai (24.48 hectares), with 123 rooms, it is located in the middle of Muang Chiang Mai district.


The price is quite reasonable compared to other Thai hotels currently on the market. 
They will find a buyer at that price. Most likely Chinese.

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I haven’t seen much other news but I would assume this is one of many, as a huge amount of damage has been done to the tourism industry nationwide.

 

The vultures will be circling for a bargain...will be interesting to see who these will be.

Edited by realfunster
Typo
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18 hours ago, RichardColeman said:

or a thai disney world

 

Or a fast food emporium, KFC , McDonnalds , Dunking Donuts all in one place.

 

Michelin guides eat your heart out.

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1 hour ago, ThailandRyan said:

Prayut can use his billions he has and make it his new family estate after he retires from his current job of ensuring Thailand has new subs, a new space program, a top notch military and baht in everyone's pocket, while moving Thailand into the worlds top economies and investment location.  The pearl in his oyster.

You forgot Thai as the international language!

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