Dhara Dhevi Hotel Chiang Mai goes under the hammer with THB2.1 bn starting price

The Legal Execution Department announced it would hold an auction for Dhara Dhevi Hotel Chiang Mai.

The auction will take place at the Chiang Mai Legal Execution Office on November 12, with a starting price of THB2.116 billion.

This price is just 50 per cent of the amount paid by Inter Far East Energy Corporation when it bought the hotel in December 2015. The company bought stocks for THB2.52 billion and paid THB4.3 billion, which included the debt.

At the beginning of 2020, the hotel was severely impacted by the Covid-19 crisis and closed temporarily. It filed for business rehabilitation in June 2020.

The Court of Appeal dismissed the petition on November 18, 2020, which forced the hotel to enter bankruptcy.

The 123-room hotel reopened in 2002 as a five-star facility.

Dhara Dhevi Hotel Chiang Mai goes under the hammer with THB2.1 bn starting price