Sunday, February 28, 2021

Bankruptcy auction of Chiang Mai resort hits snag over reserve price

Feb 03. 2021
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By The Nation

Plans to auction off the bankrupt Dhara Dhevi Hotel in Chiang Mai have been suspended after its operator opposed the Legal Execution Department's reserve price of Bt2.116 billion.

Inter Far East Energy Corporation (IFEC) chairman Thavich Taychanavakul said an independent assessor estimated the hotel was worth Bt3.728 billion, adding that Chiang Mai Provincial Court will investigate the case on March 15 this year.

Dhara Dhevi Hotel Chiang Mai opened its doors in 2002 as one of Thailand’s top luxury resorts. Boasting Lanna-style architecture, its 123 rooms sprawl across 153 rai (24.5 hectares) in the middle of the northern capital’s Muang district.

The hotel closed operations on November 18 last year after business was badly hit by the Covid-19 outbreak.

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