Lanna-style hotel is on the auction block again in Chiang Mai

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The five-star Dhara Dhevi Hotel Chiang Mai will be auctioned again in January, with the starting price dropped to 2.01 billion baht from the 2.11 billion baht initial price in its 2021 auction, the Legal Execution Department announced.The department will hold the auction for the property from January to May.

The first session of the auction will take place at the Chiang Mai Legal Execution Office on January 27, the department said.

If no interest is expressed during the first session, subsequent sessions will be held on February 17, March 10, March 31, April 21, and May 12, the department said. The price will be lowered by 10% at each subsequent session, it said, adding that the price cannot fall lower than 30% of the initial auction price.

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Inter Far East Energy Corp (IFEC) bought the hotel in December 2015 for 4.3 billion baht. The price included stocks and debt.When the 123-room hotel opened in 2002, its unique ancient Lanna-style architecture caught Thai and foreign tourists’ attention.

It was, however, severely impacted by the Covid-19 crisis and closed temporarily in early 2020. It filed for business rehabilitation in June 2020, but the filing was rejected by the Court of Appeal in November of that year, forcing the hotel to enter bankruptcy.

During the previous auction, IFEC subsidiary Inter Far East Thermal Power (I Thermal) won with a bid of 2.012 billion baht. It paid a deposit of 110 million baht but failed to pay the rest before it was due. The department confiscated the deposit and decided to auction the hotel again. Source:The Nation