Sale of top Chiang Mai hotel - 50% off is still not enough to attract bidders

[webfact]

Picture: Daily News

 

Daily News reported on the sale of the Dhara Dhevi Hotel in Chiang Mai being handled by the Legal Execution Department of the Ministry of Justice.

 

The media said that it was offered for sale at an initial bid price of 2.11 billion baht.

 

This represented a 50% reduction on the price it was purchased for in 2015 when all factors were considered including inherent debt.

 

Yet there was only one bidder  - a real estate company called Highlife Assets - and they did not reach the L.E.D. price assessment.

 

The hotel will now be subject of a rebid at an even lower price of 1.9 billion on December 24th. 

 

Long Stay Visa Health Insurance Plans

 

 

-- © Copyright  ASEAN NOW 2021-12-04

 

- Whatever you're going through, the Samaritans are here for you

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

 

Get your business in front of millions of customers who read ASEAN NOW with an interest in Thailand every month - email [email protected] for more information

[kevin612]

nobody knows when Covid will end. Purchasing a hotel just like burning cash at this stage.

[BritManToo]

Just now, kevin612 said:

nobody knows when Covid will end. Purchasing a hotel just like burning cash at this stage.

It comes with a lot of land.

[Geoffggi]

No doubt the Chinese will put in a bid once the bidding all starts in earnest .................. 

[hotchilli]

A buyers market at the moment, with Omicron on the horizon prices will drop further.

[spidermike007]

The destruction of the tourism industry is almost complete. There is no returning to the "good old days" of high numbers. Many like this. But, it will mean sustained unemployment for years to come and a declining economy. The goons have only themselves to blame. 

[Gottfrid]

9 minutes ago, spidermike007 said:

The destruction of the tourism industry is almost complete. There is no returning to the "good old days" of high numbers. Many like this. But, it will mean sustained unemployment for years to come and a declining economy. The goons have only themselves to blame. 

And, how would they magically have made Covid disappear? Even if Thailand had been open, other countries have been closed as well. Also, most people do not wish to travel at this time. How does that make goons out of any persons?

And of course there is a way back to what you chose to call "The good old days", whatever that may mean to you. I call it way back to normal life. It will take long time, but we will eventually get there. We do not have to worry to much about unemployment, as Thai people as well as other Asian nationalities adapt well to situations and always finds a way. That problem is just a big one regarding Americans and Europeans.

[Falcon]

It’s a fantastic hotel and really good in its hey day when it was part of the oriental group. We stayed there a few times. Hope it manages to get a new owner that can rebuild it to what it once was.

[Megasin1]

1 hour ago, Gottfrid said:

And, how would they magically have made Covid disappear? Even if Thailand had been open, other countries have been closed as well. Also, most people do not wish to travel at this time. How does that make goons out of any persons?

And of course there is a way back to what you chose to call "The good old days", whatever that may mean to you. I call it way back to normal life. It will take long time, but we will eventually get there. We do not have to worry to much about unemployment, as Thai people as well as other Asian nationalities adapt well to situations and always finds a way. That problem is just a big one regarding Americans and Europeans.

You have obviously not heard of the "lying flat" movement ????????????

[dunroaming]

2 hours ago, hotchilli said:

A buyers market at the moment, with Omicron on the horizon prices will drop further.

The Dhara Dhevi was always a money pit.  They spent far too much money there in the first place.  They should sell off all the buildings and fixtures and fittings and then split the land into salable lumps.  They tried to recreate the 4 Seasons down the road but just threw too much money at it. 

 

I used to go to the DD for Sunday lunch and it certainly had a great atmosphere for that.  Before it closed you could get some good deals on the accommodation with up to 70% discounts.  That was when you knew their days were numbered

[xtrnuno41]

Wow from expanding with 5 billion to selling it for 2.1 billion, quite a change.

Were they already started with the expanding? They broke their neck on and expanding and corona?

Maybe IFEC eyes were just a little too big 

[connda]

Sale of top Chiang Mai hotel - 50% off is still not enough to attract bidders

And there is the Death Knell for tourism in Thailand.

[spidermike007]

8 hours ago, Gottfrid said:

And, how would they magically have made Covid disappear? Even if Thailand had been open, other countries have been closed as well. Also, most people do not wish to travel at this time. How does that make goons out of any persons?

And of course there is a way back to what you chose to call "The good old days", whatever that may mean to you. I call it way back to normal life. It will take long time, but we will eventually get there. We do not have to worry to much about unemployment, as Thai people as well as other Asian nationalities adapt well to situations and always finds a way. That problem is just a big one regarding Americans and Europeans.

No, wrong. It is not the lockdown which is not working. It is Prayuth and Anutin who are not working. Tighter restrictions on business are the last thing in the world the Thai people need.

 

What about the road blacks that were promised? 88 of them, if I remember the top cop creep bragging. If anything or anyplace should have been locked down, it should have been all highways and roads leading OUT of Bangkok. DUH! You don't impose all these sadistic restrictions on the common man, and then avoid taking the simplest and most sensible precautions. 

 

They should have closed the canning plants, they warned the construction workers that the sites would be closing a week in advance, allowing them to travel everywhere around the nation, and contributing dramatically to the 3rd wave. Wow. What a stupid thing that was! 

 

Lockdowns work, if they are done correctly. A Prayuth/Anutin style lockdown never has worked.

 

You know what that is called? Dumb, reckless, callous, and failed policy. 

[roo860]

19 hours ago, Geoffggi said:

No doubt the Chinese will put in a bid once the bidding all starts in earnest .................. 

Where's earnest?

[Geoffggi]

28 minutes ago, roo860 said:

Where's earnest?

Look it up .......LOL

[Pravda]

If you can't sell mandarin oriental for messily 60 million bucks, you can't sell anything.

 

I think UK did really well selling their embassy in Bangkok a few years back for 16 billion.

 

Congratulations!

[bojo]

22 minutes ago, Pravda said:

If you can't sell mandarin oriental for messily 60 million bucks, you can't sell anything.

 

I think UK did really well selling their embassy in Bangkok a few years back for 16 billion.

 

Congratulations!

As a Brit, I found that embarrassing, never mind the money........................ surely we could have kept it...........

[Gottfrid]

9 hours ago, spidermike007 said:

No, wrong. It is not the lockdown which is not working. It is Prayuth and Anutin who are not working. Tighter restrictions on business are the last thing in the world the Thai people need.

 

What about the road blacks that were promised? 88 of them, if I remember the top cop creep bragging. If anything or anyplace should have been locked down, it should have been all highways and roads leading OUT of Bangkok. DUH! You don't impose all these sadistic restrictions on the common man, and then avoid taking the simplest and most sensible precautions. 

 

They should have closed the canning plants, they warned the construction workers that the sites would be closing a week in advance, allowing them to travel everywhere around the nation, and contributing dramatically to the 3rd wave. Wow. What a stupid thing that was! 

 

Lockdowns work, if they are done correctly. A Prayuth/Anutin style lockdown never has worked.

 

You know what that is called? Dumb, reckless, callous, and failed policy. 

Just take a look at the stats! Looks like Thailand have been doing quite well. But, now your next step will be that the numbers are all false, because you can´t hide your hate for Thailand.