World Daily News Affected by the COVID-19 epidemic, Thailand's top resort hotel "Chiang Mai Dhara Devi" declared bankruptcy in January last year, and subsequently failed to bid at the auction for a sky-high price of 2.11 billion baht. The latest news is that the hotel will conduct a new round of auction starting in January next year, with the starting price being 2.01 billion baht.
Dhara Dhevi Chaing Mai, which started operating in 2002, temporarily closed in early 2020 shortly after the outbreak of the new coronavirus in Thailand. A petition to resume operations was submitted in June, but was rejected by the Court of Appeal. Therefore, the hotel started layoffs at the end of the same year, closed its operations and entered bankruptcy proceedings.
In early January 2021, the Legal Execution Department of the Ministry of Justice announced that the property would be auctioned at the Legal Execution Department Office of Chiang Mai Province in February, with the starting bid of 2.116 billion baht, but the actual first auction was postponed to December 3.
Another year later, according to the latest announcement from the Law Enforcement Department, Chiang Mai Dara Devi Hotel will conduct a total of 6 auctions from January to May 2023. The first auction is scheduled to be held at the Chiang Mai Law Enforcement Department office on January 27, with a starting price of 2.012 billion baht.
The Legal Enforcement Department announced that if no one participates in the bidding at the first auction meeting, a total of 6 auctions will be held on February 17, March 10, March 31, April 21, and May 12, and the starting bid price will be reduced by 10% gradually, but the final sale price shall not be lower than 30% of the initial auction price.
Inter Far East Energy Corp (IFEC) Group acquired the Dara Devi Hotel in Chiang Mai in December 2015 for 4.3 billion baht. This price includes hotel shares and debt.
In the last auction, although it was nearly a year later than the previously expected auction schedule, Inter Far East Thermal Power (I Thermal), a subsidiary of IFEC, won the bid for 2.012 billion baht.
The company paid a deposit of 110 million baht but failed to pay the rest before the deal deadline. The Office of Legal Enforcement finally confiscated the deposit and decided to auction the hotel again.
Chiangmai Dala Devi was not only the Chiangmai local, but also the leading luxury resort hotel in the country, with room rates starting at 10,000 baht per night. The hotel is built in traditional Lanna style and is very popular among international tourists. It covers an area of 153 rai, but has only 123 guest rooms and single-family villas.
