News Forum - Chiang Mai’s Dhara Dhevi Hotel goes on sale again

[Thaiger]

The ill-starred Dhara Dhevi Hotel Chiang Mai will be auctioned yet again this January, with the starting price dropped to 2 billion baht (US$60 million) from the 2.1-billion-baht initial price in the 2021 auction. The first round of the auction will take place at the Chiang Mai Legal Execution Office on January 27. If ter eis no interest during the first session, subsequent sessions will be held on February 17, March 10, March 31, April 21, and May 12. The price will be lowered by 10% at each session, it said, but cannot fall below 30% of the initial auction […]

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[KaptainRob]

Whilst I sincerely hope Thailand never legalises Casino operations, the Dhara Dhevi is ideally suited to becoming a casino-resort.  It requires very deep pockets to refurbish and partially modernise and is quite remote from the cbd.  Too grand to bulldoze despite occupying a very large property.

[Ramanathan.P]

20 hours ago, KaptainRob said:

Whilst I sincerely hope Thailand never legalises Casino operations, the Dhara Dhevi is ideally suited to becoming a casino-resort.  It requires very deep pockets to refurbish and partially modernise and is quite remote from the cbd.  Too grand to bulldoze despite occupying a very large property.

It is better to wait for few more actions when the auction price drops to 1 billion baht and can use the balance 1 billion baht to renovate and start back.