Up for a bargain deal?
5 star Dhara Dhevi Chiang Mai soon to be history due to the ongoing COVID-19 pandemic and the closure of the legendary 5-star hotel in Chiang Mai.
The legendary Dhara Dhevi Hotel Chiang Mai was established back in 2002 as a 5-star hotel with an ancient Thai Lanna style architecture and considered one of the best and most luxurious hotels in Thailand. The massive hotel is located in Mueang Chiang Mai District, and spans over an area of approximately 150 rai (60 Acres) with 123 rooms ranging 60 square metres to 644 square metres luxurious Lanna style villas.
In the early beginning of catastrophical year 2020 after being affected by COVID-19 pandemic, The Dhara Dhevi hotel chose to announce a temporary closure as Thailand’s borders was sealed tight and the Kingdom completely closed for international arrivals and went into lockdown, night time curfew and travel restrictions for the local Thai population.
In June 2020, the Dhara Dhevi hotel has submitted a petition for business rehabilitation which was dismissed by appeals court and the hotel had to stop all activities and shut down the business on November 18th, 2020 and then heading straight for bankruptcy in the end.
The Legal Execution Department announces the sale of the Dhara Dhevi Hotel on February 18th, 2021
Chiang Mai Legal Execution Office opened the initial auction price of only 2,116 million baht, which is considered the starting price of
only 50% of the price that Iphec group bought in December 2015 and spent more than 2.52 billion baht to acquire shares bringing the total value of the Dhara Dhevi Hotel to 4.3 billion baht and could potentially become the biggest real estate deal in Chiang Mai this year 2021 and the 5 star Dhara Dhevi Chiang Mai soon to be history.
