Saga Of Ultra Luxury Chiang Mai Hotel Evolves
Once upon a time the luxurious Mandarin Oriental Dhara Dhevi Chaing Mai languished in financial failure.
Today’s the independently managed hotel has turned the corner back of a debt restructuring program and ownership by the Thai-listed firm Inter Energy.
According to documents filed with the SET (Stock Exchange of Thailand) plans have been made public to unlock the considerable land bank of the current asset.
The Bangkok Post has reported that two individual development projects with one being a joint venture with another SET listed firm for a luxury hotel with 80 keys, 20 condominium units and 16 pool villas on a 60-rai plot next to the existing hotel.
Second is an add-on to the Dhara Dhevi of 14 upscale residential homes and 2 villas.
Overall the use of real estate to unlock the value of the hotel and expansion has set the stage for a second wind of the legacy property.