Close on the heels of its takeover by Inter Far East Energy Corporation (IFEC) in December last, the Dhara Dhevi Chiang Mai hotel is all set to undergo a massive expansion to the tune of Bt5 billion that will include building condominiums and pool residences.
The hotel will work with a listed high-end property developer to develop luxury residences, IFEC CEO, Sittichai Phonsapanan, said.
A joint venture would be established for the new investment on a 40-rai plot of land, he said.
A six-star hotel, four condominium towers and 16 pool villas will be part of the new project, which when completed will be the most luxurious residence in Chiang Mai.
Coming into being in 2002, The Dhara Dhevi Chiang Mai was acquired last year by IFEC for Bt.5 billion cash.
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Acquired hotel set for B5-bn expansion