Jakapan Termsrirot, Assistant Manager of Assets at Bangkok-based ACAP Advisory Public Co, which acquired the hotel and the adjacent Thavorn massage parlour just over a year ago, said that a buyer has been found for the hotel, though he declined to say who the buyer is, or how much the hotel was sold for.
He added that the deal is not yet completely sealed; there is still “paperwork” to be done, he said. This should be completed by the end of November.
Mr Jakapan could not say whether the new owners will refurbish the hotel, or knock it down and build something else.
The three-star Thavorn Grand, built by the Thavornwongwong family, has 150 rooms, a conference room, a nightclub, a coffee shop, a restaurant, a beauty salon and an outdoor swimming pool. It was built in 1992 and renovated eight years ago.
ACAP acquired it from a bank and originally offered it for sale by postal bids in October last year, with a reserve price of B420 million.
So far there are no takers for the massage parlour, which originally was offered for a minimum of B60 million.
The massage parlour has 112 rooms and used to employ around 170 masseuses. It had a reputation for its “soapy” massages.
The hotel sits on 5½ rai of land, the massage parlour on two rai.