The bidding war was announced late last year with the opening bidding price at two billion baht, following the failed 2.1 billion baht initial price in the 2021 auction.
Inter Far East Energy Corps (IFEC) had bought the hotel in December 2015 for 4.3 billion baht but the hotel had never returned to its former glory under the management of the Mandarin Oriental. Following the Covid-19 impact, the hotel filed for rehabilitation in June of 2020 but the filing was rejected by the court and the hotel faced bankruptcy.
According to CityNews sources Inter Far East Thermal Power Company won the 3.59 billion baht bid. However, IFEC also holds 99.99% shares in IThermal.