Even though the 15 bedroom Bondi Hotel and lounge Bar Complex in "Jomtien Complex" seems a good buy there seems to be no takers yet.

 

May be it is because of the time of the year or may be they should advertise in the Worlds largest Number One Gay Magazine for the best results in gay adverting returns. The Gay Times www.gaytimes.co.uk/

 

May be its the 40 million Baht Price tag, for a leasehold property, your never own, now discounted to 36 million and No Lift, or may be its all the work you have to put in running a 24 hours Hotel with its 2 Bars and out goings. I understand the electric bill alone last month was 40,000 baht and the rent is 30,000 baht a month. with the addition of the 25 staff to help oil the satisfied customers you need to generate big money and you need to sell a who lot of alcohol, to just keep your head above water.

 

Any way if your catering trained and Hotel minded Im sure you c an turn this very Interesting business in to a lucrative money machine if you dont know what your doing you will once again have to bring a big fortune to make a small one.

 

partnership considered with right person. Ive been told.

That brings to mind an interesting question. By now most people are aware of the problems involved with forming a Thai corporation in order to buy housing. I have seen no discussion at all as to whether that also applies to buying a business. I wonder if that's the case. Can a "farang" buy a business without having to establish a Thai corporation under the same rules as buying a condo?

 

Does anyone out there know the rules that apply to a "farang" establishing a business and buying the building?

There is nothing illegal about farangs owning shares in a Thai corporation that does business here in Thailand. That corporation can do anything that's legal for companies to do, including holding real estate.

 

The recent questions concerning companies that own real estate involved the narrow issue of whether a company which had 51% Thai and 49% farang ownership was a '" subterfuge" of the Thai law forbidding a foreigner from holding title to real estate here.

The only way I would do it is by putting the business in one persons name and leasing it for 30 years with 30years option. No way would my money go into something I have only 49% control over.

"Any way if your catering trained and Hotel minded Im sure you c an turn this very Interesting business in to a lucrative money machine if you dont know what your doing you will once again have to bring a big fortune to make a small one."

 

It sounds over-priced to me. The bars at the BONDI are nice and probably bring in good money but the rooms are not the best. The designs aren't that exciting when compared with it's main competitor just down the road. The lack of a lift has been a big complaint and probably deters repeat customers.