elef Posted August 29, 2008 Report Share Posted August 29, 2008 Pattaya Ghost 28-08-2008 After 17 Years, Carousel Up for Sale; After 1 Month, So Is Ice "In what many are calling the worst low season Pattaya has seen in a decade, new and owners alike are deciding that now is the time to get out, as evidenced by the latest two big-name bars to go on the market, 17-year-old Carousel Club A Go-Go and month-old coyote bar Ice. While neither Carouselâ??s founding owner Enrico and Iceâ??s boss Eddie said that this yearâ??s killer low season is the reason theyâ??re selling up, both admit that this year has been much slower than expected. â??I wish someone had told me before we opened it was this dead,â? Eddie said. Age and illness are the primary factors behind 69-year-old Enrico looking for a â??successorâ? to the Soi Diamond go-go. In his privately placed ad, Enrico said the bar could be purchased outright for 18 million baht or 15 million baht, payable in two installments, to enter the business as a 49% minority partner until 2010, at which point the three-year lease comes up for renewal. Enrico said the last lease required key money of 1.8 million baht with monthly rent at 90,000 baht. The large bar was recently renovated and seats 96. Five very prime (and currently unused) nightlife-related Internet domain names also come with the sale." --- "Observers say itâ??s been even worse for Ice on Soi LK Metro. Since its July 21 opening, the bar has struggled badly. Neighboring business owners report the bar is empty for much of every evening while, just a block away, the similarly styled Club Blu has been packing in the crowds. â??Ice is a very nice, new coyote club â?¦ but it has been almost dead since it opened,â? â??Mulphy,â? owner of the nearly adjacent The Rock House bar wrote Wednesday on the Pattaya Live message board. â??I can testify to that, seeing it with my own eyes nightly.â? Despite its short history and low turnover, Eddie has listed the Golden Homes property brokers at 12 million baht. In fact, the bar went on the market only two weeks after opening, but not due to poor earnings, Eddie said. â??This is what I did back in the U.K.,â? he said. â??I get a property, fix it up and sell it off.â? " More Link to comment Share on other sites More sharing options...
Faustian Posted August 29, 2008 Report Share Posted August 29, 2008 Pretty high prices for 2 bars not making a lot of money....but what do I know...I'm sure there are many folks who think they can run a bar and make lots of money. Link to comment Share on other sites More sharing options...
radioman Posted August 29, 2008 Report Share Posted August 29, 2008 Pretty high prices for 2 bars not making a lot of money....but what do I know...I'm sure there are many folks who [color:red]think[/color] they can run a bar and make lots of money. That 'think' word might be most important! 18 million baht is more than half a million US dollars. Wonder what the payback time is on that? Link to comment Share on other sites More sharing options...
Hugh_Hoy Posted August 29, 2008 Report Share Posted August 29, 2008 Both "deals" are for suckers. But there's one born every minute, so it shouldn't be long now. HH Link to comment Share on other sites More sharing options...
Neo Posted August 29, 2008 Report Share Posted August 29, 2008 And I wonder if these 12-18 million baht "deals" on bars are really just a short term lease and the buyer wouldn't actually own a thing. Link to comment Share on other sites More sharing options...
radioman Posted August 29, 2008 Report Share Posted August 29, 2008 Yah, I hear that. No doubt these properties stand on Thai land with all that that entails. They could truly be for sale but I'd wager (figuratively) that there could be a lot more to it than just that. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted August 29, 2008 Report Share Posted August 29, 2008 A lot of money for a bar and you still do not own it. Link to comment Share on other sites More sharing options...
shygye Posted August 29, 2008 Report Share Posted August 29, 2008 ... think of all the bar ownership shares you can sell. Link to comment Share on other sites More sharing options...
elef Posted September 2, 2008 Author Report Share Posted September 2, 2008 2 more for sale "Sexy a-Go-Go - This small Soi 7 go-go bar was listed on a Pattaya investments website for 2.3 million baht. Papagayo - Yet another coyote bar, this one on Soi Diana. Thought to be for sale for some time. Listed on an investments website for 8.8 million baht." Link Link to comment Share on other sites More sharing options...
Torneyboy Posted September 2, 2008 Report Share Posted September 2, 2008 Not a good deal ... Link to comment Share on other sites More sharing options...
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