Wyndham Grand Nai Harn Beach Phuket: the investors, the brand and the CISSA bankruptcy

What was sold

Wyndham Grand Nai Harn Beach Phuket is a 353-room hotel in Rawai, at the southern tip of Phuket, near Nai Harn Beach. Its rooms were not sold as ordinary holiday condominiums. CISSA Group, a Phuket developer, marketed them as an investment product: buyers paid for a hotel room and were promised a fixed annual income from the hotel and, in later campaigns, a guaranteed buy-back.

Bangkok Post and Propholic, December 2019^{4, 5}. Sales campaigns, 2021–2022^{6, 7}.

The Wyndham name was part of the offer from the start. The project was launched in 2018 as “Wyndham Naiharn Beach Phuket”, with Wyndham brought in to manage the hotel. In December 2019 Wyndham and CISSA announced that it would carry the Wyndham Grand brand, Wyndham’s upscale label; Wyndham’s regional president, quoted in the announcement, called it the first upscale hotel at Nai Harn Beach. By then 80% of the rooms had been sold, nearly half of them to foreigners.

Launch in 2018^{1, 2, 3}. Wyndham Grand announcement^{4, 5}.

Later campaigns, all under the Wyndham Grand name, offered fixed returns: for example a 7% yield for five years with a buy-back of up to 110%, and shares of a room from THB 2 million. In 2026 units were still being advertised on property portals under the Wyndham Grand name, with rental-return programmes.

ThaiPR, January 2022; Mitihoon, 2021^{6, 7}. Listings, 2026¹⁴.

The agreements we have reviewed were signed not with CISSA but with CNH Hospitality Group Co., Ltd., the company that owns the hotel and holds the licence and management arrangements with Wyndham. They promised an 8% annual yield and a buy-back at 105% of the price after five years. CISSA Group guaranteed CNH’s obligations.

Investors’ agreements and guarantee letters¹². Wyndham’s description of its role¹³.

Timeline

1. 2018 CNH Hospitality Group Co., Ltd. is incorporated on 24 April with its registered address at the future hotel in Rawai.¹¹
2. 2018 CISSA Group launches the project as an investment property: a hotel whose rooms are sold to individual investors. Thai press reports a project value of THB 2.8 billion on 11 rai of land near Nai Harn Beach. Wyndham is brought in to manage the hotel.^{1, 2, 3}
3. 2019 The Phuket News reports that the complex was built originally as the Coco Sea Condominium: 12 four-storey buildings about 800 metres from the beach.³
4. Dec 2019 Wyndham and CISSA announce the Wyndham Grand brand for the project: 353 rooms in 12 buildings, four run as a hotel and eight sold as investment property. 80% is reported sold, nearly half to foreign buyers from China, Russia, Kazakhstan, Europe, Singapore and Hong Kong. Wyndham’s regional president calls it the first upscale hotel at Nai Harn Beach.^{4, 5}
5. 2021–2022 Sales campaigns under the Wyndham Grand name offer investors fixed returns, for example a 7% yield for five years with a buy-back of up to 110%, and shares of a room from THB 2 million.^{6, 7}
6. 2022 Investors sign sale-and-purchase agreements with CNH, in the agreements we reviewed with an 8% annual yield and a buy-back at 105% after five years. CISSA guarantees CNH’s obligations.¹²
7. 2024–2025 In the files we reviewed, buy-back dates are moved by successive addenda, buy-back cheques are returned unpaid, and yield payments stop in mid-2025. Other investors describe the same pattern.¹²
8. Oct 2025 In a file we reviewed, CISSA signs a further addendum as jointly liable with CNH, with seven instalments due from December 2025 to June 2026. None is paid.¹²
9. 18 Mar 2026 The Central Bankruptcy Court places CISSA Group under absolute receivership. The order is published in the Royal Gazette on 2 April; the two-month deadline for claims ends on 2 June.⁸
10. Jun 2026 Wyndham tells an investor that it provides a limited brand licence and hotel management services to CNH and was not a party to the investment agreements.¹³
11. 24 Jun 2026 First meeting of creditors at the Legal Execution Department: 362 creditors have filed claims totalling THB 4,804,198,148.07. CISSA proposes to pay 20% of the debt.⁹
12. Aug–Oct 2026 CISSA presents restructuring proposals at meetings with Thai creditors, including a mix of cash and shares in a new company. Invitations go out under the name of the Wyndham Grand Nai Harn Beach Phuket project. Foreign creditors we spoke to were not invited.¹²
13. 4 Nov 2026 Meeting of creditors. The vote on CISSA’s proposal is adjourned because 62 creditors had not been served notice. The creditors who started the case have withdrawn; two other creditors, including the main secured creditor, have stepped in to continue it. CISSA has appealed against the receivership order.¹⁰

Who is who

Three companies matter in this case. They are described here by the roles shown in the documents and public records, not by any finding of fault: no court has yet ruled on who is responsible for investors’ losses.

CISSA Group Co., Ltd.

Registration

0835553009874, Phuket

Role

Developer and marketer of the project; guarantor of CNH’s obligations to investors

Status

Absolute receivership since 18 March 2026, Central Bankruptcy Court, Red Case No. Lor. 2800/2569. CISSA has appealed against the order.

At the first meeting of creditors in June 2026, CISSA proposed to pay 20% of the debt. Later proposals offered a mix of cash and shares in a new company.^{9, 12}

CNH Hospitality Group Co., Ltd.

Registration

0835561006307, incorporated 24 April 2018; registered at the hotel’s address in Rawai

Role

Owner of the hotel; seller and counterparty in the investment agreements we reviewed; Wyndham’s licensee and management client for this hotel

Status

Not in bankruptcy

CNH’s own filed accounts show a company that has reported a loss in every year shown, and whose liabilities have exceeded its assets at every year-end since 2019.¹¹

Revenue grew to THB 197 million in 2024 as the hotel filled up. The investors we have spoken to have received nothing from CNH since 2025. Because CNH is not in bankruptcy, investors whose contracts are with CNH may still be able to pursue it directly.

“Loans to other parties” is money CNH has lent; the summary accounts do not name the borrowers¹¹.

Wyndham Hotels & Resorts

Who

US hotel franchisor listed on the New York Stock Exchange (WH), owner of the Wyndham Grand brand

Role

Licenses its brand to CNH and manages the hotel for it

Position

Says it was not a party to the investment agreements

The Wyndham name

Wyndham did not sign the investment contracts, and we do not suggest it did. The question is a different one: what a global hotel brand owes to people who bought an investment product sold under its name.

What the record shows

• The Wyndham name was on the project from its launch in 2018. Wyndham’s regional president was quoted in the 2019 announcement that 80% of the rooms had been sold, nearly half to foreign buyers.^{3, 4, 5}
• Campaigns offering fixed yields and buy-backs ran under the Wyndham Grand name for years afterwards, and units were still advertised that way in 2026.^{6, 7, 14}
• In the insolvency, invitations to CISSA’s meetings with creditors were sent in the name of the “Wyndham Grand Nai Harn Beach Phuket project”, from an email address on a Wyndham-named domain and through a LINE account named after the hotel.¹²

What Wyndham says

In its correspondence with an investor in 2026, Wyndham said that it provides a limited brand licence and hotel management services to CNH, its only contractual counterparty for this hotel; that it was neither a party to nor involved in the investment agreements; and that it is not responsible for the independent decisions of third parties. It said it had asked CNH, as a goodwill gesture, to engage with CISSA about investors’ concerns, and that it takes its reputation and brands seriously.¹³

Our questions to Wyndham

1. Did the brand licence allow its licensee to sell investment contracts with guaranteed returns under the Wyndham name?
2. Does Wyndham accept its brand being used to communicate with creditors in CISSA’s insolvency, and with some creditors but not others?
3. What did CNH, Wyndham’s licensee, answer when Wyndham asked it to engage on investors’ concerns?
4. What will Wyndham tell future buyers about what its name on a building does, and does not, guarantee?

We will publish Wyndham’s answers in full.

Our view

This is opinion, based on the facts above. Hotel brands earn fees from the name on the door, and here the name sold rooms to investors as well as to guests. A brand that lets its name front an investment product should check how that product is sold, and should not look away when the people who bought it are left unpaid. At a minimum, Wyndham could press its licensee to deal with the investors it owes, make sure its name is not used to inform some creditors and not others, and tell future buyers plainly what its name guarantees: by its own account, nothing about the investment.

If you invested in this project

You filed a claim by 2 June 2026

• Make sure the Official Receiver has your current address. 62 creditors had not been served notice of the 4 November meeting.
• Decide how to vote with your lawyer. Ask whether a composition would affect your claims against CNH or anyone else who owes you.
• Don’t sign proxy or opinion forms circulated by the company without advice. You can be represented by your own lawyer.

You did not file a claim

• The ordinary deadline has passed. A late claim is possible only in narrow cases, such as force majeure, decided by the court.
• If your contract is with CNH, remember that CNH is not in bankruptcy. Ask a lawyer about a claim against CNH and against anyone who personally signed or guaranteed a cheque.

You are thinking of buying a unit

• Ask in writing which company will pay any promised return, and read that company’s filed accounts first.
• Read the red flags and the buyer’s checklist.

Questions people ask about this project

Right of reply

CISSA Group, CNH Hospitality Group and Wyndham Hotels & Resorts are welcome to respond to anything in this file. We will publish responses in full and correct any error of fact. Send a reply or correction.

Sources

1. Matichon (Thai), 2018: CISSA Group launches “Wyndham Naiharn Beach Phuket”, THB 2.8 billion
2. Khaosod English (sponsored), 10 September 2018: CISSA Group unveils luxury resort “Wyndham Naiharn Beach Phuket”
3. The Phuket News, 10 September 2019: Wyndham takes two in Phuket
4. Bangkok Post, December 2019: Cissa, Wyndham team up for Phuket beach project
5. Propholic, 3 December 2019: Wyndham, Cissa Group tap into luxury premium property investment market
6. Mitihoon (Thai), campaign to 31 January 2021: investment from THB 6.99 million
7. ThaiPR (Thai), January 2022: campaign with a 7% yield for five years and a 110% buy-back
8. Royal Gazette, 2 April 2026: absolute receivership order, CISSA Group Co., Ltd., Red Case No. Lor. 2800/2569
9. Legal Execution Department, first meeting of creditors, 24 June 2026 (report to creditors)
10. Legal Execution Department, meeting of creditors, 4 November 2026 (report to creditors)
11. Department of Business Development: company records and filed financial statements of CNH Hospitality Group Co., Ltd., registration no. 0835561006307
12. Agreements, addenda, guarantee letters, cheques and bank records of investors, reviewed by RealSiam
13. Letter from Wyndham Hotels & Resorts (Asia Pacific) to an investor, June 2026, reviewed by RealSiam
14. Property listings for the project, 2026

Documents marked “reviewed by RealSiam” are held by us and can be shown to the companies concerned, to journalists and to the authorities. Wyndham and Wyndham Grand are trademarks of Wyndham Hotels & Resorts, Inc. or its affiliates. RealSiam is not affiliated with Wyndham, CISSA Group or CNH Hospitality Group; their names are used only to identify the project.