Shareholders approve B36bn redevelopment of Dusit Thani Hotel

Shareholders approve B36bn redevelopment of Dusit Thani Hotel

A meeting of shareholders of Dusit Thani Plc has approved the 36.7 billion baht mixed-use project to replace its 47-year-old Dusit Thani hotel at Saladaeng intersection in downtown Bangkok.

Suphajee Suthumpun, group chief executive of Dusit Thani, said on Friday that shareholders approved the resolution on Thursday and the development would start in July.

The 23-rai of land on a corner at Saladaeng intersection, where Silom and Rama IV roads cross, will be redeveloped and include a hotel, residential building, office building and a shopping centre.

"The development will start on a newly acquired plot on Rama IV Road adjacent to the old location of the hotel to speed up the construction of the new Dusit Thani Bangkok Hotel," Mrs Suphajee said.

During construction of the new hotel, the old hotel would remain open until mid-2018 to minimise its closure time. The new hotel was set for completion in 2021 and the whole development would be finished approximately in 2024, she said.

Dusit Thani Bangkok Hotel earned about 900 million baht last year, contributing 17% of the total income of the Dusit Thai group.

Although the property development would mean a loss of revenue from the hotel for a period, the income of the whole group should not be affected, thanks to new projects, Mrs Suphajee said.

The group operates 29 hotels in eight countries, including 10 in Thailand.

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