Dusit Thani new lease, new life

BANGKOK Dusit Thani PCL announced, Wednesday, an agreement with the Crown Property Bureau to continue leasing land occupied by its flagship Dusit Thani Hotel at the intersection of Silom Road and Rama IV Road.

A new lease agreement gives the group a 30-year lease on the prime land site downtown Bangkok with the right to extend for another 30 years.

The 517-room Dusit Thani Hotel opened in February 1970 on land leased from the Crown Property for an initial 30 years. At the time it was the tallest hotel in the Thai capital.

According to the group’s 2013 annual report, the hotel company leased land from the Crown Property Bureau, initially for a term of 30 years from 1 April, 1973 to 31 March, 2003, with rights to renew the lease twice for a term of 15 years each.

The Company renewed the lease for the first 15-year term commencing 1 April, 2003. It was due to expire 31 March, 2018 and has now been superseded by a new 30-year lease with a 30-year option to extend..

The group has not yet announced details of  the redevelopment of the flagship Dusit Thani Hotel other than to say it will be part of a much larger scale mixed-use project.

Dusit Thani Public PCL and partner, Central Pattana PCL confirmed they will develop the site with a landmark mixed-use real estate development including a hotel, luxury residences, retail areas and office spaces and parkland

Dusit Thani PCL vice chairman & chairman of the executive committee, Chanin Donavanik, commented: “Opened in 1970, Dusit Thani Bangkok was the very first iconic landmark of modern Bangkok. As a leading hotel in Thailand for almost 48 years, today Dusit Thani dedicates itself to bringing to life a world-class development, which will strengthen its image as a renowned Thai brand that has been internationally recognised for more than 65 years.”

The group’s chief executive officer, Suphajee Suthumpun, added: “Dusit Thani has been granted the rights to extend the lease agreement with an additional plot of almost 24 rai.”

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