Dusit Thani CEO Transition Signals New Chapter as Group Eyes THB 16 Billion Property Windfall

 

Dusit Thani Public Company Limited has appointed Chanin Donavanik as Group Chief Executive Officer, effective immediately, as the Thai hospitality conglomerate prepares for a significant financial turnaround following record-breaking revenues.

 

The appointment comes as Dusit posted revenues exceeding 10 billion baht in 2024—more than double the 5.37 billion baht reported a decade earlier.

 

The company is now positioned to eliminate its accumulated losses of 1.2 billion baht through substantial property transfers scheduled for 2026.

 

Chanin, who previously served as Acting Chairman of the Board, takes over leadership as the group prepares to recognise revenue from the Dusit Residences project at Dusit Central Park in Bangkok. 

 

The residential development, which is 94% sold with a total value of 16 billion baht, will see approximately 80% of revenue recognised in 2026, with the remainder in 2025.

 

"The challenging period has passed," Chanin said during a press conference in Bangkok on Friday. "We expect strong growth in 2026 with major revenue recognition that will reduce interest burdens and completely clear accumulated losses."

 

The leadership transition follows the company's strategic expansion from two core business units in 2016 to five complementary divisions spanning hotels, education, food services, real estate development, and hospitality-related services. 

 

Dusit's property portfolio has grown dramatically from 27 to 297 properties worldwide, including 57 hotels and 240 luxury villas across 18 countries.

 

 

 

The company's diversified revenue structure now provides greater stability compared to its historically hotel-dependent model. Dusit projects it will maintain annual revenues of 8-9 billion baht following the major property transfer windfall.

 

Despite reporting accumulated losses that have prevented dividend payments for five years, Dusit has maintained a stable BBB- credit rating from TRIS Rating and received global recognition, including Michelin Key status for Dusit Thani Kyoto.

 

The transition addresses recent internal governance challenges within the founding family, with major shareholder Chanat & Son Co Ltd having proposed the removal of certain board members at the upcoming 26 September shareholder meeting. 

 

Chanin expressed confidence that internal disputes have been resolved and that collaboration with Central Group partners will continue.

 

"I believe that all the issues (including family matters) will be concluded satisfactorily," he stated. "We continue working with the Central Group and expect everything to proceed smoothly."

 

The company's flagship 46 billion baht Dusit Central Park project, featuring the reimagined Dusit Thani Bangkok hotel, remains on track despite the leadership changes. 

 

Dusit has also appointed Phakawat Kowitwatanapong as a new director and Somprasong Boonyachai as an independent director to strengthen its board structure.

 

With more than 50 new hotels and resorts scheduled to open worldwide in the coming years, Dusit appears well-positioned to capitalise on post-pandemic tourism recovery whilst maintaining its commitment to its 20,000 employees globally.

 

 

 

Suphajee's New Government Role

The appointment follows the departure of Suphajee Suthumpun, who stepped down after nearly a decade as Group CEO to accept an invitation from Prime Minister Anutin Charnvirakul to serve as Minister of Commerce.

 

Suphajee, who joined Dusit's board in 2015 and became CEO in 2016, led the company's transformation during her nine-year tenure, establishing what she described as a three-phase strategy: foundational work in the first three years, revenue diversification in the second phase, and the current "new chapter" phase.

 

"After nearly a decade as Dusit's Group CEO, it has been an honor and a privilege to help elevate a Thai brand to global recognition," Suphajee reflected at the press conference with Chanin on Friday. "What I am handing over is the strongest growth trajectory in Dusit's history."

 

In her new ministerial role, Suphajee plans to leverage her international business experience to boost Thailand's export markets during what is expected to be a brief tenure of 7-9 months before potential elections. 

 

She emphasised the importance of creating additional income streams rather than solely focusing on cost reduction measures.

 

"My personal work philosophy has always been that one doesn't need to know 100% before taking action, but one must give 100% effort in what needs to be done. This is the mindset I will bring to achieving a strong economic recovery," she explained.  "Regarding my ministerial duties, please don't ask what I will do yet, as I still need to await royal endorsement and discuss with other ministers and the Prime Minister so we can work with a unified approach."

 

 

"Thailand cannot exist in a vacuum," she said. "I will use my knowledge and experience to help drive the economy forward, focusing on opening foreign markets whilst developing domestic trade potential."

 

The former CEO indicated her intention to promote Thai products and services internationally, particularly emphasising Thailand's unique hospitality and service excellence. Her appointment comes as the country faces economic challenges and seeks to strengthen its international trade position.

 

Chanin praised his predecessor's contributions and expressed confidence in the seamless transition, noting Suphajee's extensive international experience and her role in positioning Dusit as a globally recognised Thai brand.