Latest news with #ChanutPiyaoui
Forbes
3 days ago
- Business
- Forbes
Thailand's Dusit Thani Shares May Remain Under Pressure After Rout As Family Feud Escalates: Analyst
An artist rendition of Dusit Central Park, which will occupy 3.7 hectares of prime real estate at ... More the junction of Silom and Rama IV roads in central Bangkok. Dusit Thani shares may remain under pressure despite tumbling about 30% this year as the company remained in the red and heirs of the company's late founder Chanut Piyaoui fought for control of the Thai hotel chain. Chanin Donavanik and his sisters Sinee Thienprasiddhi and Sunong Salirathavibhaga inherited the bulkd of a 49.7% stake in Dusit Thani after their mother, Chanut, a pioneer in the That hospitality industry, died in 2020. After the death of the matriach, Chanin's sisters have been fighting for control of the company. The feud escalated this week after Chanut and Children, which is owned two-thirds by Chanin's sisters, rejected the company's 2024 financial statements and blocked the proposed re-appointment of four directors, including the chairman of the board, Arsa Sarasin, at the company's shareholders' meeting, according to local media reports. Chanin is currently vice-chairman of the board. In a statement reported by Thai media, Chanut and Children said it rejected the financial statement because it did not receive satisfactory answers from the management with regard to the company's assets, liabilities and investments. Dusit Thani was among the hardest hit by the Covid-19 pandemic. It has accumulated a net loss of more than 3.3 billion baht ($100.8 million) over the past five consecutive years and has not paid dividends to shareholders since 2020. 'The unresolved matters within the family of major shareholders could put pressure on the stock's short-term sentiment,' said Wijit Arayapisit, strategist at Bangkok-based Liberator Securities. The escalation of the family feud comes at a critical time for Dusit Thani, which could potentially turn around with the $1.3 billion Dusit Central Park, a mixed-use hotel, office and residential project in Bangkok's central business district is set to be completed this year. The company's net loss narrowed to 237 million baht in 2024 from 570 million baht the previous year as revenue nearly doubled to 10.1 billion baht. 'Fundamentally, Dusit is clearly on the path of recovery and its businesses have been over the worst,' Wijit said. 'I believe conflicts among family members would sooner or later be settled and now could be a rewarding entry point for long-term investors who can afford to wait.' Dusit Thani owns and manages nearly 300 hotels and resorts across 18 countries. Central Pattana, a listed property unit of the billionaire Chirathivat family's Central Group, owns 17% in Dusit Thani.
Skift
19-05-2025
- Business
- Skift
Dusit Thani Misses Filing Deadline as Family Dispute Escalates
The Singapore Tourism Board said April visitor arrivals were up 4.5% year-on-year to 1.40 million, with Indonesia the top feeder market. The number of overnight visitors was 1.01 million, up by 1.9% year on year and 72.1% of the visitor total. Indonesia led with 236,850 visitors, followed by China with 207,500. Indonesia and China were down by 2.9% and 5.9%, respectively, year-over-year. For the first four months of 2025, visitor arrivals to Singapore were up by 1.2% to 5.71 million, with 4.19 million being overnight visitors. The heirs of Thanpuying Chanut Piyaoui, founder of Thailand's Dusit Thani, are seeing an acceleration in the feud when, during the company's annual general meeting, Chanut and Sons Co., Ltd refused to approve the company's 2024 financing statements. Thanpuying Chanut's three children control the company, which is a major shareholder. The financial statements had already been audited, certified, and reported to the Stock Exchange of Thailand. Dusit Thani cannot appoint auditors for 2025 now and missed the May 15 deadline for submitting 1Q25 results, which triggered an automatic suspension in the trading of its shares. The oldest son has been serving as Chief Executive, and the three siblings have been feuding over the direction of the company. They have a 49.74% stake in the company. Company officials tried to calm shareholders, telling them they would continue operating with their existing business plan. They had filed their 1Q financials, but the stock exchange had advised shareholders to wait for the shareholder meeting to make sure the auditors were appointed. That did not work out the way the company officials wanted it to. Vietnam's government has approved a $1.5 billion investment plan by the Trump Organization and local developer KinhBac City to build a large-scale real estate and golf complex. The project will span 990 hectares and include golf courses, hotels, resorts, and residential developments. Construction is expected to begin this quarter and continue through the second quarter of 2029. The companies had disclosed plans for up to four golf and hotel developments across Vietnam back in March. Hilton's Waldorf Astoria brand will make its India debut in Jaipur in 2028. Hilton is partnering with the Dangayach Group to bring the brand to India. Waldorf Astoria Jaipur will have as many as 51 expansive pool villas and 174 guest rooms in a campus spanning 22 acres overlooking the Aravalli Hills. It will come with a luxurious spa, outdoor swimming pool, fitness center, five dining experiences, including the famous Peacock Alley, over 2,400 square meters of meeting space, and open lawns, courtyards, and gardens over 3,000 square meters. Hilton will also launch its high-end LXR Hotel at Bengaluru and Signia and Conrad at Jaipur in the coming months. Marriott International announced the signing of an agreement with Grey Group to introduce the JW Marriott brand to Ludhiana, known as India's 'Manchester' for its vibrant textile and manufacturing industries. JW Marriott Ludhiana will be part of a mixed-use development featuring retail and residential spaces. The hotel is expected to open in January 2029. It will feature 160 rooms and suites, diverse dining options across multiple venues, including an all-day dining restaurant, a specialty dining venue, a Lobby Lounge, and a Pool Bar alongside the JW Market. Multiple tranquil wellness spaces are being planned to include the brand's signature JW Garden, including the Spa by JW, a fitness center, and a swimming pool. The hotel also plans to feature 1,500 square meters of versatile banqueting space. Marriott International announced the opening of JW Marriott Auckland, marking the brand's first presence in New Zealand. The hotel will be located in the heart of downtown Auckland. One notable feature of the development will be the 'Watersplash' chandelier by Lasvit, which artistically interprets NZ's rivers and lakes. The hotel will offer 271 guest rooms and 15 suites, ranging from the 133-square-meter Presidential Suite to two-bedroom Governor Suites with full kitchens. The 220 square meter Wellness Center is central to the hotel's offerings, featuring a heated indoor pool, cold plunge pool, dry sauna, steam chamber, and fitness center. There will be two food and beverage venues and six meeting and event spaces. Pan Pacific Hotels Group is refurbishing Pan Pacific Perth. The hotel's 488 rooms, lobby, and Pacific Club Lounge will feature Western Australia-inspired finishes, incorporating repurposed denim, hand-pressed herbs, and recycled plastics for sustainability. The hotel's 2,500 square meter convention floor, the largest in Perth, now has new LED screens and updated audiovisual equipment. Pan Pacific is upgrading properties across its Australian portfolio. Parkroyal Melbourne Airport refurbished its 276 rooms, conference facilities, and public areas. Parkroyal Parramatta, Sydney, has refreshed its 286 guestrooms and meeting spaces. Duxton Reserve, a 49-key boutique hotel in Tanjong Pagar in Singapore, has been sold by Singapore-based hospitality company The Garcha Group to a family officer for S$80 million. JLL Hotels & Hospitality Group said the hotel was sold to Lotus One Investment, the Singapore-based investment arm of Lotus Singapore. Duxton Reserve Hotel comprises eight three-story conservation shophouses with a built-up area of about 34,000 square feet. The hotel operates under the Autograph Collection brand from Marriott International. YTL Hotels announced the official opening of two new properties in Malaysia, in Kuala Lumpur and Ipoh. The Moxy Kuala Lumpur Chinatown marks the debut of the Moxy brand in Malaysia's capital. The 320-room hotel is located in the historic Oriental Bank building on Jalan Hang Lekiu. The AC Hotel by Marriott Ipoh includes 291 guest rooms, restaurants, and meeting rooms. Ayala Land Hospitality, the hotel and hospitality arm of Ayala Land Inc., is looking for a new partner to operate a 500-key property in Metro Manila, which it plans to acquire soon. They did not identify the hotel, but rumors narrowed down the possibilities to either the New World Hotel or Dusit Thani Manila. The rumor mill is leaning towards the 598-room New World Makati.
