Dusit Thani Public Company Limited is the Bangkok-listed group behind the Dusit Thani hotel brand. It was founded in 1948 by Thanpuying Chanut Piyaoui, opened Dusit Thani Bangkok in 1970 and listed on the Stock Exchange of Thailand in 1975. Today it owns a few hotels, manages many more and runs food, education and property businesses. For owners and investors, Dusit Thani matters because it is one of the few Asian hotel brands controlled by a founding family and listed at home, and its results are back in profit after the rebuild of its Bangkok flagship.
Key facts
| Item | Detail |
|---|---|
| Company | Dusit Thani Public Company Limited (SET: DUSIT) |
| Founded | 1948, by Thanpuying Chanut Piyaoui; first hotel, the Princess Hotel, in 1949 |
| Listed | 1975, Stock Exchange of Thailand |
| Controlling shareholder | Chanut and Children Co., Ltd, 49.74% |
| Second shareholder | Central Pattana PCL, 17.09% |
| Group CEO | Chanin Donavanik, also acting chairman |
| Hotels and villas managed | 290 in 19 countries: 51 hotels and 239 villas, 11,813 rooms (end of June 2026) |
| Flagship | Dusit Thani Bangkok, reopened in 2024 at Dusit Central Park |
| Other businesses | Food (Epicure, Bonjour), education (Dusit Thani College), property (Dusit Central Park residences) |
Who controls Dusit Thani
The latest register on Dusit’s website, dated 27 March 2026, shows:
| Shareholder | Stake |
|---|---|
| Chanut and Children Co., Ltd | 49.74% |
| Central Pattana PCL | 17.09% |
| Bangkok Bank PCL | 4.06% |
| Vichit Chinwongvorakul | 3.95% |
| Charunee Chinwongvorakul | 2.12% |
| Thai NVDR | 1.86% |
Chanut and Children is the founding family’s holding company. In January 2026 Chanin Donavanik, the founder’s son and Dusit’s CEO, inherited 5.05% of it from the founder’s estate. That lifted his stake in the holding company to 52.12%, according to a company filing reported by The Nation. Sunong Salirathavibhaga bought a 26.66% block a day later, taking her to 46.62% of the holding company. The deal was exempt from a tender offer because the control came through inheritance. Dusit’s own shareholding did not change.
Central Pattana, Thailand’s largest mall developer, is both a shareholder and Dusit’s partner at Dusit Central Park. See our profile of Dusit Central Park.
What it owns and what it runs
Dusit has two hotel models. It owns a small set of hotels, led by Dusit Thani Bangkok, and including Dusit Thani Maldives and Dusit Thani Manila. It manages a much larger estate for other owners under its brands, plus 239 villas through Elite Havens, its villa management arm.
The group’s plan is asset-light. It aims to open five to 10 managed hotels in 2026. In the second quarter it entered Saudi Arabia with the 150-key Dusit Princess Al Majma’ah.
Beyond hotels:
- Food: Epicure, a school catering business, and Bonjour Bakery, with 118 outlets including five in Vietnam. Dusit says it is preparing for a possible listing of the food business.
- Education: Dusit Thani College, Le Cordon Bleu Dusit and The Food School Bangkok. Dusit cut its 2026 growth target for this arm to 5–7% as enrolments slowed.
- Property: The Residences at Dusit Central Park, about 97% sold by area, and Dusit Ajara Hua Hin, a THB2bn branded residence project.
What the latest results say
Dusit’s first-half 2026 results, published in August, show the recovery the Dusit Central Park bet was meant to deliver.
| 1H 2026 | 1H 2025 | |
|---|---|---|
| Total revenue | THB6,903m | THB4,072m |
| Hotel revenue | THB3,188m | THB2,860m |
| Property revenue | THB2,341m | THB11m |
| Food revenue | THB869m | THB789m |
| EBITDA | THB1,621m | THB633m |
| Net profit (loss) | THB347m | (THB243m) |
In the second quarter, Dusit Thani Bangkok’s RevPAR rose 145.1% year on year, with occupancy at 78.6%. Dusit raised its full-year RevPAR growth forecast for the hotel to 75–80%. Across its owned hotels, second-quarter occupancy was 69.9% and ADR THB4,131.
The weak spots were outside Thailand. The Middle East conflict hit Dusit’s managed hotels in the region and Dusit Thani Maldives, and management fee revenue fell 12.1% in the quarter.
Our view: the profit turn is real but uneven. More than a third of first-half revenue came from one-off condo handovers. The test is whether hotel and food earnings can carry the group once Dusit Central Park’s residences are fully handed over. Third-quarter results were not yet published on 30 October.
The Thai market behind it
Dusit is exposed to a slower Thai market. In its results, Dusit cited the Tourism Authority of Thailand’s 2026 target cut to 30.1–33.2 million arrivals, and first-half arrivals of 15.9 million, down 3.2%. See our reports on Thailand’s tourist arrivals and visa delays and Thai hotel closures in 2026.
Its answer is to lean on domestic and short-haul guests, keep fixed costs down and grow the businesses that are not tied to arrivals.
What it means for you
1. Owners looking for an operator
Dusit is an Asian brand that wants management contracts and plans five to 10 openings in 2026. Ask for its regional references and fee terms early.
2. Investors in listed Thai hotel stocks
Control is concentrated. The founding family’s company holds almost half, Central Pattana another 17%. Free float is limited.
3. Hotel owners in Bangkok
A rebuilt Dusit Thani Bangkok is taking share at the top of the market. Benchmark against it, not the old hotel.
4. Food and service suppliers in Vietnam
Dusit’s catering and bakery arms already operate in Vietnam. Expect them to grow alongside any Dusit hotel signings there.
FAQ
Who owns Dusit Thani?
Dusit Thani PCL is listed in Bangkok. Its largest shareholder is Chanut and Children Co., Ltd with 49.74%, followed by Central Pattana with 17.09% (register of 27 March 2026).
Who controls Chanut and Children?
CEO Chanin Donavanik holds 52.12% of it after an inheritance in January 2026, according to a company filing.
How many hotels does Dusit manage?
290 hotels and villas in 19 countries at the end of June 2026: 51 hotels and 239 villas, with 11,813 rooms.
Is Dusit Thani profitable?
Yes, in 2026 so far. It reported net profit of THB347m in the first half, against a THB243m loss a year earlier.
Is Dusit Thani the same as Dusit Thani Bangkok?
No. Dusit Thani PCL is the listed group. Dusit Thani Bangkok is its flagship hotel at Dusit Central Park.