BANGKOK — A bitter family dispute has erupted at Thailand’s iconic Dusit Thani hotel chain, with two sisters moving to oust their older brother as director. The boardroom battle comes just as the company prepares to open its flagship 46-billion-baht ($1.4 billion) Dusit Central Park project on September 3, with shareholders set to vote on September 26.
For more than 70 years, Thanpuying (Lady) Chanat Piyaui invested in pioneering the hotel industry and created an unmistakable “landmark” for Bangkok and Thailand’s tourism industry with the Dusit Thani Bangkok Hotel, which opened in 1970.
Dusit Thani grew to become one of Thailand’s leading hotel operators and has recently expanded this “Thai brand” to 19 countries worldwide.

The largest shareholder of Dusit Thani Public Company Limited today is Chanat and Children Co., Ltd. with 49.74%, followed by Central Pattana Public Company Limited with 17.09%, while the remaining shares are held by groups with stakes below 5%.
According to reports from the Stock Exchange of Thailand, Dusit Thani PCL (DUSIT) has suffered uninterrupted losses for the past five years, starting with the outbreak of Covid-19 in 2020: a loss of 1.billion baht ($31 million), 2021 a loss of 945 million baht ($29 million), 2022 a loss of 501.46 million baht ($15.5 million), 2023 a loss of 569.82 million baht ($17.65 million), 2024 a loss of 236.77 million baht ($7.3 million) and in the first six months of 2025 a loss of 242.86 million baht ($7.5 million).
It is said that this cumulative loss of more than 1 billion baht has triggered the dissatisfaction of major shareholders Sinee Thienprasiddhi and Sunong Saleeratwivak, blood sisters of Chanin Donavanik. This culminated in the change of directors at Chanat and Children Co, Ltd in February 2025, when Chanin was voted out of his role as director.

The “family feud” became increasingly visible to the public when the shareholders rejected the 2024 annual financial statements last April, even though they had been audited and certified by an independent auditor.
The conflict escalated when Chanat and Children Co, Ltd, the major shareholder of Dusit Thani PCL, proposed the removal of Chanin Donavanik as director at the extraordinary general meeting (EGM) scheduled for September 26. The proposal also included increasing the number of board members from 12 to 18.
Chanin held a press conference last week and explained that the claims of continued losses and high debt do not reflect the whole picture. Most of the losses, he explained, stemmed from the interest burden on the major 46 billion baht Dusit Central Park project, which is due to officially open on September 3.
He added that the investments made before the pandemic and the efforts to maintain the business through Covid without a capital increase and thus avoiding the burden on shareholders should be recognised.

He pointed out that the new Dusit Thani Bangkok Hotel has been well received in its first year of operation, while Dusit Residences has achieved record revenue and is heading towards unprecedented profitability. These profits, he emphasised, will help to reduce the company’s outstanding debt.
“This is not a business failure, but a foundation for long-term growth,” he said.
Sinee and Sunong, his sisters and opponents, issued a rebuttal the next day, claiming that the administration of Chanat and Children Co, Ltd. and Dusit Thani PCL was separate from the inheritance of Thanpuying Chanat Piyaui.
They emphasized that Chanat and Children Co’s company rules explicitly prohibit the sale of Dusit Thani shares to outsiders. They said that it is impossible to open the door for outsiders to take over the company by unfair means.

Regarding Dusit Thani’s request for an extraordinary general meeting, the sisters emphasised that it would be in the best interest of Dusit Thani and its shareholders as the company has not paid dividends for over five years and has now accumulated losses of more than 1.254 billion baht ($39 million). They said that the company cannot remain idle, a change in management is necessary.
The invitation to Central Pattana, which holds 17.09% of Dusit Thani and is an important partner in the Dusit Central Park project, to send representatives to the board was therefore justified. They argued that this was a common practice to protect company investments and not an irregularity.
The sisters also pointed out that Central Pattana has appointed only two directors, making it impossible for them to dominate management or engineer a takeover, as has been reported in the media. They stressed that Dr Krissada Kaveeyarn and Supasak Jirasawinvipan, who will join the board as authorised signatories alongside Sinee Thienprasiddhi, have no links with Central Pattana.

They promised to do everything in their power to ensure that Dusit Thani is run transparently, with good governance and towards sustainable growth.
In the midst of this escalating feud, the prominent businesswoman and celebrity and President of the Football Association of Thailand, “Madame Pang” Nualphan Lamsam, tendered her resignation as a board member on Tuesday August 26.
She cited her multiple responsibilities in business, philanthropy and especially sports management, which require her full attention, leaving her insufficient time to fulfil her duties as a director of the company.
Business media analysts noted that Madame Pang did not want to be seen as part of the conflict surrounding Dusit Thani ahead of the crucial decision day on September 26, 2025.
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