The real news, however, is that under the extended lease agreement, which covers an additional plot of almost 24 rai, Dusit Thani will partner with Central Group to create a "mixed-use" real estate development worth B36.7 billion (about US$1.05 billion)—for comparison, that's about B16 billion more than Mahanakhon. 

 

According to Chanin Donavanik, vice chairman of Dusit Thani, the new development will feature a hotel, residences, retail areas and office spaces, as well as a large green space. 

 

Built in 1970, Dusit Thani represents a charming blend of vernacular (gilded mosaics, pointed arches) and mid-century modern architecture. Since The Siam Intercontinental was razed to make way for Siam Paragon, the Dusit has become one of the last remaining hotels of the sort. The Indra Hotel on Ratchaprarop Road is another, but is not nearly as well preserved, surrounded as it is by billboards and telephone lines.