As we turn the page on 2023, I write this message with a heart full of gratitude and a spirit of cautious optimism. The global landscape in 2023 was notable for its threads of recovery and recalibration, particularly in the travel and hospitality industry.
The global recovery, however, wasn’t even. While regions like the Middle East, Europe, and Africa took the lead in the tourism recovery race, Asia Pacific, our home ground, witnessed a slower resurgence. The slowdown in Chinese arrivals, a crucial market for Thailand, certainly tested our agility in 2023. And the recovery trends were further intricately influenced by evolving traveller behaviours, geopolitical dynamics, and economic fluctuations, creating a dynamic, ever-shifting business environment demanding agility and foresight.
Despite these headwinds, I am proud to say that Dusit navigated these complexities with unwavering resolve. We swiftly pivoted our focus, capitalizing on thriving source markets such as Malaysia, India, and South Korea, and catering to the increased demand for shorter, experience-driven stays. Additionally, we leveraged our diverse geographic portfolio, further minimising our exposure to any single market.
While navigating the challenges, we never lost sight of our commitment to growth and innovation. A pivotal aspect of our journey in 2023 was the inauguration of 10 new hotels, including destination debuts in Greece, Nepal, and Japan, a strategic return to Kenya, and continued expansion in Thailand and China. These milestone expansions not only align with global trends but also reflect our proactive approach to exploring and investing in emerging and established markets, a steadfast commitment to delivering exceptional experiences, and a holistic vision to achieve a balance between domestic and international revenue.
Our Company’s commitment to sustainable operations also came to the fore with the launch of our new group-wide sustainability programme, Tree of Life. With 31 criteria aligned with selected United Nations’ Global Sustainable Development Goals, this programme ensures that all Dusit properties operate sustainably across the three dimensions of the ESG sustainability framework: Environmental, Social, and Governance.
Alongside reducing carbon footprint, our approach is focused on nurturing local communities, embracing responsible sourcing, and empowering our people at every opportunity.
The introduction of Dusit Collection and Devarana – Dusit Retreats, a strategic rebranding of Devarana, marked another pivotal moment in our brand evolution in 2023. These carefully curated offerings cater to specific niches within the luxury market, broadening our appeal and enhancing our competitive edge. From former palaces in historic cities to boutique seaside sanctuaries, we are actively exploring multiple opportunities for these new brands.
As we enter 2024 and mark 75 years of gracious hospitality pioneered by our founder, Thanpuying Chanut Piyaoui, the future brims with promise. Beyond continued expansion of our hotels, resorts, and luxury villas, we are actively exploring exciting new avenues for growth across all our lines of business.
Our food business, driven by the expansion of our school catering business and new sustainable joint ventures such as Savor Eats, promises to bring new revenue streams to our Company. Meanwhile, Dusit Hospitality Education is set to cultivate the next generation of hoteliers and entrepreneurs through expanded short courses at Dusit Thani College, Le Cordon Bleu Dusit Culinary School, and The Food School.
In property development, we see exciting potential in dual-purpose properties blending hotel and residential experiences.
Additionally, our expanding wellness offerings hold immense promise, with soon-to-be-announced new concepts poised to flourish in the years to come.
Most significant, of course, is the highly anticipated return of our iconic Dusit Thani Bangkok flagship hotel. A shining beacon of our unwavering commitment to bespoke experiences and responsible tourism practices, this landmark property will not only redefine luxury hospitality but also solidify Dusit’s position as a leading voice in the travel landscape. The new benchmarks it sets will be echoed across Dusit Hotels and Resorts worldwide.
Poised with unwavering optimism and a sharpened focus, in 2024 we are ready not just to recover, but to soar. On behalf of the entire management team at Dusit International, I would like to graciously thank all our investors for your unwavering faith, our partners who walk alongside us with utmost confidence, our team members who breathe life into our vision, and our esteemed guests, customers, and students who nourish our growth and inspire us to continue enhancing our products and services.
Your unwavering support and trust are much appreciated, and we look forward to delivering enduring value for you all in the months and years ahead.
Graciously yours,
Suphajee Suthumpun
Group CEO