“The Dusit Thani is like my second home – my heart fell when I heard it was going to be torn down,” says Rosalin Alexander, whose family had a shop there the whole time she was growing up.

A beloved Bangkok landmark, the Dusit Thani began life in 1970 as the tallest building in the capital, its eye-catching architecture a gleaming testament to Thailand’s new-found modernity.

But its long run as a posh inn ends on January 5, when the original structure will tumble floor by floor to make way for a Bt36.7-billion mixed-use project – new hotel included – that will open in 2023.

In collaboration with Central Pattana, the hotel’s owners – Dusit International – have planned a sprawling amalgam of residences, retail zones and office spaces along with Mark II of the hotel.

Rosalin’s parents were among the first retailers to take up lobby space at the Dusit Thani, opening Alex and Co Jeweller. She has witnessed the hotel’s history almost from the beginning and amassed a lot of fond memories there over the course of 48 years.

“I hung out at the hotel after school, reading imported comics,” she told The Nation Weekend. “When I was a teenager, my cousin and I loved seeing the foreign superstars who stayed there.”

The five-star hotel’s guest list is indeed impressive. Entertainers lodged in its suites included Rod Stewart, Whitney Houston, Tom Jones, Jackie Chan and Gwyneth Paltrow, and in more recent times the Pet Shop Boys, Coldplay and South Korean stars Rain and Super Junior.

“It was like Thailand’s first big entertainment destination,” Rosalin said. “The Napailai Ballroom was considered the best concert hall in the country and hosted catwalk fashion shows and major weddings. I saw my first concert with overseas acts there – the New Seekers and the Osmonds. And then there was the nightlife at the Bubble, the coolest discotheque of the era.”

The 23rd-floor restaurant Tiara sparkled with big-spending diners who gasped at views of Bangkok never before seen and were often treated to cabaret theatre.

Rosalin warmly recalls dining with her parents at Tiara. “For a little girl, it was so amazing to see how beautiful Bangkok looked from up high.”

Rosalin and Rassamee Rungjang, 74, who used to work at Dusit Thani, both share one great memory of the place – it is where their beaux proposed to them.

“In a small corner of the coffee shop, my husband Paul surprised me by asking ‘Will you marry me?’” Rosalin giggled.

A young man named Prayong, who also worked at the hotel, popped the same question to Rassamee. Prayong later moved to Germany to work and Rassamee, missing him, “often went to the Tiara and gazed at the sky”.

He has since died. “I still miss him,” she said.

Their son, Arin Rungjang, became a prominent artist who never forgot his fascination with the vista beyond the Tiara windows. He recreated the skyline in an installation shown at Ver Gallery in 2007. Its title was “Rassamee Rungjang”.

Fond memories have been inescapable in a series of events taking place to bid the hotel farewell. They began earlier this month with the Thai Night Gala Dinner in the ballroom, at which 95 contestants from the Miss Universe pageant wore traditional Thai costumes.

This past Thursday there was “Together Moving Forward”, a thank-you party for hundreds of VIP guests, at which Koh Mr Saxman, Jennifer Kim and the Silpakorn Band entertained.

Another treat was the unveiling of paintings of the hotel done by invited top artists. Hotel owner Chanin Donavanik was pleased to see the spire rendered prominently – a trademark that replicated the soaring prang of Wat Arun.

It was Chanin’s mother, Thanpuying Chanut Piyaoui, who worked with Thai-Obayashi Corp to build the luxury 23-floor hotel. She aimed for and achieved international hotel standards, another first for Thailand.

Now it’s time to preserve the spirit of what’s being lost. Dusit International has commissioned Silpakorn University to document and help conserve the hotel’s most aesthetic flourishes in a project called “Dusit Thani’s Artistic Heritage”.

It will be a challenge indeed removing the Thai-motif decoration from the facade and the two columns in the restaurant Benjarong that were painted by hand by the late Paiboon “Than Kudt” Suwannakudt.

The project will extend to saving the various plant species on the grounds. The big trees – bodhi, banyan and frangipani – will be salvaged for replanting later around the new hotel, and other plants moved across Rama IV Road to Lumpini Park.

“Dusit Thani Bangkok is preparing to enter an exciting new chapter, and we look forward to continuing these same beliefs in the new version of the hotel, which is due to open in four years’ time,” Chanin said.

“Inspired by our heritage, the new Dusit Thani Bangkok will retain our distinctive brand of gracious hospitality, and will preserve our rich artistic and architectural heritage. At the same time, we will provide new experiences, for new generations of travellers, ensuring we can cement our status as Thailand’s leading hospitality company while delighting guests, and bringing value to our community, for many years to come.”

Agoda is part of Booking Holdings, the world’s largest travel company by market value.

Peter L Allen, managing director of the public affairs department, says the home-sharing economy has been growing exponentially all over the world and the travel company believes the growth will continue and have a positive impact on the Asean economy and communities.

He said a Nielsen survey found that 78 per cent of respondents across Asia-Pacific were willing to share or rent their own assets or services, and 81 per cent were willing to use products or services within the sharing economy.

“Travellers are increasingly looking for accommodation options that cater to their unique situations and needs, whether they are travelling in groups (including families with children), have specific dietary requirements, or are looking for customised experiences,” said Allen.

“Even business travel will contribute to the demand for home-sharing accommodation, as more travellers combine leisure activities and add excursions to their business trips,” he said.

Allen said that as one of the most popular travel destinations in the world, Thailand already has all the potential to become a hub for the home-sharing market in Asean. Thailand and its people are known for their hospitality and will make positive contributions to the thriving home rentals market, he added.

“The country is embracing this new trend and we also believe that the government would like to support this as well. All stakeholders will need to work together to gain the benefits,” he said.

Allen said that compared to the traditional rental services, home-sharing offers more choice of accommodation and price points for travellers, who vary in their requirements, needs and budgets.

From the hosts’ perspective, the home-sharing economy helps homeowners supplement their income and help pay for property upgrades and renovation, mortgage and rental costs, daily living expenses, children’s education and retirement savings, according to a press release from the company.

“Communities will also benefit from the home-sharing economy, as the increased foot traffic from short-term rentals supports local businesses and creates jobs as travellers spend money on food, drinks, shopping, local transportation and entertainment. Additional tax income generated from short-term rentals may be put towards civic programmes, from fire and police departments and welfare services to destination marketing support, education and local arts,” he added.

Allen said that the travel space is evolving quickly, which brings in constant new challenges and opportunities.

“Disruption is not always negative. If we look specifically at shared accommodations, they have the potential to expand the size of the travel market, spread wealth by bringing revenue to hosts and local businesses, create new jobs and even increase sustainability,” he said.

“Challenges faced by the players in the hospitality industry within Thailand and around the world can be overcome through discussion and an understanding of what the benefits can be for all stakeholders. Regulators and legislators need to work together with hosts, guests and communities to find a mutually suitable solution, especially in popular tourist destinations such as Thailand,” said Allen.

Allen and Robert Rosenstein, the founder and chairman of online travel giant Agoda Company Pte Ltd, have co-authored “At Home Around the World: The Short-term Rentals Handbook for Guests, Hosts, Neighbors and Governments”.

The book cites policies, trends and data behind forecasts showing explosive industry growth. It presents data about the massive growth and positive economic impact of the home-sharing market around the world. They draw on research to discuss the rise in home-sharing and to argue for its value and benefits to homeowners, travellers and communities large and small.

“Through our conversations with regulators and neighbourhood advocates around the world, we realised that governments are struggling with how to understand and anticipate the role that home-sharing plays in their cities. As this relatively new industry has emerged, a patchwork of regulations has been created,” said Rosenstein.

“We want to collect the lessons from these natural experiments and start to showcase how the successful approaches work,” he said.

The book notes that the global sharing economy is growing at an annual rate of 30 per cent, compared to a forecasted 3 per cent annual growth rate for the “traditional rental market”, and is expected to equal that market by 2025.

In addition, total global revenues for the home-sharing industry alone are expected to reach US$169 billion (Bt5.53 trillion) by the end of this year, a growth level two to four |times as fast as the overall global economy.

China’s Yunnan Provincial Tourism Investment Co and Thailand’s New Chiang Saen Group Co are the main signers of these cooperative documents, which cover marketing a current boat service on the Mekong that would take tourists to view Thailand, Laos and Myanmar in a single day trip.

They will also launch a boat service from Chiang Saen port in northern Thailand to Jinghong in China’s Yunnan Province and also to Luang Prabang in Laos and Kengtung in Myanmar.

“We are trying to connect tourist services and attractions along the Lancang-Mekong River,” Xu Lianbiao of Yunnan Provincial Tourism Investment said. “We are also developing a wild elephant centre in the northern Lao province of Xayaburi and ecological tourism,” he added.

Thailand put forward a vision called “five Chiang cities, four countries”, which seeks close tourism cooperation between Chiang Mai, Chiang Rai, Jinghong, Kengtung and Luang Prabang, Xu said.

“The joint patrols from China, Laos, Myanmar and Thailand make it safe to sail on the Mekong River.”

Chiang Saen’s old port is to be developed into a mega-tourism port, mayor of Wiang Chiang Saen municipality Chayagrit Nissaisook said.

The mayor said the Tourism Authority of Thailand had made a master plan to develop the port to the scale of an international airport, with duty-free shops and restaurants to welcome tourists, especially from China.

“The investment will be at a minimum of Bt39 million to firstly realise the plan that we may be able to attract more than Bt100 million,” he added.

Yunnan Provincial Tourism Investment launched its boat service in Chiang Saen Port in October and tourists can now shop on Laos’ Don Sao, an island with a separate duty-free zone.

The new route connects Vietnam’s largest city with the attractive islands district in Quang Ninh province.

The route will operate return flights every Monday, Wednesday, Friday and Sunday, from January 20, with around 2 hours and 15 minutes per leg.

The Van Don Islands are an attractive tourist destination with 600 islands, not far from Ha Long Bay – a Unesco World Heritage Site. The islands district is home to many famous destinations such as Bai Tu Long National Park, Dua Islet, Thien Nga Islet and Quan Lan, Minh Chau and Ngoc Vung islands.