[1][2] Siam Piwat Company Limited was first established as Bangkok InterContinental Hotel Company Limited on 10 January 1959, to manage and develop 50 rai of land on Rama I Road to build the first international five-star hotel in Thailand, the Siam Intercontinental Hotel with General Chalermchai Charuwat as the founder.

[3][4] Initially, Sarit Thanarat, the prime minister at the time, saw the tourism benefits from the creation of hotels by foreign capital groups.

Therefore, approved funding from the Government Lottery Office including grants from large financial institutions in the country to invest in that company.

After the said hotel has been operating for 30 years, the company intends to build a new shopping center in that area.

[5] The current area is the location of the Siam Paragon shopping center.