> **来源：[研报客](https://pc.yanbaoke.cn)** # Thailand Hotel Market Summary - 1H 2026 ## Core Content Thailand's hotel and tourism market in the first half of 2026 showed a pattern of divergence rather than uniform growth. While international arrivals declined by 4.9% YoY, the market remained resilient in certain areas, particularly in Bangkok and Phuket, which exhibited different dynamics due to their distinct operating models. --- ## Main Points ### **National Tourism Overview** - **International arrivals**: 15.87 million in 1H 2026, down 4.9% YoY. - **Volatility**: Arrivals fluctuated significantly throughout the period, with sharp declines in January and June. - **Regional performance**: - **Asia**: Dominant with 66.4% of arrivals, down 6.0% YoY. - **Europe**: Stable at 26.8%, down only 1.1% YoY. - **Middle East**: Sharp decline of 28.1%, affecting revenue more due to higher spending per visitor. - **Country-level performance**: - **China**: Regained first place with 2.60 million arrivals, up 14.8%. - **Malaysia**: Declined by 10.7% to 2.05 million. - **India**: Increased by 3.1% to 1.22 million. - **Russia**: Remained a key market despite a 2.2% decline. - **South Korea**: Fell by 24.0% to 0.59 million. - **Policy changes**: - New visa framework (30-day visa-free for 59 countries) and domestic co-payment policy are expected to influence H2 demand. - The THB 400 minimum wage and rising costs may affect profitability. --- ## Bangkok Hotel Market ### **Key Metrics** - **Total hotel rooms**: 105,038 (up 1.2% YoY). - **Net increase**: 1,211 rooms (up 1.2% YoY). - **Average Daily Rate (ADR)**: THB 4,013 (-2.1% YoY). - **Occupancy rate**: 76.2% (+1.1 p.p. YoY). - **RevPAR**: THB 3,056 (-0.6% YoY). ### **Demand Dynamics** - **Diversified demand**: Supported by international and domestic leisure, corporate, MICE, medical tourism, and shopping. - **Air passenger growth**: International air arrivals increased by 2.0%, domestic by 2.5%. - **Seasonality**: Less pronounced than Phuket, with a narrower spread (19.9% in Jan, 13.0% in June). - **Market maturity**: High volume base with limited growth potential. ### **Hotel Stock and Supply** - **Branded vs. unbranded**: 69% branded, 31% unbranded. - **International operators**: 44% of rooms. - **New openings**: - Grand Nikko Bangkok Sathorn (405 rooms). - akyra Bangkok 11 (100 rooms). - Aiden Surawong Bangkok (77 rooms). - **Rebranding and reopenings**: Including voco Bangkok Surawong and Radisson Hotel Chateau de Bangkok. - **Pipeline**: - 17,590 keys in the tracked pipeline (16.7% of operating supply). - 7,635 keys in 2027, 1,193 in 2028. - Majority of the pipeline is in luxury or upscale segments, concentrated in Sukhumvit corridor and Ratchathewi-Siam. ### **Outlook for H2 2026** - **Demand stability**: Expected to remain stable but uneven. - **Seasonality**: Q3 may see softer trading, with improvement in Q4. - **Rate pressure**: Expected to continue due to new supply and online price transparency. - **RevPAR**: Likely to remain stable or grow modestly. - **Key factors**: Airline capacity, event calendars, corporate budgets, and actual hotel openings. - **Construction costs**: Expected to rise by 3-5%, potentially delaying projects and increasing the appeal of conversions and refurbishment. - **Profitability**: Relies on workforce productivity, ancillary revenue, and cost management. --- ## Phuket Hotel Market ### **Key Metrics** - **Total hotel rooms**: 47,195 (up 1.3% YoY). - **Net increase**: 639 rooms (up 1.3% YoY). - **Average Daily Rate (ADR)**: THB 7,117 (+5.3% YoY). - **Occupancy rate**: 76.8% (-3.2 p.p. YoY). - **RevPAR**: THB 5,465 (+1.1% YoY). ### **Demand Dynamics** - **Seasonality**: Strongest in Jan and Feb, with a sharp drop in June. - **International arrivals**: 2.74 million (down 0.9% YoY). - **Domestic arrivals**: 1.65 million (down 2.3% YoY). - **Source markets**: - Russia: Largest international market (574,315 visitors). - China: Second-largest (314,130 visitors). - UK and Australia: Each contributed ~123,000 visitors. - **Demand mix**: Combines long-stay winter demand from Russia, Kazakhstan, and Europe with regional demand from China, Malaysia, and South Korea. ### **Hotel Stock and Supply** - **Branded vs. unbranded**: 53.4% branded, 46.6% unbranded. - **International operators**: 37% of rooms. - **New openings**: - Courtyard by Marriott Phuket Chalong Bay Resort (280 rooms). - ibis Styles Phuket Bangtao (138 rooms). - Myneris Hotel at Karon Beach (88 rooms). - Kamaliss MontAzure Phuket - MGallery Collection (soft-opened, ~130 rooms). - **Rebranding**: Radisson Blu Resort Phuket Mai Khao Beach (brand upgrade), Club Wyndham Patong Hill (relaunched Wyndham Sea Pearl Resort). - **Pipeline**: - 2,498 keys scheduled for 2026. - 1,460 keys for 2027, 1,193 for 2028. - Concentrated in Bang Tao, Kata, Chalong, Rawai, Nai Harn, and some northern beach locations. - Majority of pipeline is luxury or upscale, broadening supply beyond Patong. ### **Outlook for H2 2026** - **Positive outlook**: Destination remains strong, but hotel performance may be more volatile. - **Seasonality impact**: Weak Q3, stronger Q4 demand due to winter peak. - **RevPAR growth**: Expected to remain under pressure in low season, improve in Q4. - **Rate momentum**: Strong in upscale and midscale segments, while luxury performance depends on service, privacy, and distribution. - **Key risks**: - Air capacity and exchange rate fluctuations. - Regional beach competition. - Geopolitical disruptions. - **Policy implications**: - Visa-free stay reduction to 30 days may impact Phuket more than Bangkok due to longer stays. - Domestic co-payment and airfare discounts may support low-season demand, but not transform overall market performance. --- ## Key Takeaways - **Bangkok** is a more stable market due to diversified demand and less seasonality, but faces competition from expanding branded supply and online price comparison. - **Phuket** remains a rate-driven market with strong ADR growth, but is more exposed to seasonality, airlift, and source-market concentration. - **Both markets** will see H2 performance driven by revenue quality and operational execution rather than visitor numbers. - **2027-2028 pipeline** is heavily weighted toward premium and upscale segments, increasing competition and requiring clear positioning, timely upgrades, and disciplined cost management. - **Policy and economic factors** (visa changes, wage floors, cost of living) will play a crucial role in shaping future demand and profitability.