2026-02-10-莱坊-Bangkok_Phuket_Hotel_Market_2H_2025_8页_3mb

Thailand Hotel Market Summary - 2H 2025

Core Content Overview

Thailand's tourism and hotel markets entered a phase of normalisation in 2025, with international arrivals and hotel performance stabilising below pre-pandemic levels. The sector experienced a mix of demand recovery and supply growth, with shifting traveller behavior and economic factors influencing overall performance.

Key Market Trends

Tourism Performance

• International Arrivals: 32.97 million in 2025, a 7.2% year-on-year (YoY) decline, reaching 83% of prior peak levels.
• Domestic Arrivals: Increased by 7.2% YoY to 15.89 million, reaching 89% of historical peak levels.
• Market Shifts: Malaysia became the largest inbound market, while China saw a sharp 34% contraction. India and Russia showed growth of 17% and 9%, respectively.
• Regional Impact: Europe and the Americas contributed to some recovery, partially offsetting a 14% contraction in the Asia-Pacific region.

Currency and Safety Concerns

• The Thai baht appreciated by 8-17% against major currencies, reducing price competitiveness.
• High-profile events, such as the abduction of a Chinese actor and an earthquake in Myanmar, affected safety perceptions.
• Flooding in southern provinces and a border dispute with Cambodia added to regional uncertainty.

Policy Measures

• The Thai government extended digital entry frameworks, including the ETA system for 93 visa-exempt countries.
• Visa liberalisation policies were expanded, allowing longer stays and targeting long-term visitors.
• These measures aimed to restore confidence and support demand, particularly for higher-spending long-haul tourists.

Bangkok Hotel Market

Hotel Stock

• Total Rooms: 88,911 by end of 2025.
• New Supply: 3,272 rooms added in 2025, led by luxury and upper-upscale segments.
• New Openings: 14 new hotels, including luxury projects like Grande Centre Point Lumphini and Andaz One Bangkok, as well as upscale and midscale developments.

Visitor Arrivals

• International Arrivals: 31.33 million, a 1.0% YoY decline, 11% below peak levels.
• Domestic Arrivals: 15.89 million, 7.2% YoY growth, contributing to demand stability.

Market Dynamics

• Occupancy Rate: 75.7% in 2025, down 3.1 percentage points YoY.
• ADR: THB 4,182, a 1.4% YoY decline, indicating limited pricing power.
• Performance by Segment: Upper-luxury hotels faced sharper rate corrections, while upscale and midscale segments showed better resilience, particularly due to domestic demand.
• Submarket Performance: Riverfront and upper-upscale locations outperformed CBD and midscale properties, which faced more competitive pressure.

Outlook for 2026

• Demand: Expected to stabilise, with international arrivals likely to remain below peak levels.
• Supply: 16 new properties with 3,738 keys planned for 2026, concentrated in luxury and upscale segments.
• Performance: Occupancy and ADR growth are expected to remain constrained, with RevPAR growth limited. Focus will shift to cost discipline, operational efficiency, and revenue management.

Phuket Hotel Market

Hotel Stock

• Total Rooms: 46,523 by end of 2025.
• New Supply: 1,366 rooms added in 2025, primarily in midscale, upscale, and upper-midscale segments.
• New Openings: 8 new properties, including Wyndham Garden Phuket Kamala and Mercure Phuket Patong Journeyhub, reflecting a focus on branded resort formats.

Visitor Arrivals

• International Arrivals: 5.43 million, a 2.2% YoY increase, with Russia and India as top markets.
• Domestic Arrivals: 3.33 million, a 0.3% YoY decline, constrained by high costs and competition from other destinations.

Market Dynamics

• Occupancy Rate: 76.2% in 2025, down 2.9 percentage points YoY.
• ADR: THB 5,788, a 5.6% YoY increase, showing pricing discipline and resilience.
• Segment Performance: Midscale hotels outperformed higher-end segments due to sustained domestic and regional demand.
• Seasonality: High season (January-February) saw strong occupancy, while low season (June-September) underperformed.

Outlook for 2026

• Demand: Expected to remain structurally resilient, but growth will moderate due to increased competition and price sensitivity.
• Supply: 11 new hotels with 2,912 keys planned for 2026, focused on upper-upscale and luxury segments.
• Performance: ADR is expected to remain more defensible than occupancy. Pricing discipline, cost control, and brand differentiation will be crucial for sustaining margins.

Key Takeaways

• Demand Normalisation: Both Bangkok and Phuket are moving toward normalised demand, with international arrivals still below peak.
• Supply Growth: Continued expansion of hotel supply, especially in luxury and upscale segments, is expected to intensify competition.
• Operational Focus: Emphasis on revenue quality, operational efficiency, and cost management is growing, especially in non-core locations and off-peak periods.
• Market Segmentation: Differentiation by segment and submarket is becoming more important, with midscale and upper-upscale hotels showing better resilience.