Continued steady growth in trading performance amid a rise in tourist arrivals

• As of September, 2024 international visitor arrivals in Bangkok saw a staggering 16% growth from the same period last year, registering 20.2 million arrivals, which is also above the same period in 2019.
• YTD September hotel trading performance in Bangkok continued to register steady growth, led by improvements in both occupancy and ADR levels amid tourism demand during the summer holidays.

Over 1,500 new rooms entered the market

• Eight new hotels opened in Bangkok between July and September. These new properties added a total of 1,534 rooms to the existing supply. Notable new openings include the luxury Dusit Central Park with 259 rooms in the Silom area.
• Additionally, 1,659 rooms are anticipated to be completed by end-2024, including the 260-key The Ritz-Carlton Bangkok and the 52-room Aman Nai Lert Bangkok. More than 61% of the future supply will be in the upscale segment.

Investors increasingly see Thailand as a core hotel market in the region

• Since the beginning of the year, Thailand has seen a remarkable recovery in hotel investment activity. YTD September transaction volume stands at USD 404 million overall.
• Prime locations, particularly in Bangkok, are in high demand, and as the market improves with strong tourism demand, full-year 2024 transaction volume is likely to reach USD 450 million.

Outlook: Recent visa regulations should boost Q4 as the peak season

• Thailand has revised its visa-free rules as part of the government’s broader plan to boost tourism and has been successful in driving inbound international demand. Thailand has now expanded its visa-free entry scheme from 57 to 93 countries.
• This measure is anticipated to boost tourism demand even further in the fourth quarter, which is considered the peak season.