Safety concerns continue to dampen international visitation

• More than 18.3 million international tourists visited Bangkok between January and September 2025, a decline of 9% from the same time last year, as safety concerns continued to deter foreign tourists from the city, especially Chinese tourists, which dropped by 35% y-o-y.
• On the other hand, YTD September 2025 domestic visitation in Bangkok remained flat from last year, reaching almost 22.5 million tourists.

No new hotel opening in Q3 2025

• No new hotels opened in Bangkok in the third quarter of 2025. The most recent opening in Bangkok was the luxury 52-key Aman Nai Lert Bangkok. However, more than 2,900 new rooms are anticipated to be added to the market by year-end.
• As of YTD September 2025, Bangkok’s hotel market remains heavily concentrated in midscale and upscale segments, which together account for almost 75% of the existing supply.

Downward pressure on occupancy drives decline in RevPAR

• In the first nine months of 2025, Bangkok hotels recorded a drop in RevPAR, mostly driven by a continued strong decrease in occupancy. With the appreciation of the THB against the USD, ADR declined from the same time last year on a local-currency basis.
• However, as of YTD September 2025, Thailand registered about USD 607 million in hotel transaction volume (+27% y-o-y), witnessing continued strong investor interest in the market despite current headwinds.

Outlook: Tourists expected to remain cautious through end-2025

• The decline in Chinese tourist arrivals is prompting Bangkok hotels to recalibrate their marketing approaches and pursue diversification across source markets, encouraging more resilient revenue streams.
• Hotel investment volume is anticipated to reach about THB 25 billion (USD 770 million) in FY 2025, a notable increase from 2024, as investors are increasingly open to investing in leasehold properties.