Drop in Chinese tourists limited the improvement in Q4 foreign visitation

• About 24.9 million international tourists visited Bangkok in 2025, a decrease of 8.1% from 2024 amid continued safety concerns, coupled with ongoing tensions with neighbouring Cambodia and increased competition from other regional destinations.
• Safety concerns have dampened the number of Chinese tourists in Thailand throughout 2025, with arrivals dropping by more than 33% from 2024.

Three new hotels opened in Q4 2025

• Three hotels were completed in the last quarter of 2025, adding a total of 1,059 new rooms to the Bangkok market. Notable openings include the luxury 244-key Andaz One Bangkok.
• Overall, the upscale segment represented 76% of the new supply added in the city in 2025, with the opening of seven upscale hotels including the 512-key Grande Centre Point Lumphini, the 509-key Grande Centre Point Prestige and the 333-key Four Points by Sheraton Bangkok, Sukhumvit 22.

Continued strong hotel transaction activity despite declining performance

• RevPAR declined across Bangkok’s hotel sector as occupancy rates continued to drop, driven by a decline in tourism visitation.
• Despite the drop in the number of tourists and the decline in trading performance, Thailand’s hotel investment volume in 2025 continued to improve since the onset of the pandemic, with 2025 registering c. +11% from 2024, in line with our forecast of THB 25bn.

Outlook: Thailand to enter growth mode in 2026

• Challenges that Thailand went through in 2025 are likely to gradually diminish in 2026, allowing hotels to record improved trading performance with gains in both occupancy and average rates.
• Following two strong years of investment activity, Thailand is anticipated to record a similar level of volume to the 10-year average, at about USD 450 million in 2026.