曼谷和普吉岛酒店市场2025年下半年

2H 2025 An overview review of Hotel market in 2H 2025 by Knight Frank Thailand knightfrank.co.th/research Thailand’s tourism and hotel markets entered a phaseof normalisation in 2025, with demand stabilisingbelow prior peak levels amid continued supply growthand shifting traveller behaviour. While domestictravel provided an important demand buffer, softerinternational arrivals and limited pricing power placedpressure on hotel performance, particularly outsidepeak periods. Looking ahead, 2026 is expected tobe characterised by disciplined growth, increasedcompetition, and greater emphasis on revenue qualityand operational efficiency. Mr. Carlos MartinezDirector, Research and ConsultancyKnight Frank Thailand Thailand TourismOverview In response, the Thai governmentreinforced and extended existingpolicy-led measures aimed atrestoring traveller confidence andsupporting demand. Central to theseefforts was the continued rolloutand refinement of a digital entryframework, including the ElectronicTravel Authorization (ETA) applicableto nationals of 93 visa-exemptcountries. Rather than representinga new restriction, the ETA formspart of an ongoing transition towarda more streamlined and security-led arrival process, enabling visitorpre-screening and faster processingthrough automated immigrationgates. In 2025, Thailand’s tourism sectorunderperformed initial expectations,welcoming 32.97 million internationalvisitors, representing a 7.2% year-on-year decline and approximately83% of prior peak levels. The yearwas characterised by a continuedrebalancing of source markets.Malaysia emerged as the largestinbound market with 4.52 millionarrivals, despite a 9% YoY decline,while China, previously a key driverof recovery, recorded a sharp 34%contraction to 4.47 million arrivals,indicating a correction following theinitial post-reopening surge. Europe and the Americas increasingand helping to partially offset a 14%contraction across the broader Asia-Pacific region. These measures were complementedby the extension of broader visaliberalisation policies, includinglonger permitted stays of up to 60days for eligible nationalities andthe continued availability of theDestination Thailand Visa, targetinglong-stay visitors and remote workers. The softer performance in 2025reflected a convergence of economic,environmental, and confidence-related factors. A key constraint wasthe strength of the Thai baht, whichappreciated by approximately 8-17%against major currencies, erodingThailand’s price competitivenessrelative to regional alternativessuch as Indonesia, Vietnam, andJapan, where weaker currenciesattracted more value-conscioustravellers. Safety perceptionswere also affected by several high-profile events, including the widelyreported abduction of a Chineseactor in Bangkok and a 7.7-magnitudeearthquake in Myanmar, whichwas felt across parts of Thailand. Inaddition, severe flooding in southernprovinces disrupted peak-seasontravel, while a border dispute withCambodia contributed to broaderregional uncertainty. Air connectivity continued to recovergradually, with flight volumesat Bangkok and Phuket airportsincreasing by approximately 2.8-3.8%YoY, although capacity remained 2-8percentage points below prior peaklevels. Against this backdrop, policyfocus has increasingly shifted towardhigher-spending long-haul travellers,supported by a growing emphasis onwellness and medical tourism as ameans of maximising economic yieldper visitor. Despite the challengesencountered in 2025, the TourismAuthority of Thailand has set a targetof 36.7 million international arrivalsin 2026, signalling a pivot towardvalue-led growth, improved securityperception, and experience-drivendemand. In contrast, India and Russiaremained key growth markets,recording increases of 17% and 9%YoY, contributing 2.49 million and1.90 million visitors, respectively.South Korea, with 1.56 millionarrivals, continued its downwardtrajectory, declining 17% YoY,highlighting persistent weaknessin that market. While several short-haul Asian markets experiencedvolatility, long-haul demand providedpartial support, with arrivals from Bangkok Hotel Visitor Arrivals International arrivals to Bangkokreached 31.33 million in 2025,representing a marginal year-on-year decline of 1.0%. Despite thismoderation, inbound volumesremained approximately 11% belowprior peak levels, indicating thatinternational demand has yet tofully normalise. Domestic tourism recorded strongeryear-on-year growth, with thenumber of trips increasing by 7.2%YoY to 15.89 million. While domesticdemand accelerated later than theinternational recovery phase, growthin 2025 was more pronounced,allowing domestic volumes to catchup to approximately 89% of historicalpeak levels, broadly in line withinternational recovery ratios. international demand, particularlyoutside peak travel periods.Average Daily Rate (ADR) declined by1.4% YoY to approximately THB 4,182,indicating limited pricing power ina more competitive enviro