Hotels & HospitalitySilver report

Published April 2026Insight Research13 min read2026 Edition12 sources, 12 primary-gradeStrong source depth

Thailand Hotel ADR, Occupancy by Market Deep Dive

Thai hotel ADR, Occupancy, RevPAR by Bangkok, Phuket, Pattaya, Samui, Chiang Mai, Krabi. Chinese/Korean/Indian/European recovery. Minor, Centel, Dusit, Erawan, AWC, Singha.

Key takeaways

1
Thai hotel ADR rebounded above pre-COVID baseline FY2024 (~ nationwide avg); Occupancy by market, season.
2
Market mix: Bangkok ~, Phuket+Samui+Krabi+Khao Lak ~, Pattaya+ESB ~, Chiang Mai+North ~, Hua Hin+Cha-Am ~, upcountry+secondary ~.
3
Star-tier ADR premium: Bangkok CBD luxury 5-star , Phuket luxury , Samui ultra-luxury , Khao Lak ultra-luxury ; mid-market 4-star ; 3-star .
4
Chinese, Korean, Indian, European, Middle-Eastern recovery, post-COVID supply constraint drive rate growth; Phuket, Bangkok CBD luxury, island ultra-luxury lead ADR.
5
Listed operators: Minor (MINT), Central Plaza (CENTEL), Dusit (DTC), Erawan (ERW), Asset World (AWC), Singha Estate (S), Strategic Hospitality (SHR), Laguna Phuket (LRH), Banyan Tree.

Executive summary

Thai hotel ADR rebounded above pre-COVID baseline in FY2024 (~ nationwide average) with Occupancy by market, season. Rate growth is driven by Chinese, Korean, Indian, European, Middle-Eastern tourist recovery combined with post-COVID supply constraint — ~30-50 properties closed during COVID 2020-2022 and not yet replaced across Bangkok, Phuket, Pattaya, Chiang Mai; branded-supply pipeline is modest relative to pre-COVID expansion pace. Market mix FY2024: Bangkok CBD, suburban ~ of room nights, Phuket, Koh Samui, Krabi, Khao Lak ~, Pattaya, Eastern Seaboard ~, Chiang Mai, North ~, Hua Hin, Cha-Am ~, upcountry, secondary markets ~.^{[, , , , ]}

Star-tier ADR spread: Bangkok CBD luxury 5-star ; Phuket luxury 5-star (Patong, Kamala, Surin, Layan, Bang Tao, Cape Panwa); Koh Samui, Khao Lak ultra-luxury (Four Seasons, Anantara, Six Senses, Banyan Tree, Rosewood, Aman flagships); mid-market 4-star ; 3-star ; budget/economy . Branded-hotel premium: international brands (Marriott, Hyatt, IHG, Hilton, Accor, Shangri-La, Four Seasons, Six Senses, Aman, Rosewood, Banyan Tree, Dusit) typically command ADR premium vs comparable independent; occupancy typically 3-8pp higher. RevPAR ranking: Samui, Khao Lak ultra-luxury ; Phuket luxury ; Bangkok CBD luxury ; Bangkok mid-market ; Chiang Mai mid-market .^{[, , , ]}

Listed Thai operators: Minor International (SET: MINT) — largest, global portfolio including NH Hotel Group (Europe), Anantara, Avani, Oaks; Central Plaza Hotel (SET: CENTEL) — Centara Hotels & Resorts, Thai-concentrated portfolio across Bangkok, Pattaya, Koh Samui, Phuket, Hua Hin; Dusit Thani (SET: DTC) — luxury legacy brand, Dusit Thani Bangkok redevelopment, Dusit Thani College training pipeline; Erawan Group (SET: ERW) — Thai-weighted hotel portfolio including Grand Hyatt Erawan Bangkok, HOP INN budget brand; Asset World Corporation (SET: AWC) — TCC Group-linked luxury, branded portfolio; Singha Estate (SET: S) — luxury Bangkok, Krabi; Strategic Hospitality (SET: SHR) — Chatrium, regional, urban; Laguna Phuket (SET: LRH, Banyan Tree-linked). Research: STR, Horwath HTL, Colliers, CBRE, JLL provide benchmark data; TAT, MOTS, SCB EIC provide macro framing.^{[, , , , ]}

TAT, MOTS, STR, Horwath HTL, Colliers, CBRE, JLL, Minor, Centel, Erawan, AWC, SCB EIC

Data as of: FY2024-Q1 2026

Thai hotel market mix (% of FY2024 room-nights)

Bangkok CBD, suburban

Share %

34%

ADR, tier profile

Luxury $0.348-20k; mid-market $0.087-6k; budget $0.029-2k

Phuket, Samui, Krabi, Khao Lak

Share %

26%

ADR, tier profile

Luxury, ultra-luxury $0.435-50k; mid $0.087-5k

Pattaya, Eastern Seaboard

Share %

14%

ADR, tier profile

Mid-market, budget dominant $0.043-4k; selective luxury

Chiang Mai, North

Share %

10%

ADR, tier profile

Boutique, mid $0.058-4k; selective luxury, wellness

Hua Hin, Cha-Am, other

Share %

ADR, tier profile

Weekender, golf, wellness; mid-upscale $0.087-6k

Upcountry, secondary

Share %

ADR, tier profile

Budget, mid, secondary market; $0.029-3k

Market	Share %	ADR, tier profile
Bangkok CBD, suburban	34%	Luxury $0.348-20k; mid-market $0.087-6k; budget $0.029-2k
Phuket, Samui, Krabi, Khao Lak	26%	Luxury, ultra-luxury $0.435-50k; mid $0.087-5k
Pattaya, Eastern Seaboard	14%	Mid-market, budget dominant $0.043-4k; selective luxury
Chiang Mai, North	10%	Boutique, mid $0.058-4k; selective luxury, wellness
Hua Hin, Cha-Am, other	8%	Weekender, golf, wellness; mid-upscale $0.087-6k
Upcountry, secondary	8%	Budget, mid, secondary market; $0.029-3k

TAT, MOTS, STR, Colliers, CBRE, JLL triangulation

Data as of: FY2024

Analyst framing

Why this report

Thai hotel ADR, Occupancy, RevPAR are Chinese, Korean, Indian, European-recovery-driven, post-COVID-supply-constrained, branded-premium-structured. Listed Thai operators capture most of the uplift.

Market, tier, operator, Chinese dynamics playbooks

Bangkok CBD: luxury 5-star THB 12-20k ADR, 70-78% occupancy, RevPAR THB 8-14k; mid-market 4-star THB 3-6k, 70-75% occupancy, RevPAR THB 2.5-4k; budget THB 1-2k, 65-70% occupancy. CBD (Sukhumvit, Asoke, Thonglor, Silom, Sathorn, Chidlom, Ploenchit) commands ADR, occupancy premium vs suburban (Chatuchak, Lat Phrao, Ramkhamhaeng). Conference, MICE, corporate, transit pax demand steady. Phuket: luxury 5-star THB 15-30k ADR, 68-75% occupancy; Patong mass-market THB 1.5-4k; Kamala, Surin, Layan, Bang Tao, Cape Panwa, Phang Nga ultra-luxury THB 20-40k; seasonal — high season Nov-Mar ADR, occupancy peak, low season May-Oct material discount. Koh Samui, Khao Lak, Krabi, Phang Nga ultra-luxury destinations command highest ADR THB 20-50k (Four Seasons, Anantara, Six Senses, Banyan Tree, Rosewood, Aman, Soneva, LHW flagships).

Pattaya, ESB: mid, budget dominant (Pattaya Beach, Naklua, Jomtien, North Pattaya); THB 1.5-4k ADR, ~70-78% occupancy; selective luxury (InterContinental, Cape Dara, Centara Grand Mirage). Chiang Mai: boutique, mid dominant (Old City, Nimman, Thapae); THB 2-4k ADR; selective luxury (Four Seasons Chiang Mai, Anantara Chiang Mai, 137 Pillars, Raya Heritage) THB 8-18k; wellness, retreat, digital-nomad segment growing. Hua Hin, Cha-Am: weekender, golf, wellness; mid-upscale THB 3-6k (Hyatt Regency, Centara, Intercontinental Hua Hin, Anantara Chiva-Som luxury-wellness THB 15-30k). Branded-operator premium: international brands 15-30% ADR premium, 3-8pp occupancy premium vs comparable independent.

Listed operator playbooks: Minor International (SET: MINT) — largest revenue base; NH Hotel Group in Europe provides counter-cyclical geographic diversity, EUR exposure; Anantara, Avani, Oaks, Tivoli, NH, NH Collection brand ladder from budget to luxury. Central Plaza (SET: CENTEL) — Centara Hotels & Resorts; Thai-concentrated, high CENTEL Thai-tourism, Chinese-recovery beta; Centara Grand, Centara, Centra, COSI brand ladder. Dusit Thani (SET: DTC) — luxury legacy brand Dusit Thani Bangkok major redevelopment with mixed-use Dusit Central Park (JV with Central Pattana); ASAI, dusitD2 brand extensions. Erawan Group (SET: ERW) — Grand Hyatt Erawan Bangkok, branded, HOP INN budget. Asset World Corporation (SET: AWC) — TCC-linked, luxury/branded Melia, Bulgari, Marriott Autograph, etc. Chinese-recovery beta: Centel, Erawan, Dusit highest Thai-market exposure; Minor more diversified; AWC luxury, branded beta.

Scenarios to 2031

Bull: full Chinese recovery, supply constraint, luxury premium

RevPAR +25-40% vs 2019

Chinese arrivals exceed 2019 peak; Korean, Indian, European recovery sustained; post-COVID supply constraint persists; branded luxury ADR premium expands; RevPAR materially above pre-COVID baseline.

Base case

RevPAR +10-20% vs 2019

Chinese recovery lands around pre-COVID; occupancy 68-75% by market; ADR growth 3-6% annually; modest new branded supply; RevPAR above pre-COVID.

Bear: Chinese softness, Airbnb supply, macro drag

RevPAR -5 to +5% vs 2019

Chinese arrivals cap at 7-8M; Airbnb, serviced apartment scale compete with traditional hotel supply; macro softness trims European, American; labour, energy cost compress margin.

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