Reference
·Supporting source
Bangkok Urban Onsen Bathhouse Unit Economics
THB 1,200-2,200 ticket, 28-38% EBITDA, 26-44 month payback
Onsen Earth Thailand and Lasamut Onsen Bangkok urban-onsen flagships target 280-420 paying visitors per day at THB 1,200-2,200 per ticket, with weekend uplift to 600-750. Pre-IFRS-16 EBITDA margin runs 28-38 percent in steady state, with cost weights anchored on staffing (28-34 percent of revenue), source-water and utilities (8-12 percent), F&B cost of sales (12-18 percent of F&B revenue), and rent or lease (14-22 percent depending on Sukhumvit versus secondary-city locations). Payback ranges 26-44 months on a THB 80-180M build CapEx; unlevered IRR 16-22 percent at the midpoint demand scenario. Lasamut Bath Mineral CPG spinoff adds 4-8 percentage points of EBITDA via 52-68 percent CPG gross margin attached at 12-22 percent visitor attach rate.
Figure in context
Onsen Earth Thailand and Lasamut Onsen Bangkok urban-onsen flagships target 280-420 paying visitors per day at THB 1,200-2,200 per ticket, with weekend uplift to 600-750. Pre-IFRS-16 EBITDA margin runs 28-38 percent in steady state, with cost weights anchored on staffing (28-34 percent of revenue), source-water and utilities (8-12 percent), F&B cost of sales (12-18 percent of F&B revenue), and rent or lease (14-22 percent depending on Sukhumvit versus secondary-city locations). Payback ranges 26-44 months on a THB 80-180M build CapEx; unlevered IRR 16-22 percent at the midpoint demand scenario. Lasamut Bath Mineral CPG spinoff adds 4-8 percentage points of EBITDA via 52-68 percent CPG gross margin attached at 12-22 percent visitor attach rate.
Onsen Earth Thailand and Lasamut Onsen Bangkok urban-onsen flagships target 280-420 paying visitors per day at THB 1,200-2,200 per ticket, with weekend uplift to 600-750. Pre-IFRS-16 EBITDA margin runs 28-38 percent in steady state, with cost weights anchored on staffing (28-34 percent of revenue), source-water and utilities (8-12 percent), F&B cost of sales (12-18 percent of F&B revenue), and rent or lease (14-22 percent depending on Sukhumvit versus secondary-city locations). Payback ranges 26-44 months on a THB 80-180M build CapEx; unlevered IRR 16-22 percent at the midpoint demand scenario. Lasamut Bath Mineral CPG spinoff adds 4-8 percentage points of EBITDA via 52-68 percent CPG gross margin attached at 12-22 percent visitor attach rate.
Time scope
FY2025-FY2027 steady-state
Source basis
Supporting source
Interpretation notes
What this tells you
Onsen Earth Thailand and Lasamut Onsen Bangkok urban-onsen flagships target 280-420 paying visitors per day at THB 1,200-2,200 per ticket, with weekend uplift to 600-750. Pre-IFRS-16 EBITDA margin runs 28-38 percent in steady state, with cost weights anchored on staffing (28-34 percent of revenue), source-water and utilities (8-12 percent), F&B cost of sales (12-18 percent of F&B revenue), and rent or lease (14-22 percent depending on Sukhumvit versus secondary-city locations). Payback ranges 26-44 months on a THB 80-180M build CapEx; unlevered IRR 16-22 percent at the midpoint demand scenario. Lasamut Bath Mineral CPG spinoff adds 4-8 percentage points of EBITDA via 52-68 percent CPG gross margin attached at 12-22 percent visitor attach rate.
What not to do with it
Use the linked report for interpretation and keep basis differences explicit.
Related figures
Adjacent numbers that add context without drowning the value.
Thailand Documented Hot-Spring Sites (TAT Catalogue, 2026)
TAT Hot Springs Catalogue 2025, DMR Geothermal Resources of Thailand 2024
Thailand Hot-Spring, Geothermal and Onsen Market Size
Insight derivation from TAT Wellness Strategy 2025-2027, IMARC Thailand wellness-tourism, operator launch press, Japanese JV MOUs
Dedicated Onsen and Hot-Spring Wellness Facility Pipeline through 2027
Onsen Earth, Lasamut, Hoshino Resorts MOU, Yunohana JV, Spa Land, MINT 56-1, Banyan Tree press release
TAT Wellness Tourism Strategy 2025-2027 State Co-Investment
TAT Wellness Tourism Strategy 2025-2027, BOI A4 Targeted Industries Guide
Japanese Inbound Visitors to Thailand: Structural Onsen Demand Anchor
TAT 2025 Year-End Tourism Statistics, Japan Onsen Association SE Asia export research, LTR visa criteria
MoNRE Royal Forest Department Hot-Spring Lease Reform: 15-25 Year Concessions
MoNRE Royal Forest Department Hot-Spring Concession Framework, Chiang Mai Onsen Resort lease activation press
Report context
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