Hotel Market

Bangkok Hotel Market Showed a Good Momentum in 2024

Bangkok hotel market has shown a recovery sign in supply and demand since 2023, thanks to the increasing numbers of foreign tourists that built up investor confidence in unveiling new hotels into the market. 

According to research data of Ascend Business Service Co., Ltd. (ABS), there were 2,878 new hotel rooms with 4-star and 5-star grades opened in Bangkok in 2023, a 158% growth compared to 2022. New hotel supply in Sukhumvit and central Bangkok (Sathorn, Surawong, and Phayathai) accounted for more than half of the total new hotel supply launched in 2023. However, the scarcity of land in inner Bangkok city and the travel convenience via BTS and MRT caused new hotel supplies to expand into other areas such as Ratchadapisek, Chatuchak, and Prakanong.

Figure 1: New Hotel Supplies by Zone

Source: Ascend Business Service Co.,Ltd. (March 2024)

The Bangkok hotel market had an average occupancy rate of 72.6% in 2023, an improvement from 66.3% in 2022, attributed to an increase in the number of international tourists in Thailand from 11 million in 2022 to 28 million in 2023. Amidst the worldwide economic recession, the Russia-Ukraine war, and the Isael-Hamas war, the demand for Bangkok hotel rooms continued increasing.