Strategic Hotel Asset Management in Thailand Hospitality

As competition intensifies, more owners are recognizing that structured asset planning and regular performance reviews are becoming part of long-term operational discipline rather than short-term problem solving. This shift is strengthening the role of hotel asset management in Thailand as owners look for clearer direction and more predictable outcomes in a fast-changing environment.Many owners are also reassessing how their assets compare to newer additions in the Bangkok hotel market. This includes reviewing guest behavior patterns, evaluating product relevance and identifying areas where focused upgrades could support stronger performance. These assessments help clarify where investment will have the greatest operational and commercial impact.

Shifting Demand and Rising Competition in Thailand’s Hotel Market

The pressure on existing assets is evident in Thailand’s current tourism figures. The country recorded 31.9 million international visitors as of November 2025, reflecting a 7.25% Y-o-Y decline. While arrivals from South Asia and the Middle East grew, Chinese visitors—historically Thailand’s largest source market—dropped by 34% Y-o-Y, as more Chinese tourists opt for neighboring East Asian destinations.Meanwhile, new supply continues to enter the Bangkok hotel market at a rapid pace. More than 3,000 keys have been opened in 2025 within Bangkok’s core CBD, with high-profile debuts such as Aman Nai Lert Bangkok, Kromo Hotel, Curio Collection by Hilton and Grande Centre Point Lumphini. With total inventory now exceeding 83,000 keys in Bangkok, competition is intensifying. Hotel operators are raising the bar for product and service standards, placing increased pressure on older properties and compelling owners to adopt repositioning strategies as they continue to both evolve their existing brands and add new brands to their portfolios.

Owners seeking deeper insight into the Bangkok hotel market can refer to CBRE’s latest Market Reports for trends shaping supply, demand and performance.

How Owners Are Navigating the Competitive Bangkok Hotel Market

For many properties, this environment is prompting owners to evaluate whether their current product, positioning and operating model remain competitive. These evaluations help determine how well the hotel resonates with target guests and where operational or experiential refinements may be needed.

As a result, a growing number of hotel owners are pursuing rebranding, renovations and the reconceptualization of non-revenue-generating spaces. Recent examples include:

• Narai Hotel, Silom: Signed with Hyatt, set to reopen in 2028 as part of The Unbound Collection by Hyatt, repositioning as a heritage luxury destination.
• Anantara Siam Bangkok: Investing USD 50 million in phased renovations to modernize rooms, lounges and wellness facilities while preserving cultural identity.
• Centara Hotels & Resorts (CHR): Announced a THB 15 billion hotel investment program in Thailand over the next three years, with about THB 5 billion earmarked for 2025 renovations and new developments. Major projects include upgrades at Centara Grand Beach Resort & Villas Hua Hin and the addition of The Centara Collection and Centara Life, bringing its Hua Hin beachfront portfolio to nearly 500 keys.
• Centara Grand Beach Resort & Villas Krabi: Undergoing a full transformation and rebranding as Centara Reserve Krabi, building on the success of the Centara Reserve brand in Samui.
• Onyx Hospitality Group: Investing in renovations across three Amari hotels (Don Muang Airport Bangkok, Buriram and Phuket) with new dining and room enhancements to elevate guest experiences and reinforce the Amari brand. Renovations began mid-2025 for Don Muang and Buriram, with Phuket upgrades planned for 2027.

These examples show how strategic asset management can revitalize legacy assets and unlock long-term value. Turnaround strategies require careful planning, market insight and disciplined execution. CBRE’s hotel asset management platform combines market intelligence, physical asset enhancement and operational oversight to help owners navigate change, ensuring their hotels not only withstand today’s headwinds but also adapt to long-term trends in an increasingly competitive hospitality landscape. Kieran Chevamongkol, Associate Director, CBRE Hotels & Hospitality Thailand

Building Long-Term Value Through Hotel Asset Management in Thailand

Looking ahead, Thailand’s hotels and hospitality market will continue evolving as both new and revived hotels enter the pipeline, with another 751 new keys projected to open in the Bangkok hotel market by the end of 2025. The industry remains hopeful for a boost in tourist arrivals heading into the traditional high season in Q4.

Owners who maintain consistent oversight and revisit their hotel asset strategy at regular intervals are generally better positioned to respond to shifts in demand, brand relevance and cost pressures, supporting more informed decision-making and contributing to long-term stability. Ongoing review also helps identify opportunities for incremental improvement—whether in service delivery, space use or commercial strategy—that can strengthen performance over time.

For more insight into Thailand’s hotels and hospitality market, visit CBRE’s Hotels & Hospitality services.

Frequently Asked Questions (FAQ)

1. What is the current outlook for the Bangkok hotel market in 2026?

The Bangkok hotel market is entering a phase of high-supply competition, with total inventory now exceeding 83,000 keys. While international arrivals show resilience, the influx of new luxury and lifestyle brands in the CBD is putting pressure on older assets. Success in 2026 will be defined by an owner’s ability to differentiate their product through strategic repositioning and operational efficiency.

2. Why is strategic hotel asset management in Thailand becoming more essential?

As the market shifts from organic post-pandemic growth to a more competitive "normalization" phase, owners can no longer rely on market momentum alone. Strategic asset management provides the disciplined framework needed to review performance, identify structural gaps and execute the capital upgrades required to protect an asset’s long-term valuation.

3. How can owners of legacy hotels compete with new luxury supply in Thailand?

Owners are increasingly turning to "turnaround" strategies, which include re-flagging under international soft brands, adaptive reuse of heritage spaces and deep operational modernization. By leveraging data-driven insights to "right-size" their service models, legacy properties can often achieve better EBITDA margins than newer, high-overhead competitors.

4. What role does ESG play in Thailand’s hotels and hospitality market?

Sustainability has moved from a "nice-to-have" to a core commercial requirement. In the current market, institutional investors and high-spending travelers prioritize properties with verified green credentials. Integrating energy-efficient infrastructure during a renovation not only lowers operating costs but also safeguards the asset against future regulatory shifts and "brown discounting."

5. When should a hotel owner consider a full rebranding or renovation?

A review is typically triggered when an asset experiences consistent "yield compression": where occupancy remains stable but rate premiums (ADR) begin to lag behind the set market.