PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1435232
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1435232
The Hospitality Industry in Thailand Market size is estimated at USD 7.23 billion in 2024, and is expected to reach USD 24.12 billion by 2029, growing at a CAGR of 27.24% during the forecast period (2024-2029).
Thailand is the ninth country in the world's most visited countries list. The number of international visitors to the country is on the rise since the 2000s, and there were only two years (due to tsunami in 2004 and 2009 riots in Thailand and global recession) where there was a drop in total international arrivals. The number of visitors to Thailand almost doubled in 2019, when compared with the arrivals in 2011. China is the largest contributor to this number, followed by Malaysia and India.
In Thailand, the majority of hotel developments were used to concentrated in Bangkok as it is the travel and tourism hub of the country. The government has focused on developing other regions in the country to attract more visitors and to generate more revenues from their visits, and eventually developed and upgraded better transportation and connectivity facilities to regions, like Pattaya, Chiang Mai, Phuket, Koh Samui (Surat Thani), and Karbi. This resulted in a rise in hotel developments in those regions and registered doubled growth in room supply during 2015, when compared to 2000, according to Bank of Ayudhya, UNWTO. Several Home-grown hotel chains, independent hotels, and international hotel brands and their chains are a part of this expansion.
The hospitality industry in Thailand is a combination of international hotel chain brands, domestic grown brands, and independent hotels. Accor SA is occupying a major share in terms of total room/keys supply with around 16,000 rooms, followed by Marriott International and InterContinental Hotel Groups, which together can meet the total number of rooms offered by Accor SA alone. The home-grown brand Centara Hotel Group offers a large supply of around 6,300 rooms, whereas Aspira Hospitality has the largest portfolio of 41 hotel properties in the country.