CBRE Thailand: Hotel Asset Management Takes Center Stage

CBRE Thailand, the leading international property consultant, reports that hotel asset management is becoming increasingly critical as owners navigate shifting guest behavior and heightened competition across Thailand’s hotels and hospitality market.

While other real estate sectors face subdued activity due to cautious investor sentiment, the hospitality sector continues to evolve amid changing travel patterns, economic uncertainty and an expanding pipeline of new upscale and luxury supply. These conditions are placing greater pressure on older assets and prompting owners to adopt more structured, data-informed asset management strategies to safeguard long-term performance.

“Hotel asset management should not be viewed as a reactive function. It is a strategic discipline that supports owners in enhancing competitiveness and in driving long-term value,” said Kieran Chevamongkol, Associate Director, CBRE Hotels & Hospitality Thailand. “Owners are reassessing performance more frequently and making decisions based on clearer operational insights, market intelligence and defined investment priorities.”

The pressure on existing assets is evident in Thailand’s current tourism figures. The country recorded 32.9 million international visitors in 2025, representing a 7.2 percent year-on-year decline. While arrivals from South Asia and the Middle East increased, Chinese visitors, historically Thailand’s largest source market, fell by 33.6 percent year-on-year as more travelers opted for destinations across East Asia.

Bangkok’s hotel supply is also expanding at a rapid pace. More than 3,000 keys have opened in 2025 within the city’s core CBD, including Aman Nai Lert Bangkok, Kromo Hotel, Curio Collection by Hilton and Grande Centre Point Lumphini. With total inventory now exceeding 83,000 keys, owners of older properties are reassessing product relevance, guest appeal and competitive positioning as operators elevate service and design standards.

In response, a growing number of owners are undertaking renovations, rebranding programs and targeted upgrades to strengthen asset value. Recent examples across Thailand include:

•  Narai Hotel, Silom: Scheduled to reopen in 2028 under The Unbound Collection by Hyatt as a heritage luxury destination.
•  Anantara Siam Bangkok: Undergoing a USD 50 million phased upgrade across rooms, lounges and wellness facilities.
•  Centara Hotels & Resorts (CHR): Committing THB 15 billion over three years to renovations and new developments, including upgrades at Centara Grand Beach Resort & Villas Hua Hin and expansion of The Centara Collection and Centara Life.
•  Centara Grand Beach Resort & Villas Krabi: Transforming and rebranding as Centara Reserve Krabi.
•  Onyx Hospitality Group: Enhancing three Amari properties (Don Muang Airport Bangkok, Buriram and Phuket) with refreshed dining concepts and room enhancements.

“These initiatives demonstrate how targeted enhancements can help legacy assets achieve stronger market alignment,” added Kieran Chevamongkol. “By combining market intelligence with asset planning and operational insight, we help owners make informed decisions that ensure their hotels remain competitive as guest expectations evolve and travel behaviors change.”

Thailand’s hotels and hospitality sector is expected to continue evolving as both new developments and major refurbishments progress. Another 751 keys are projected to open in Bangkok by the end of 2025. Despite ongoing challenges, the industry remains optimistic for improved arrivals during the upcoming high season.

CBRE Thailand advises that owners who maintain regular oversight of performance indicators, asset condition and brand relevance are better positioned to respond to shifting demand and operational pressures. This steady approach supports more informed decision-making, targeted reinvestment planning and stronger long-term value.

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