- According to JLL, luxury hotel transactions in Thailand reached 2.2 billion baht in 2025, a modest volume due to lack of supply.
- Since 2017, the luxury segment accounts for 19.2% of the value of hotel sales but only 7.9% of the number of transactions.
- Scarcity is due to retention: long-term owners hold onto their «trophy assets».
- Most coveted markets: Bangkok, Phuket and Koh Samui, where ultra-luxury rates approach 15,000 baht per night, compared to 10,000 before the pandemic.
- New supply primarily comes from openings: Aman Nai Lert, Andaz and Ritz-Carlton at One Bangkok, Six Senses…
The Thai luxury hotel market is buzzing, but it faces a paradox. Investor demand far exceeds the supply of exceptional properties, a tension highlighted by JLL analysts. The result: values are climbing, available assets are becoming scarcer, and the kingdom is becoming one of Asia’s most contested territories.
Record Demand, Supply Under Pressure
JLL’s figures are telling. Luxury hotel transactions totalled only 2.2 billion baht in 2025, not due to lack of appetite but due to a shortage of properties for sale. Across Asia Pacific, luxury investment volume reached approximately $2.1 billion, up 77% since 2017, and now represents almost 20% of all hotel transactions in the region.
“Trophy Assets” No One Wants to Let Go Of
The scarcity is explained by a well-identified market behaviour. The Thai landscape remains supply-constrained, as many properties are firmly held by long-term owners, limiting transactional activity. Since 2017, the luxury segment accounts for only 7.9% of the number of sales, but 19.2% of their value: when a trophy asset changes hands, the operation is rare and large-scale. One of the notable transactions of 2025 was the sale of a 51% stake in the InterContinental Bangkok.
Bangkok, Phuket, Samui: Luxury Reinvents Itself Through New Builds
Unable to acquire existing properties, investors are focusing on new developments. In Bangkok, Phuket, and Koh Samui · markets where ultra-luxury rates are approaching 15,000 baht per night, compared to around 10,000 before the pandemic · a wave of openings is reshuffling the deck: Aman Nai Lert, Andaz and Ritz-Carlton within the One Bangkok complex, Six Senses, and the relaunched Dusit Thani. This brand-new offering, paradoxically, does not ease the pressure on the rare treasures already standing.
