Thailand recorded 35.5 million international arrivals in 2024 — 25.9% above 2023 but 12% below the 2019 peak of 39.8 million. The gap is almost entirely a China story: Chinese visitors at 5.23 million remain 47% below their 2019 peak of 10.99 million. This report analyses Bangkok, Phuket, and Chiang Mai hotel market dynamics, seasonality, nationality mix, and investment positioning.
Indonesia recorded 13.9 million international visitors in 2024 — up 18.8% but short of the 14.3 million government target. The defining characteristic: Bali alone captures 45% of national international tourism volume. This report analyses Bali's three-tier hotel market, Australia's role as the high-value anchor source market, and the investment cases for Lombok and Labuan Bajo.
Vietnam exceeded its 2024 target with 17.5 million international arrivals — the strongest target-beat in Southeast Asia. South Korea accounts for 4.4 million visitors (25% of total). This report analyses Da Nang's dual-segment demand model, Phu Quoc's ADR leadership, and the structural ceiling that Vietnam's 'affordable Asia' positioning places on room rate growth.
Malaysia recorded 23.7 million international arrivals in 2024 — but 59% (14 million) are same-day Singapore crossings generating minimal hotel room nights. Adjusted for genuine overnight tourists, Malaysia's real inbound hotel market is 8–9 million visitors. This report analyses Kuala Lumpur's MICE-driven model, Penang's heritage premium repositioning, and Sabah's niche eco-tourism case.
The Philippines recorded 5.9 million international arrivals in 2024 — the slowest recovery in Southeast Asia at 72% of 2019 levels. South Korea (1.52M) and the USA (1.02M) are the dominant source markets. This report analyses Boracay's post-closure regulatory premium, Manila's gaming tourism bifurcation, and Palawan's extraordinary scarcity-premium investment case.
