Asset World Corp Public Company Limited (SET: AWC) has released its hotel performance figures for November 2025, covering the fourth quarter to date (October and November). Revenue per available room (RevPAR) for established hotels recorded a modest year-on-year decrease, largely due to softer results from Bangkok properties.
Meanwhile, two recently launched hotels in Pattaya continued operating, with Melia Pattaya’s occupancy rising to 63% in November from 47% in the previous quarter, and Marriott Pattaya advancing to 55% from 32% over the same period.
Despite these occupancy gains, both hotels continued to weigh on AWC’s overall portfolio. Factoring in these new assets, aggregate RevPAR for October and November dropped by a high single-digit percentage.
RevPAR gains in the fourth quarter have mainly been supported by the luxury segment and hotels located outside Bangkok. The luxury portfolio saw mid-single-digit year-on-year RevPAR growth, underpinned by strong demand in Koh Samui and Krabi. Likewise, hotels outside the capital posted mid-single-digit growth, driven by robust performances in Hua Hin and Chiang Mai.
Conversely, the MICE (meetings, incentives, conferences, and exhibitions) segment and Bangkok city hotels continued to face pressure, with significant declines in RevPAR, although the pace of contraction has slowed compared to the third quarter.
Tisco Securities expects AWC to deliver improved operating performance in December. Revenue for the month is anticipated to rise by 6% YoY, with RevPAR for the fourth quarter forecast to decline at a low single-digit pace overall. December hotel bookings increased 6% from a year earlier, led by a surge in non-Bangkok destinations: Chiang Mai bookings jumped 20%, Krabi 13%, Hua Hin 8%, and Phuket 4%.
Early booking data for the first quarter of 2026 also points to solid growth (5% YoY), supported by uninterrupted demand in major upcountry markets, including Krabi and Phuket (15%), Koh Samui (11%), and Chiang Mai (6%). Retail business segments are expected to maintain their solid performance.
Tisco Securities reiterates its “Buy” recommendation for AWC, assigning a fair value of THB 2.70, citing strong RevPAR growth and continued outperformance in high-end assets as high-end market demand persists.
Tisco Eyes 6% Revenue Growth for AWC in December amid Robust Demand
Asset World Corp Public Company Limited (SET: AWC) has released its hotel performance figures for November 2025, covering the fourth quarter to date (October and November). Revenue per available room (RevPAR) for established hotels recorded a modest year-on-year decrease, largely due to softer results from Bangkok properties.
Meanwhile, two recently launched hotels in Pattaya continued operating, with Melia Pattaya’s occupancy rising to 63% in November from 47% in the previous quarter, and Marriott Pattaya advancing to 55% from 32% over the same period.
Despite these occupancy gains, both hotels continued to weigh on AWC’s overall portfolio. Factoring in these new assets, aggregate RevPAR for October and November dropped by a high single-digit percentage.
RevPAR gains in the fourth quarter have mainly been supported by the luxury segment and hotels located outside Bangkok. The luxury portfolio saw mid-single-digit year-on-year RevPAR growth, underpinned by strong demand in Koh Samui and Krabi. Likewise, hotels outside the capital posted mid-single-digit growth, driven by robust performances in Hua Hin and Chiang Mai.
Conversely, the MICE (meetings, incentives, conferences, and exhibitions) segment and Bangkok city hotels continued to face pressure, with significant declines in RevPAR, although the pace of contraction has slowed compared to the third quarter.
Tisco Securities expects AWC to deliver improved operating performance in December. Revenue for the month is anticipated to rise by 6% YoY, with RevPAR for the fourth quarter forecast to decline at a low single-digit pace overall. December hotel bookings increased 6% from a year earlier, led by a surge in non-Bangkok destinations: Chiang Mai bookings jumped 20%, Krabi 13%, Hua Hin 8%, and Phuket 4%.
Early booking data for the first quarter of 2026 also points to solid growth (5% YoY), supported by uninterrupted demand in major upcountry markets, including Krabi and Phuket (15%), Koh Samui (11%), and Chiang Mai (6%). Retail business segments are expected to maintain their solid performance.
Tisco Securities reiterates its “Buy” recommendation for AWC, assigning a fair value of THB 2.70, citing strong RevPAR growth and continued outperformance in high-end assets as high-end market demand persists.
