Finansia Syrus Securities (FSS) wrote that the ‘Thai Travel Plus’ tourism stimulus program is likely to be postponed from its previously scheduled period—November 1 to December 15, 2026, and January 16 to February 28, 2027—to the low season, starting around April 2027.
The Minister of Tourism and Sports explained that the postponement is being considered because the originally planned timeframe aligns with the high season, during which domestic tourism demand is already strong.
As a result, deploying fiscal stimulus during this period is expected to provide only limited additional benefits. The new timeline remains under discussion and must be finalized with private sector stakeholders before being submitted to the Cabinet for approval.
The preliminary budget for the program stands at approximately THB 4 billion, covering one million entitlements. Under the previous plan, the government would subsidize hotel accommodation at a flat rate, covering up to THB 1,500 per room per night in major cities and THB 2,000 per room per night in secondary cities, for a maximum of five nights per person.
Additional tourism-related services would be supported through a co-payment voucher system. However, both the details and the timeline of the program may be further adjusted prior to Cabinet consideration.
Finansia expresses a neutral view on hotel operators, noting that the measure is being postponed rather than cancelled. This may result in the supportive impact of the program on hotel earnings—originally expected in 4Q26 through 1Q27—being delayed, but the overall effect should be limited as this period is already the tourism high season.
If the program is implemented during the low season from April 2027 onwards, Finansia expects it will more effectively stimulate domestic tourism demand and benefit hotel earnings in the second and third quarters of 2027, particularly for ERW and CENTEL, both of which derive a significant portion of revenues from Thai hotels and operate a large portfolio in the economy to midscale segment—seen as likely to benefit most from the flat-rate subsidy.
The overall upside to core earnings for hotel operators, however, is expected to be limited—at around 1-2%—as the total budget of the program is not significantly increased. AWC, with its focus on luxury hotels, is expected to benefit less, while the impact on MINT and SHR is also seen as limited due to their greater exposure to overseas hotel operations.
