CBRE APAC Hotel Investor Intentions Survey 2025: 73% Investors to Increase Hotel Buying Volume in 2025, Top 5 Cities for Hotel Investment in APAC are 1) Tokyo, 2) Bangkok & Seoul, 3) Osaka & Singapore, Top 4 Most Attractive Hotel Chain Scale for Investment are Upscale / Upper Midscale, Upper Upscale, Midscale / Economy & Luxury, Top 5 Preferred Hotel Operational Type at Acquisition – Full service 36%, Limited service 32%, Co-living 12%, Service residences 8%, Extended stay hotel 6%, More than 35% of Investors Expect Hotel Price Appreciation in South Korea, Japan, Singapore & Thailand, More than 40% of Investors Expect Hotel Price Discount in Mainland China, Hong Kong, Maldives & Australia
6th March 2025 | Hong Kong
CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Hotel Investor Intentions Survey 2025, providing key insights from APAC investors on investing in hotels (Investors: Private Equity Fund, Real Estate Fund, Developer / Owner / Operator, HNWI / Private Investors, REIT, Pension Fund). Increase hotel buying volume in 2025 – 73% of investors. Top 5 Investors Net Buying Intentions – REIT +22%, Institutional +12%, Property Funds +10%, Private Investor / HNW +6%, Developer / Owner / Operator +1%. Top 5 Cities for hotel investment in APAC – 1) Tokyo, 2) Bangkok & Seoul, 3) Osaka & Singapore. Top 5 Preferred Hotel investment strategy in 2025 – Value-add, Opportunistic, Core-plus, Core, Distressed assets & NPL. Top 4 Most attractive hotel chain scale for investment – Upscale / Upper Midscale, Upper Upscale, Midscale / Economy, Luxury. Top 5 Preferred Hotel operational type at acquisition – Full service 36%, Limited service 32%, Co-living 12%, Service residences 8%, Extended stay hotel 6%. Top 5 Preferred Hotel operational agreement at acquisition – Vacant 50%, Internationally branded hotel 18%, Hotel management agreement 12%, Operational lease agreement 10%, Independent hotels 8%. More than 35% of investors expect hotel price appreciation – South Korea, Japan, Singapore, Thailand. More than 40% of investors expect hotel price discount in – Mainland China, Hong Kong, Maldives, Australia. Top 5 Tailwinds (Positive) for hotel investment in APAC in 2025 – Domestic & international travel demand continues to grow, Limited new hotel supply coming to market, Decreasing debt costs, Occupancy recovery continues, Mainland China economy recovers, resulting in greater tourism outflows. Top 13 Major Challenges for hotel investment in 2025 – Uncertain geopolitical landscape, Escalating labour & construction cost, Mismatch in buyer & seller expectations, Central bank policy rates remain higher for longer, Higher &/or more persistent inflation. See below for key findings & summary | View report here
“ CBRE APAC Hotel Investor Intentions Survey 2025: 73% Investors to Increase Hotel Buying Volume in 2025, Top 5 Cities for Hotel Investment in APAC are 1) Tokyo, 2) Bangkok & Seoul, 3) Osaka & Singapore, Top 4 Most Attractive Hotel Chain Scale for Investment are Upscale / Upper Midscale, Upper Upscale, Midscale / Economy & Luxury, Top 5 Preferred Hotel Operational Type at Acquisition – Full service 36%, Limited service 32%, Co-living 12%, Service residences 8%, Extended stay hotel 6%, More than 35% of Investors Expect Hotel Price Appreciation in South Korea, Japan, Singapore & Thailand, More than 40% of Investors Expect Hotel Price Discount in Mainland China, Hong Kong, Maldives & Australia “
CBRE APAC Hotel Investor Intentions Survey 2025: 73% Investors to Increase Hotel Buying Volume in 2025, Top 5 Cities for Hotel Investment in APAC are 1) Tokyo, 2) Bangkok & Seoul, 3) Osaka & Singapore, Top 4 Most Attractive Hotel Chain Scale for Investment are Upscale / Upper Midscale, Upper Upscale, Midscale / Economy & Luxury, Top 5 Preferred Hotel Operational Type at Acquisition – Full service 36%, Limited service 32%, Co-living 12%, Service residences 8%, Extended stay hotel 6%, More than 35% of Investors Expect Hotel Price Appreciation in South Korea, Japan, Singapore & Thailand, More than 40% of Investors Expect Hotel Price Discount in Mainland China, Hong Kong, Maldives & Australia
CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Hotel Investor Intentions Survey 2025, providing key insights from APAC investors on investing in hotels (Investors: Private Equity Fund, Real Estate Fund, Developer / Owner / Operator, HNWI / Private Investors, REIT, Pension Fund). See below for key findings & summary | View report here
CBRE APAC Hotel Investor Intentions Survey 2025
Summary
- Increase hotel buying volume – 73% of investors
- Top 5 Investors Net Buying Intentions – REIT +22%, Institutional +12%, Property Funds +10%, Private Investor / HNW +6%, Developer / Owner / Operator +1%
- Top 5 Cities for hotel investment in APAC – 1) Tokyo, 2) Bangkok & Seoul, 3) Osaka & Singapore
- Top 5 Preferred Hotel investment strategy in 2025 – Value-add, Opportunistic, Core-plus, Core, Distressed assets & NPL
- Top 4 Most attractive hotel chain scale for investment – Upscale / Upper Midscale, Upper Upscale, Midscale / Economy, Luxury
- Top 5 Preferred Hotel operational type at acquisition – Full service 36%, Limited service 32%, Co-living 12%, Service residences 8%, Extended stay hotel 6%
- Top 5 Preferred Hotel operational agreement at acquisition – Vacant 50%, Internationally branded hotel 18%, Hotel management agreement 12%, Operational lease agreement 10%, Independent hotels 8%
- More than 35% of investors expect hotel price appreciation – South Korea, Japan, Singapore, Thailand
- More than 40% of investors expect hotel price discount in – Mainland China, Hong Kong, Maldives, Australia
- Top 5 Tailwinds (Positive) for hotel investment in APAC in 2025 – Domestic & international travel demand continues to grow, Limited new hotel supply coming to market, Decreasing debt costs, Occupancy recovery continues, Mainland China economy recovers, resulting in greater tourism outflows
- Top 13 Major Challenges for hotel investment in 2025 – Uncertain geopolitical landscape, Escalating labour & construction cost, Mismatch in buyer & seller expectations, Central bank policy rates remain higher for longer, Higher &/or more persistent inflation
CBRE APAC Hotel Investor Intentions Survey 2025:
1) Investors Profile
Investors Profile:
- Developer / Owner / Operator – 34%
- Private Equity Fund – 24%
- Real Estate Fund – 22%
- HNWI / Private Investors – 14%
- REIT – 4%
- Pension Fund – 2%
Investors AUM:
- Less than $5 billion – 46%
- $5 b to $10 billion – 18%
- $10 b to $25 billion – 10%
- $25 b to $50 billion – 12%
- More than $50 billion – 14%
Investors Country:
- Singapore – 40%
- Australia – 16%
- Thailand – 14%
- Hong Kong – 12%
- Japan – 6%
- Mainland China – 2%
- Others – 10%
2) Hotel Investments
Hotels Buying Volume Intention in 2025:
- Increase hotel buying volume – 73%
- Remain the same – 24%
- Decrease hotel buying volume – 4%
Net Buying Intentions by Investors Type:
- REIT: +22%
- Institutional: +12%
- Property Funds: +10%
- Private Investor / HNW: +6%
- Developer / Owner / Operator: +1%
Top 5 Cities for hotel investment in APAC:
- 1) Tokyo
- 2) Bangkok & Seoul
- 3) Osaka & Singapore
Top 5 Preferred Hotel investment strategy in 2025:
- Value-add
- Opportunistic
- Core-plus
- Core
- Distressed assets & NPL
Top 4 Most attractive hotel chain scale for investment:
- Upscale / Upper Midscale
- Upper Upscale
- Midscale / Economy
- Luxury
Top 6 Preferred Hotel operational type at acquisition:
- Full service – 36%
- Limited service – 32%
- Co-living – 12%
- Service residences – 8%
- Extended stay hotel – 6%
- Branded residences – 4%
- Other – 2%
Preferred Hotel operational agreement at acquisition:
- Vacant – 50%
- Internationally branded hotel – 18%
- Hotel management agreement – 12%
- Operational lease agreement – 10%
- Independent hotels – 8%
- Franchise agreement – 3%
- Unbranded, eligible to be reflagged – 0%
- Hotels that are soft-branded & connected to global brand – 0%
More than 35% of investors expect hotel price appreciation in:
- South Korea
- Japan
- Singapore
- Thailand
More than 40% of investors expect hotel price discount in:
- Mainland China
- Hong Kong
- Maldives
- Australia
3) Hotel Outlook & Challenges
Top 8 Tailwinds (Positive) for hotel investment in APAC in 2025:
- Domestic & international travel demand continues to grow – 66%
- Limited new hotel supply coming to market – 54%
- Decreasing debt costs – 50%
- Occupancy recovery continues – 36%
- Mainland China economy recovers, resulting in greater tourism outflows – 24%
- Expected outperformance compared to other real estate sectors – 24%
- Corporate / MICE travel strengthens – 16%
- Greater penetration of international brands – 10%
Top 13 Major Challenges for hotel investment in 2025:
- Uncertain geopolitical landscape
- Escalating labour & construction cost
- Mismatch in buyer & seller expectations
- Central bank policy rates remain higher for longer
- Higher &/or more persistent inflation
- Fear of a recession & economic uncertainty
- Shift in credit availability & loan terms
- Slowdown in domestic & international travel demand
- Weaker than expected economic performance in Mainland China
- Airline capacity recovery is delayed
- Decline in consumer spending on travel & accommodation
- Impact of currency fluctuation
- Occupancy recovery slows down
CBRE APAC Hotel Investor Intentions Survey 2025
CBRE’s 2025 Asia Pacific Hotel Investor Intentions Survey was conducted in November and December 2024. Participants were asked a range of questions related to their buying intentions, perceived challenges and preferred strategies and markets for the coming year within the hotel & hospitality sector.
CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
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