房地产 -2025年第三季度亚太酒店趋势 Asia Pacific Hotel Trends Q3 2025

ASIAPACIFICHOTELTRENDSQ32025

HeadofHotels&HospitalityAsiapacific

CBRE

InvestmentacceleratesinAustralia&

korea;hotelconversionscontinueto

dominateinmainlandchina

keyTrends

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comparedtosixmonthsago,supportedbyrobustinternational

touristarrivalsthathavealreadyexceededpre-pandemiclevels.TheinvestmentfocusremainsoncorecBD,YBD,andGBD

hotels.Bothinternationalcapital,ledbyprivateequity,southeastAsiaprivatecapitalandlocalkoreanconglomeratesarepursuinghotelassets.

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buyingfocusedonconversiontorentalhousingintierIcities.

Thebuyerprofilehasevolved,withanincreaseinopportunisticinvestors,includingsoES,seekingdistressedassetsatattractiveprices.TransactionsremainconcentratedintierIcities,althoughsomedomesticplayersareexploringstrongtierllmarkets.

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continuetoaccelerate.Investmentvolumesaretracking

positively,breachingus$1billiony-t-d,alreadysurpassing2024figures.Liquidityisaccelerating,withmanypreviouslyslow-

movingdealsnowmovingtowardunconditionalexchange.

Buyersfeelthatthemarketispastthebottom,allowingthemtounderwritemoreaggressivelyandclosethegapbetweenvendorandbuyerpricingexpectations.

DespitetourismdemandandhotelperformanceinAsiapacificbeginningtostabilise,growthstill

existsversusotherassetclasses.LimitedsupplyandgrowthinMICEwillcontinuetodrive

performance,with

investorsretainingastrongappetiteforkeymarkets,99

stevecarroll

CBREIAdvisoryservices

CBRERESEARCH

CBRERESEARCH

ASIAPACIFICHOTELTRENDSIQ32025

korea

strongtourismreceiptsdrivesteadyinvestment

TOURISM

-

monthsago,supportedbyrobustinternationaltouristarrivalsthathavealreadyexceededprepandemic(2019)levels.

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stronglypreferoverseastravel,viewingdomesticdestinationsascomparativelyexpensive.

TRANSACTIONACTIVITY

-

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focusingonconvertingunbrandedhotelstobrandedfranchisesorrestructuringmasterleases.

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Goldmansachs(viaJBAssetManagement)whichwasnotableforitsstabilisationplay.AftercompletingthedealGoldmanextendedthemasterlease(heldbyAccor/Ambassador)andsecureda

stronganchorretailtenantforthe20%retailcomponent.

•Bothinternationalcapital,ledbyprivateequity,southeastAsia

privatecapitalandlocalkoreanconglomeratesarepursuinghotelassets.

PERFORMANCE

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inAsiapacifictoseeoccupancyfullyrecovercomparedto2019levels.RevpARisalsoup7.8%y-0-yasofAugusty-t-d,whichranksamongthetopwithintheregion.

OUTLOOK

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andcontinuinginto2026asindividualownersoffloadunbrandedthreeandfourstarhotelsandfundsthatreceivedpandemic-eraextensionsbringassetstodivestandrecyclepositions.

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frommasterleaseandHMAstructurestounbrandedassets.

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sellers,theanticipatedincreasetransactionvolumewillhelpclarifyvaluations.

SIX-MONTHOUTLOOK

OCC(%)

ADR

REVPAR

CONTACTUSFORDETAILS

MarkHahm

AssociateDirectorHotels&HospitalityAsiapacific

ASIAPACIFICHOTELTRENDSIQ32025

3

CBRERESEARCH

Mainlandchina

ActivityledbyopportunisticbuyingfocusedonconversiontorentalhousingintierIcities

TOURISM

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hassoftenedduetoeconomicheadwindsandgovernmentpoliciesrestrictingluxuryspending.

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drivenbytheexpansionofvisafreepolicies,benefitingluxuryhotelsintierIcitiesandtoptierIlcities.

SIX-MONTHOUTLOOK

ADR

REVPAR

OCC(%)

CONTACTUSFORDETAILS

TRANSACTIONACTIVITY

zoesong

-

ExecutiveDirector

shrinking.Dealflowischaracterisedbytheacquisitionof

underperforminghotelassetsforconversionintoalternativeuses,

capitalMarkets

Mainlandchina

predominantlyrentalhousing.

-

opportunisticinvestors,includingsoES,seekingdistressedassetsatattractiveprices.

-

domesticplayersareexploringstrongtierllmarketssuchasNanjing

andHangzhou.

MacroLiao

PERFORMANCE

seniorManager

Hotels&Hospitality

Asiapacific

-

operatorstoadoptastrategyofloweringADRstomaintainoccupancy,

leadingtoapricewarcycle.

OUTLOOK

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neartermgiventhehighsupplypipelineandcompetitivelandscape.

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pricingimmediatelytomeetinstitutionalinvestoryieldrequirementsto

facilitatedivestment.

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addorrepositioningangletojustifytherequiredgoingincaprates.

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withownersregardingtheextensionoflanduserights.Thisinvolves

exploringtheconversionofcommercialhotellandusetoresidentialto

extendthetenurefromapproximately20yearsto70years,offeringa

solutionforownersfacinglandtenureexpiryissues.

ASIAPACIFICHOTELTRENDSIQ32025

4

CBRERESEARCH

Australia

Investmentactivityandperformancegrowthcontinuetoaccelerate

TOURISM

--o-

2025increasingby12.8%forshorttermtouristarrivals.TRANSACTIONACTIVITY

-

year-to-date,surpassing2024figures.Liquidityisaccelerating,with

manypreviouslyslowmovingdealsnowmovingtowardunconditionalexchangeorsettlement.

-

debtmarket.Buyersfeelthatthemarketispastthebottom,allowingthemtounderwritemoreaggressivelyandclosethegapbetween

vendorandbuyerpricingexpectations.

--

toitsmarketgrowthdespiterecentsupplyadditions.Furthermore,

therehasbeenincreasedpositivityfrominvestorswiththeabilityto

secureforeignowners'landtaxexemptionforhotelsthatareoperatedasaHMAS(i.e.thehotelownerownsthestaff).

-

trajectorytiedtothe2032olympicsandinfrastructureuplift.PERFORMANCE

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eventleddemand(e.g.,thespringRacingcarnival,largeconcerts,andmajorsportingfinals),whichisboostingoccupancyandADRacrosssydneyandMelbourne.

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nation,ledbyBrisbanecBD(+10%y-0-YRevpAR),perthcBD(+9%yo-YRevpAR)andDarwin(+7%y-0-YRevpAR).sydneycBDandperthCBDhavealsoshownstrongy-o-YRevpARgrowth(both6%),backedbyanincreaseinoccupancy(both4%).

OUTLOOK

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wherevendorandbuyerexpectationsarealigning.sellersare

temperingpricingwhilebuyersarebenefitingfromcheaperdebtandstrongperformancefundamentals.

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coordinatedgovernmentfocusoneventtourismwillhelpsupportcontinuedrategrowthinto2026.

SIX-MONTHOUTLOOK

OCC(%)

ADR

REVPAR

CONTACTUSFORDETAILS

TomGibson

seniorDirector

Hotels&Hospitality

contact

AsiapacificResearch

Adachoi,CFAJonathanHills

DennisHO

HeadofResearch,AsiapacificseniorDirector

Manager

ada.choi@jonathan.hills@cbre.com

dennis.ho@cbre.com

AsiapacificLeasingservices

stevecarrollAnanthRamchandran

chrisEly

seniorManagingDirectorHeadofAdvisory&

HeadofAssetManagement

HeadofHotels&HospitalitystrategicTransactions

Hotels&Hospitality

capitalMarkets,AsiapacificHotels&Hospitality,Asia

Asia

steve.carroll1@cbre.comananth.ramchandran@cbre.com

chris.ely@cbre.com

©Copyright2025.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsanda