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IntelligentInvestment
Executivesummary
•Lifestylehotelsarecurrentlythefastest-growingsectorintheglobalhospitalityindustry,blendingboutiqueintimacywiththeoperationalscaleofmajorbrands.Demandisbeingdrivenbypost-pandemicconsumer
preferenceforexperientialtravelfeaturingauthenticculturalimmersion,uniqueandstrikingdesigns,andcommunity-focusedspaces.
•InAsiapacific,lifestylebrandsarestillunderpenetrateddespiterecentrapidgrowth.However,thisissettochangeasupcomingsupplyinthesegmentcontinuestooutpacethemarketaverageandthecategory
increasinglyenterslower-tierchainscales.
•Genzareincreasinglyoptingforlifestylehotelsasthecategoryappealstotheirtasteforexperientialtravel,
authenticlocalculture,andseamlesstechnologyoverstandardisedmidscaleofferingsorformalluxury.Alreadytheregion'slargestdemographiccohort,Genzissettoexertanincreasinginfluenceovertheregionalhotel
marketasitsspendingpowerincreases;atrendthatwilldrivefurthergrowthinthelifestylesegment.
•whilerisingconstructioncostscontinuetoposeabarriertonewhoteldevelopment,includinginthelifestyle
segment,CBREbelievesconversionsofferaviableandcapital-efficientalternativeforpotentialinvestors,eitherthroughsoftbrandsorphysicalconversionsthroughcorelifestylebrands.
•CBREbelievessmallerindependentassetscanprovideattractivevalueaddandopportunisticplaysfor
conversiontolifestylebrands.withmorehotelgroupsexpandingtheirlifestylebrandstolowerchainscales,
conversionscanbeperformedwithmoreflexibilityandaccordingtohowmuchcapExinvestorswanttoallocate.
contents
01IntroducingLifestyleHotels
02whyGenzchooseLifestyleHotels03InvestinginLifestyleHotels
04conclusion&Recommendations
Threelenses:whatdefinesthem,whyGenzchoosethem,andwhatthismeansforinvestors
LOOK&Feel
service&operations
space usage&Effciency
KEYA丁TRIBUTES
strongfocusonpersonalisedandexperientialservice
r
Efficientuseofspace;publicareasdesignedtofacilitatesocialinteraction;anduniqueF&B
Designmmcentricpropertywithastrongvisualidentity
Appearmoreattractiveonsocialmedia;offermoreopportunitiestoshareandbeseen
unique,onemmoffexperiencesthatfeelauthenticandexudeastrongsenseofplaceand
community
preferencetodivertspendingtowards
experiencestheycansharewithothers,inperson
orvirtually
WHYTHEYATTRACTGENZ
IMPLICATIONSFORINVESTORS
HigherspendondesignandFF&E,butoffsetbyimprovedspaceefficiencyandyield
DrivehigherADRbyofferingexperienceandnot
justrooms.simpleroperations,lowerlabour
costsandhighermargins.
TotalGFAperkeylowerthanconventional
brandsatasimilarpricepoint,significantly
higherrevenueandgrossoperatingprofitper
floorarea
Hotelsinthelifestylecategorytypicallypossessthreekeyattributes:
1.Adesigncentricpropertywithastrongvisualidentity,ofteninformedbyandpayingtributetothelocalcultureofthecityorareaitislocatedin
2.Afocusonhighlypersonalisedandexperientialservice,featuringuniqueelementswhileeschewinghomogeneityandprescriptivebrandstandards
3.Arangeoflively,energetic,andflexiblepublicspacesoptimisedforsocialinteractionalongwithauniqueF&Boffering,servingasamagnetforthelocalcommunity
Lifestylehotelsfirstemergedtowardtheendofthe20thcenturywhensmall,independent,andstylishboutiquehotelswereintroducedinEuropeandtheu.s.Largehotelgroupsquicklytooknoteofthisnewconcept's
popularityandincorporateditintotheiroffering.ThelaunchofwHotelsin1998wasamajorinflectionpointandledtomoregroupsembracingthelifestylehotelconcept.Activityspikedinthe2010saslargechains
noticedmateriallyhighergrowthinthecategory,resultinginboththecreationofnewlifestylebrandsandacquisitionofexistinglifestylegroups.
EarlyM&AactivityinvolvinglifestylebrandsincludedIHG'sacquisitionofkimptonin2014;Marriott'spurchaseofstarwood(includinglifestylebrandssuchaswHotelsandAloft)in2015;andAccor'sjointventurewith
Ennismorein2021tocreatetheworld'slargestlifestylehospitalitycompany.MorerecentexamplesincludetheacquisitionofcitizenMbyMarriottin2025andyotel'sexclusivepartnershipwithHiltonannouncedin2026.
Lifestylebrandsexpandtolowerchainscalesbutremaintopheavy
Table1:ListofLifestyleBrandsbyHotelGroup
Luxury
upper
upscale
25hoursHotels,TheHoxton
canopybyHilton,
curiocollection,Tapestrycollection
JdvbyHyatt,The
standard,DreamHotels,Hyattcentric
kimptonHotels&Restaurants,
HotelIndigo
Autographcollection
Hotels,Tributeportfolio
AceHotel,Arlo,TheLively
upscale
TempobyHilton,MottobyHilton
captionbyHyatt
Voco,Ruby
Aloft,ACHotels,citizenM
kai,Lyf,yotel
upper
Midscale
Mamashelter,Handwrittencollection
MOXYHotels
ThepodHotels
Midscale&
Economy
Joe&Joe,Tribe
Freehand,Generator,
LYLO,OMobyHoshinoResorts
Note:chainscaleofthebrandcategorisedbycostar.
Lifestylebrandsstillunderpenetrated
inAsiapacificdespiterapidgrowth
Lifestylehotelbrandpenetrationremainslowgloballyduetothe
category'srelativelynascentdevelopment.penetrationratesintheU.sandEuropearehigheraslifestylebrandswereoriginally
conceivedandlaunchedinthesemarketsandonlyintroducedtoAsiapacificmuchlater.
singaporeandHongkongsARhavethehighestlifestylehotel
penetrationratesinAsiapacificashotelownersinthesemarketsaregenerallymorewillingtotakeonnewbrands.Thisispartlyduetointensecompetitionwhichmakesintroducingnewbrandsa
commonstrategytodrivebookings.Hotelgroupsarealsotrackingtheperformanceofnewlifestylebrandsbeforetheyexpandinto
otherpartsoftheregion.
penetrationratesinmainlandchina,India,andJapanarelowas
thesemarketsaredominatedbylocalhotelgroupsandhavea
limitedpresenceofglobalbrands.Growthininternationallifestylebrandsinthesemarketsremainsslow.
Thedevelopmentpipelineindicatesastrongtilttowardslifestylebrandsglobally.Amidstanenvironmentwherelandand
developmentcostscontinuetoriseandownersarecomingunderincreasingpressuretomaximiseefficiency,theeconomicsof
lifestylebrandsareextremelycompelling.
Figure1:GlobalInventoryofBrandedLifestyleHotelsandpenetrationRate
Figure2:DistributionofAsiapacificBrandedLifestyleHotelsandpenetrationRatebyMarketpenetration(%oftotalroomsinventory)APACAverage
Note:Globalanalysisonlifestylehotelpenetrationincludes3,000+hotelsfrom60+brandsillustratedintable1asshownonpage8.pipelineincludesallunderconstruction,finalplanning,andproposedprojectsuptill2030.penetrationratecalculatedasnumberoflifestylehotelroomsdividedbytotalnumberofhotelroomsinusandmajormarketsinEuropeandAsiapacific.
source:costar,CBREResearch,May2026.
LifestylehotelexpansioninAsia
pacificgainsmomentum
Lifestylehotelbrandshaveexpandedrapidlyacrosstheregionoverthepastdecade.Asiapacifictotalhotelsupplyhasa1oyearcAGR(20152025)ofaround5%,withthatforlifestylehotelsalmost4x
greaterat19%.
LifestylebrandshaveprimarilytargetedtheLuxuryandupper
upscalesegments,witharound75%oflifestyleroomsclassifiedinthesetwocategoriesasof2020.
Recentyearshaveseenthelifestyleconceptexpandintolower-tierchainscalesasoperatorslooktocapturedemandfromguestswithvariedbudgets.Thisledtheproportionofhighertierroomstofall
to70%by2025.
upcomingsupplyoflifestylehotelsinAsiapacificcontinuesto
outpacethemarketaverage.Thecompositionofprojects
scheduledtocomeonstreamwithinthenexttwoyearsfollowsthesame70/30ratio,ledbyupperupscale+hotels.
shouldmoregroupsdecidetoexpandtheirlifestylefootprinttotheuppermidandmidscalecategories,lowertierhotelswillaccountforalargershare.
Figure3:AsiapacificLifestyleHotelBrandspipelineGrowth(2015-2030F)
Forecastsupply
Note:Lifestylehistoricalandpipelineanalysisincludes1,000+hotelsfrom40+brandsillustratedintable1asshownonpa8.pipelineincludesallunderconstruction,finalplanning,andproposedprojectsuptill2030.
source:costar,CBREResearch,May2026.
Growthinspendingonexperiences
outpacespurchasesofphysicalgoods
ThecovID19pandemicbroughtaboutafundamentalchangeinspendingpatternsacrosstheregion.pent-updemandandadesiretomakeupforlosttimeensuredgrowthinspendingonexperiences(includingrecreationalandculturalgoodsand
restaurantsandhotels)inAsiapacifichasoutpacedthatforphysicalgoodssincetheregionexitedthepandemicin2022.
Thistrendisheretostay,withAsiapacificspendingonexperience(+7.3%CAGR)projectedtobefasterthanthatforphysicalgoods(+6.5%CAGR)overthenextfiveyears.
Travelisanimportantpartofexperientialspendingandhotelsareacrucialpartoftravel.Growthinspendingonhotels(+9.1%CAGR)iseclipsingoverallexperientialspending,showingthatconsumersinAsiapacificareallocatingmoreoftheirdiscretionaryspendingto
hotels.
Figure4:AsiapacificHouseholdDiscretionaryspendingIndex(2015=100)
••
•
••
source:oxfordEconomics,CBREResearch,April2026.
BabyBoomersGenxMillennialsGenz
Born
19461964196519801981199619972010
Age
60+45-5930-4415-29
Bornwith
TV
Relativeprosperity
smartphonesMassMediaMobilephones
socialMedia
Travelpattern
Thebestforme
Travelforexperience,inspiredby
socialmediaandtheir"tribe".
Discoveringoptionsandbooking
throughdigitalchannelsexclusively
istheirnorm.Nostrongattachment
toanybrand,constantlyseekingnew
anduniqueexperiences.
personalexpression
Travelforbusinessandleisure.seek
benefitsfromloyaltyprogrammes.Familiarwithbrandthemesand
characteristicsandpickaccordingtopersonalpreferences.
security
prefercomfortandfamiliarplaces.
sticktospecificbrandsinloyalty
programmesandrevisithotelswhere
theyhavepreviouslyhadgood
experiences.
status
Travelforfamilybondingand
relaxation.valuestatusfromloyalty
programmes.seekhotelswith
amenitiestosupporttheirstay.
Emphasison
wellnessandtechnology
opportunitiesfor
connectionandimmersion
Distinctive,
strikingdesign
Availabilityofactivitiesandexperiences
•Genzarehighlyinfluencedbyvisualappealandsocialmediatrends.
uniquefeaturesandelementsattracttheirattention.
•unlikestandardbusinesshotels,
lifestylehotelsincorporatedistinctivedesignelements,allowingfordiversebrandexpressionevenwithin
thesameportfolio.
•Despitehavingaslightlysmallerroomfootprintcomparedtootherhotelsinthesamegrade,lifestylehotelsfocusonconspicuousdesigntouchesthatfosteramemorableandshareable
guestexperience.
•Genzguestsshowastrongpreferenceforauthenticlocalexperiencesandcommunityexploration.
•publicspaceswithinlifestylehotelsaredesignedtoencouragesocial
integrationandconnectionamong
guestsandwiththelocalcommunity.
•Diverselifestylebrandsofferdistinctambiancesandnarratives,allowing
gueststochoosehotelsthatresonatewiththeirpersonalidentityand
connectthemtothebroadercommunity.
•
•post-pandemicconsumerspendinghasshiftedfrommaterialgoods
towardsexperientialvalue,aligningwithlifestylehotels'focuson
•
experiencemaking.
•Lifestylehotelsenablegueststo
participateinactivitiessuchaswinetastingsandlivemusicevents,
•
fosteringasenseofcommunityandbelonging.
•othernewfeaturesincludepetfriendlyproperties,with
AloftoperatingitsARF(AnimalsAreFun)programmewhich
encouragesgueststobringtheirpetstostayinthehotel.
Genznowthelargestdemographic
withstrongestgrowthinspending
AlthoughGenzisthelargestdemographiccohortinAsiapacific,itscurrentspendinglagsthatofoldergenerationsastheyare
eitherstillstudyingoronlyjustbeginningtheircareers.
Despiteoldergenerationshavingstrongerspendingpower,Genzismakingitspresencefeltinthehotelindustryduetodifferencesin
spendingpatterns.whileoldergenerationsprefertraditionalhotels,Genzareoptingforlifestylehotels.
GlobalspendingfromGenzisforecastedtogrowatthestrongestrateofanygenerationasmoreofthispopulationcohortbecome
financiallyindependent.Asitsspendingpowerincreases,Genz'stastesandrequirementswillexertastrongerinfluenceonthehotelsector.
Figure5:AsiapacificpopulationBreakdownbyGeneration(%ofTotalpopulation)
Figure6:GlobalspendingandconsumptionbyGeneration(TrillionUSD)
source:oxfordEconomics,CBREResearch,April2026.
LifestylehotelRevpARpremiumon
non-luxuryproductsishigher
onemajorchallengeinthelifestylehotelsegmentisthe
preponderanceofhighendbrands.ThismakesGenzlessabletoaffordluxurylifestylehotels;atrendreflectedinRevpAR
performance.
RevpARforlifestylehotelsoutperformstheoverallmarketacrossthechainscale.whilethepremiumforluxurygradeisonly2%,theupscale(7%)andupperupscale(13%)lifestylesegmentsare
showingstrongerperformance.
Lifestyleupperupscalebrandsaredisplayingthestrongestprice
premiumforADR.Traditionalupperupscalehotelsaremostlyfullmm
servicebusinesshotels,whilemanylifestylesoftbrandsarealsointhesamescale.Genziswillingtopayapricepremiumforthe
uniquenessthesehotelscanoffer.
whileupscalelifestylebrandsgenerallyhavesmallerrooms,they
compensateforthisthoughbetterspaceefficiencyandoperations.TheimportanceGenzplacesonthesecharacteristicsisreflectedbythissegment'shigherADRandoccupancy.
withfewerlifestylebrandspresentintheupperMidscaleandbelowcategories,thispresentsanopportunityforbrandstoexpand.
HotelsinthesechainscalesarealsomoreattractiveforGenzduetotheirlowerpricepoint.Genz'scomfortwithtechenabled
servicesandsmallerroomformatscreatesadditionalleversforoperatorstoimproveefficiencyandprofitability.
Note:Lifestylehotelperformancecalculationincludes600+existinghotelsfrom40+brandsillustratedintable1asshownonpage8.premium/DiscountiscalculatedwithlifestyleADR,occupancy,andRevpARcomparingwithoverallAPAcmarketperformanceinthesamechainscale.
source:costar,CBREResearch,May2026.
Morehotelsbeingconvertedto
brandedlifestylehotels
RisingconstructioncostsarehinderingnewdevelopmentplansinAsiapacific,makingconversionsapopularandcapitalefficient
alternative.
whilenewbuildsarestillpreferredforcreatinguniqueand
contemporarylifestyledesigns,excessivecostsaredirectinginvestors'focustoconversions,
conversionstypicallyinvolvetwomainapproaches.Thefirstoftheseisjoiningthroughsoftbrands,whichareacollectionof
independenthotelsunderalargerhotelgroup.
Thisconceptprovidesexistingindependenthotelstheaccessto
globaldistributionchannelsandloyaltyprogrammeswithout
changingtheirdesign.suchanapproachisidealforboutiquehotelswithdistinctivedesignsandlowercapitalexpenditure.
Thesecondapproachisphysicalconversionsthroughcorelifestylebrands.contrarytosoftbrands,corebrandsusuallycomewitha
branddesigntheme.Thisinvolvesmoredesignrequirements,whichneedmorecapExthansoftbrands.However,workingwithcore
brandscreateastrongerbondandallowthehoteltoleverageestablishedbrandloyalty.
Figure8:AsiapacificNumberofBrandedLifestyleHotelRoomsbyMethodofDevelopment
Note:Lifestyledevelopmentanalysisincludes600+existinghotelsfrom40+brandsillustratedintable1asshownonpage8.ftbrandconversionrecordedwhenthehoteljoinedthesoftbrand.corebrandconversionrecordedwhenthehotelopenedasalifestylebrand.Newbuildrecordedwhenthehotelisconstructed.
source:costar,CBREResearch,May2026.
Risingnumberofsmalltransactions
createsconversionopportunities
HotelinvestmentvolumeinAsiapacificexceededprepandemic
levelsin2024andcontinuedtoincreasein2025.Mosttransactionsduringthisperiodinvolvedsmallerdealsizes.
In2020,only31%oftotalhotelinvestmentvolumewasunderUs$100million.Thisratiogrewto39%in2024andfurther
increasedto42%in2025.
Around30%ofassetstradedduringthisperiodwereindependenthotels.providedtheyaregivenproperredesignandrenovation,
CBREbelievesthesesmallerindependentassetscanprovideattractivevalueaddandopportunisticplaysforconversiontolifestylebrands.
withmorehotelgroupsexpandingtheirlifestylebrandstolower
chainscales,conversionscanbeperformedwithmoreflexibilityandaccordingtohowmuchcapExinvestorswanttoallocate.
Figure9:AsiapacificHotelTransactionvolumeBreakdownbyDealsize(20192026Q1YTD)
Note:Includescloseddealsonly.IndependenthotelsareidentifiedasperRCAhotelfranchisedefinition.source:MSCIRealcapitalAnalytics,CBREResearch,April2026.
strategiesforinvestors
EmbraceDesignFlexibility
•Balancebrand-drivendesignwithlong-termassetvalueconsiderations.
•Avoidoverlybespokespecificationsthatmaylimitfutureadaptabilityorrebranding.
•prioritiseflexible,future-proofeddesignandfollowmarkettrendstoplanthehotelformedium--longtermvaluegrowth·
ldentifyBrandFitandMarketGaps
•Lookformarket"whitespace"byidentifyingunderservedsegmentsandperformancegaps.
•withawiderangeoflifestylebra
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