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1、Asia PacificQ1 2025Asia Pacific HotelMarket DynamicsRRiding waves of change in Asia PacificContents01Asia Pacific04Hong Kong05Beijing06Shanghai07Tokyo08Seoul09Singapore10Bangkok11Jakarta12Kuala Lumpur13Ho Chi Minh City14Sydney1502Report23Hotel investmentHotel investment volume 2012 YTD 2025USD milli

2、onsSource:JLL,Q1 2025Note:data pertains to completed transactions of USD 5 million and above,and excludes casino property,pub/licensed leisure,development site,and non-arms length deals02,0004,0006,0008,00010,00012,00014,00016,0002012201320142015201620172018201920202021202220232024YTD 2025AustraliaC

3、hinaHong KongJapanSingaporeSouth KoreaAP OthersAsia PacificReturn of Chinese and strong domestic demand influence tourism recovery.Supply growing at different paces in Q1 2025.Performance influenced by global and local environment.ResearchAsia PacificHotels|Q1 2025The tourism industry in APAC is exp

4、eriencing a broad but uneven recovery in early 2025.Most cities are seeing growth but at varying paces.For example,Bangkok maintains higher-than-pre-pandemic tourist numbers despite a slight decrease.Cities are using diverse strategies,such as visa policy changes and targeted marketing,to attract vi

5、sitors and boost their tourism markets.The return of Chinese tourists is playing a crucial role in the recovery of many destinations.Despite challenges,the industry shows resilience as it rebounds from the pandemic.The hotel landscape across major cities in 2025 shows diverse growth patterns.Markets

6、 like Bangkok and Shanghai have already seen significant additions,while others such as Beijing,Hong Kong,and Tokyo anticipate more substantial growth later in the year.Luxury and upscale segments are driving much of the new supply,particularly in Kuala Lumpur.Jakartas growth is primarily in service

7、d apartments,whilst some cities are seeing growth influenced by new infrastructure projects with hospitality components.Overall,the region shows cautious but steady hotel supply expansion,with increased capacity expected in late 2025 and beyond.In Q1,whilst some markets like Ho Chi Minh City,Tokyo a

8、nd Sydney are showing strong growth in trading performance from the same time last year and attracting investor interest,others are facing challenges.This variability is influenced by factors such as local economic conditions,the pace of tourism recovery,and global economic pressures.Despite these d

9、ifferences,there is an overall sentiment of resilience in the market,with many cities showing signs of improvement or stability in their hotel performance metrics from last year.OutlookLooking ahead to 2025,the hospitality market in Asia Pacific presents a mixed picture of recovery and challenges.Ma

10、rkets like Sydney are gaining momentum,whilst others face uncertainties due to global economic pressures and geopolitical tensions.Jakarta faces potential setbacks from government austerity measures,whilst Kuala Lumpur balances recession concerns with promotional efforts.Hotels are grappling with ma

11、jor economic changes,shifts in travel behaviors,and the ongoing challenge to control increasing operational expenses.The industrys success relies on flexibility to capitalize on recovery opportunities whilst navigating persistent challenges in a volatile global environment.Nihat Ercan| FundamentalsY

12、TD room additions3,974RevPAR growth trend Y-o-Y Stage in RevPAR cycleRevPAR growth slowingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:YTD room additions to hotel supply in the following destinations:Bangkok,Beijing,Ho Chi Minh City,Hong Kong,Jakarta,Kuala Lumpur,Seoul,Shanghai,Si

13、ngapore,Sydney and Tokyo.Source:JLL,industry sources,STR05,00010,00015,00020,00025,00020202021202220232024YTD 2025RoomsHong KongDemand continues to grow steadily in the first quarter.Subdued new supply in Q1 2025,with more openings expected later in the year.The investment market shows limited activ

14、ity.ResearchHong KongHotels|Q1 2025As of YTD February 2025,Hong Kong welcomed 8.4 million international tourists,representing a 9.4%increase Y-o-Y.Mainland China remains the primary source market,accounting for 77%of visitors.In the first two months of the year,Hong Kong hotels recorded further incr

15、eases in RevPAR,driven by sustained occupancy growth.During the first quarter of 2025,no new hotel supply entered the Hong Kong market.For the remainder of the year several hotel openings are expected,bringing total new supply for 2025 to 1,589 rooms.Hong Kong recorded lukewarm activity in Q1 2025 o

16、n the hotel investment front,with two hotel deals completed totalling HKD 0.9 billion.The bid-ask spread is gradually narrowing,which is expected to facilitate more deals later in the year.OutlookThe citys first quarter benefited from the Lunar New Year celebrations and various international events,

17、including the famed Hong Kong Sevens,attracting both domestic and international visitors.With this positive momentum,lodging and tourism are expected to see continued improvements throughout 2025,as previously anticipated.Calvin Li|FundamentalsYTD room additions1,452 roomsRevPAR growth trend Y-o-YSt

18、age in RevPAR cycleRevPAR RisingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Hong Kong Hotels refer to Hong Kongs overall hotel market.Source:JLL,industry sources,STR01,0002,0003,0004,00020202021202220232024YTD 2025RoomsBeijingPolicy benefits continue to unfold,encouraging further

19、 diversification of source markets.No new hotel supply in Q1 2025.Beijings upscale hotel market faces pressure;ADRs slight drop offsets stable occupancy,while last-minute bookings add uncertainty.ResearchBeijingHotels|Q1 2025In Q1,Beijing launched six inbound tourism measures,such as customs clearan

20、ce optimisation and payment facilitation,in addition to the 240-hour visa-free policy.These measures significantly boosted the market,with inbound international tourists reaching 470,000 in the first three months of the year(+58.7%y-o-y),showing a strong tourism demand.Since 2024,Beijing continues t

21、o witness diversification in source markets.For example,FOCAC 2024s spillover effects drove steady African visitor growth throughout Q1,while events like the China Development Forum boosted business demand.E-payment facilitation significantly improved traveler experience,with Russia,North America,HK

22、/Macao/Taiwan and Southeast Asia as key growth sources.No new notable hotels opened in Beijing between January and March 2025.Significant supply is anticipated to enter the market starting mid-2025,with the next wave of new supply anticipated to commence by late 2025,adding nearly 700 additional roo

23、ms to the market.In Q1,Beijings upscale hotel market experienced a marginal softening.Despite relatively stable occupancy rates,the average daily rate(ADR)declined,leading to a slight y-o-y drop in revenue per available room(RevPAR).The booking window continues to shrink:both leisure and MICE bookin

24、gs are increasingly showing a last-minute trend.Coupled with tightening corporate travel budgets,channel management and revenue management complexity have arisen,making demand forecasting more challenging.OutlookThe 2025 China-CELAC Forum is expected to attract high-net-worth travelers,driving upsca

25、le and above hotel category demand.Its long-term spillover effects may boost Latin American visitors,reinforcing Beijings position as a global hub for international exchanges and strengthening market demand.Going forward,amid fluctuating international situation,macroeconomic shifts and changing cons

26、umer confidence,the potential for market recovery in 2025 remains uncertain.ADR rebound appears limited under the current conditions.Tao Zhou|FundamentalsYTD room additions0 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR FallingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025No

27、te:Beijing Hotel performance refer to Beijings overall hotel market.Beijing hotel supply refers to upscale and above segments.Source:JLL,industry sources,STR05001,0001,5002,00020202021202220232024YTD 2025RoomsShanghaiGrowth in international demand.After welcoming nearly 600 new rooms,the city is sch

28、eduled to see approximately 3,500 more upscale hotel rooms in the remainder of the year.Shanghais upscale hotel market shows stable recovery.ResearchShanghaiHotels|Q1 2025Relaxed visa policies have been a key driver for inbound tourism in China.Shanghais overall hotel market performance remains stab

29、le as both domestic and international tourism markets continue to gain traction.From January to March this year,Shanghai welcomed 1.74 million international visitors,marking an increase of 37.1%compared to the same period last year.In the first quarter of 2025,Shanghai witnessed the addition of 595

30、new rooms.Around 3,500 new rooms are scheduled to open in the remainder of the year.Some notable future hotels include Waldorf Astoria Qiantan(203 keys),Thompson Expo(255 keys)and Shangri-La and Traders hotels near Hongqiao Airport(two totalling 611 keys).As of March,according to the Shanghai Statis

31、tics Bureau,the citys five-star-rated hotel occupancy rate recorded a y-o-y increase of 1.2 ppts.Despite the slight decline of 1.6%in average room rate(ADR),RevPAR remains stable with a minor increment of 0.3%.Thus,the overall market performance shows stable recovery.With the recovery of Shanghais t

32、ourism market and transformation of the real estate industry,there is an increase in demand for conversions and/or renovation of existing hotel assets,indicating that the hotel market has entered the era of stock assets.OutlookWith the influx of favourable policies,the surge in international tourism

33、 to China has injected vitality into Shanghais hotel market in the first quarter of the year.This positive trend not only accelerates the development of the hotel industry but also sends a clear signal of a strong market rebound,despite current macroeconomic challenges.Hotel assets strategically loc

34、ated in core districts of Shanghai with stable cash flows are particularly favoured by HNWIs.Existing urban hotels with the potential for repositioning are still attractive to multifamily investors.Tao Zhou|FundamentalsYTD room additions595 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR S

35、tableHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Shanghai Hotel performance refer to Shanghais overall hotel market.Shanghai hotel supply refers to upscale and above segments.Source:JLL,industry sources,STR05001,0001,5002,0002,5003,0003,5004,0004,50020202021202220232024YTD 2025Ro

36、omsTokyoGrowth continues,driven by the full recovery of Chinese inbound tourism.Three luxury hotels set to debut in Tokyo in the latter half of 2025.Continued record high performance.ResearchTokyoHotels|Q1 2025International arrivals exceeded in Q1,which was the previous record high for a first quart

37、er,by 23.1%.The main factor contributing to this increase was the full recovery of Chinese visitors.For the first time since the end of the COVID-19 pandemic,the number of Chinese visitors in a quarterly basis surpassed the pre-pandemic levels of the first quarter of 2019.According to Japan National

38、 Tourism Organization,Tokyos total number of overnight stays reached an all-time high in 2024,surpassing the 2019 figure by 23.2%.2024 marked a significant milestone as international visitors accounted for approximately 52%of total overnight stays,surpassing domestic guests for the first time.There

39、were no openings of new international brand hotels in Q1 2025.International brands are still keen to open new hotels in Tokyo.The latter half of 2025 is set to witness a wave of luxury hotel openings,such as Fairmont,JW Marriott,and 1 Hotel slated to debut in quick succession.In Q1,Tokyos hotel sect

40、or demonstrated continued growth across all segments in terms of trading performance.The ongoing increase in inbound visitors has driven a sustained rise in ADR,while occupancy has also shown steady recovery.In the luxury and upper upscale segments,Q1 showed significant improvements compared to the

41、same period in 2024.ADR increased by 10.6%,while occupancy rose by 6.3 points.Consequently,RevPAR saw a substantial growth of 20.1%.However,occupancy still lag behind the Q1 2019 by 5.7 points.OutlookWhile the strong performance trends continued through Q1 2025,the escalation of geopolitical risks a

42、nd increasing global instability in April have created uncertainty.It will be crucial to closely monitor how these factors impact the performance of the second quarter.The USD/JPY exchange rate is experiencing significant volatility.Given that the previously weak Yen has been a major factor in boost

43、ing inbound visitor numbers and driving up ADR,any sharp appreciation of the Yen could potentially impact hotel performance.Kuraudo Ohashi|FundamentalsYTD room additions0 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR RisingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:T

44、okyo Hotels refer to Tokyos overall hotel market.Source:JLL,industry sources,STR05001,0001,5002,00020202021202220232024YTD 2025RoomsSeoulDespite political unrest,international visitation nears 2019 record.Limited new supply in 2025 and some conversions.RevPAR continues to show growth at a moderate p

45、ace.ResearchSeoulHotels|Q1 2025Despite the political turmoil in Korea,international arrivals remained robust and approached the YTD 2019 record of 2.3 million arrivals,with 18%y-o-y growth compared to 2023,demonstrating the countrys strong international appeal.YTD Feb 2024 top markets are China(31.3

46、%),Japan(17.7%),Taiwan(11.3%),US(6.4%)and Vietnam(3.4%).Although China still hasnt fully recovered to pre-COVID levels,countries such as Taiwan,US,Singapore and Australia are showing significant growth compared to 2019 levels.No new hotel openings in Q1 2025.InterContinental Coex(656 rooms)in Samseo

47、ng-dong,closed since last June,is under renovation and set to reopen as Westin Seoul Parnas in Q4 2025.Pullman Ambassador Gwangjin(182 rooms)and Hyatt Place Pangyo(204 rooms)to open in 2025,showing limited new supply pipeline and increase in premium accommodation options.Seouls Midscale&Economy hote

48、ls,amid political uncertainty,showed a slight decrease in occupancy compared to 2023.Nonetheless,RevPAR remained at the 2023 level,with a 10%y-o-y increase in ADR,surpassing the 2019 level by 15%.The Luxury&Upper Upscale segment was less impacted by political turmoil,recording KRW 232,425 with 9.8%y

49、-o-y growth and a 70.7%increase compared to 2019.While breaking historical records,the growth pace has moderated compared to 2023.OutlookAmid heightened interest in Korean hotel investment,numerous deals are slated for closure in 2025.Notably,the 432-key Four Points Seoul Station Hotel was sold to K

50、B AMC,with Shilla Stay Mapo scheduled to close in 2025.Many hotel investment opportunities to be introduced based on increased appetite for hotels.It will be crucial for deals to secure equity,given the limited funds available to review core to core+opportunities.Minjoon Kim|FundamentalsYTD room add

51、itions0 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR RisingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Seoul Hotels refer to Seouls overall hotel market.Source:JLL,industry sources,STR05001,0001,5002,00020202021202220232024YTD 2025RoomsSingaporeSingapores tourism arr

52、ivals dip slightly,but Chinese visitors continues to surge.One hotel opens in Q1 2025,but the rest of the year is expected to see a pickup.The softening of trading performance is mainly due to high base effects.ResearchSingaporeHotels|Q1 2025As of YTD March 2025,Singapore recorded 3.0 million intern

53、ational visitor arrivals,a y-o-y decrease of 1.1%.This was mainly due to high base effects,caused by a concert-driven tourism boost in March 2024.Nonetheless,the top source markets maintained a strong recovery in international visitation.Chinese arrivals,in particular,demonstrated remarkable recover

54、y on the back of visa exemptions,reaching 86.6%of the pre-pandemic levels observed in 2019.In the first quarter of 2025,there was only one luxury hotel opening,the Raffles Sentosa Resort&Spa Singapore(62 keys).Upcoming hotel supply for the rest of the year was driven by midscale and upscale openings

55、,with a notable trend towards lifestyle concepts.Notable openings included Mama Shelter Singapore Orchard(115),Moxy Singapore Clarke Quay(475)and Mett Singapore.RevPAR declined year-on-year by a high single-digit as of YTD March 2025,mainly due to high-base effects from the previous year,which were

56、boosted by high-profile concerts,particularly in March.One transaction took place in Q1 2025,namely the sale of Oakwood Studios for SGD 153 million.Investment activity was expected to pick up for the rest of 2025,with several ongoing transactions either in exclusive due diligence or having exchanged

57、 contracts.OutlookSTB projects tourism receipts to reach between SGD 29 billion and SGD 30.5 billion,surpassing pre-COVID levels,with international visitor arrivals expected to hit 17 million to 18.5 million.Nonetheless,the global economic outlook remains uncertain amid ongoing trade tensions,which

58、could impact tourism demand worldwide.Nonetheless,efforts to rejuvenate key tourism precincts in Orchard and Sentosa are underway,which should help drive more tourism demand in H2 2025.New tourism products,experiences and partnerships are also expected to facilitate new sources of demand growth.Calv

59、in Li|FundamentalsYTD room additions62 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR FallingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Singapore Hotels refer to Singapores overall hotel market.Source:JLL,industry sources,STR01,0002,0003,0004,0005,0006,000202020212022

60、20232024YTD 2025RoomsBangkokInternational visitation to Bangkok decreases compared to Q1 previous year.More than 1,400 new rooms opened in Q1.RevPAR continues to increase despite lower occupancy.ResearchBangkokHotels|Q1 2025Bangkok welcomed more than 6.8 million international tourists in the first t

61、hree months of the year,a decrease of 6.6%from the same period last year,likely from the drop in Chinese tourists,yet numbers are slightly higher than pre-pandemic times.In 2023(latest data available),mainland China regained its position as the largest source market for Bangkok,followed by South Kor

62、ea and India.However,inbound Asian tourists decreased in Q1 due to safety concerns and economic headwinds.Seven hotels opened in Bangkok in the first three months of the year,adding a total of 1,442 new rooms to the capital city,80%of which are in the midscale segment.Three hotels in the luxury and

63、ultra luxury segments are anticipated to open in 2025:the 52-key Aman Nai Lert Bangkok,the 244-key Andaz One Bangkok and the 419-key Fairmont Bangkok Sukhumvit.Hotel revenue per available room continued to increase from last year despite a slight drop in occupancy as a result of the current global e

64、conomic situation,which led to a wait-and-see approach from tourists.When looking at trading performance by segment,only economy to midscale hotels in Bangkok have recorded an improvement in both occupancy and ADR,leading to the strongest growth y-o-y in RevPAR.OutlookNear-term challenges persist,in

65、cluding global inflationary pressures,geopolitical tensions,and budgets and labour pressures,potentially slowing the industrys momentum by disrupting traditional travel patterns.A key focus for 2025 is tailoring offerings to Chinese tourists,emphasising both safety and security while acknowledging g

66、lobal volatility.Despite economic and geopolitical challenges,Bangkoks hospitality sector shows resilience and potential for ongoing recovery and expansion,fuelled by the citys appeal and developments.Rathawat Kuvijitrsuwan|FundamentalsYTD room additions1,763 roomsRevPAR growth trend Y-o-YStage in R

67、evPAR cycleRevPAR RisingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Bangkok Hotels refer to Bangkoks overall hotel market.Source:JLL,industry sources,STR01,0002,0003,0004,0005,00020202021202220232024YTD 2025RoomsJakartaDomestic guests remain a key driver for star-rated hotels,wit

68、h divergent preferences between local and foreign guests.No new openings in Q1 2025.No hotel transactions in 2024.ResearchJakartaHotels|Q1 2025As of YTD February 2025,the Jakarta hotel market remained heavily reliant on domestic tourism,with local guests accounting for 90.3%of the total in star-rate

69、d hotels.Domestic guests in Jakarta predominantly chose three-star hotels,where foreign guests continue to prefer five-star hotels.Jakartas hotel market experienced a decline in trading performance.Despite a y-o-y high-single-digit increase in ADR,the double-digit percentage-point decline in occupan

70、cy levels more than negated the strong ADR growth,resulting in an overall decrease in RevPAR.As of YTD March 2025,Jakarta has not seen any new hotel openings.However,the citys hotel and hospitality sector is poised for growth this year,driven by serviced apartments.Most of the upcoming openings for

71、2025 will be situated within Central Jakarta and mostly driven by upscale and luxury openings.Notable openings include the Okura Residences and Hotel Okura,PARKROYAL Jakarta and Swissotel Living Mega Kuningan.The Jakarta hotel transaction market remained dormant,with its last transaction in 2023,as

72、owners continue to hold onto their assets amid a significant improvement in inbound tourism and high trading performance.However,occupancy and ADR in Jakarta have been on a consistent upward trend,which has increased investor interest in the market.In 2025,we expect cash flow-generating hotels in Ja

73、karta to attract attention from investors in the region and globally.OutlookThere is rising concern that the government austerity measures,introduced in November 2024,will lead to reduced government travel budgets and fewer MICE activities,which will invariably impact hotels in Jakarta,which traditi

74、onally have been reliant on government-driven demand.Macroeconomic headwinds may increase due to the ongoing trade war,and it remains to be seen whether this is the start of a protracted battle.On a positive note,the government remains confident the economy will grow at 5%,unchanged from the previou

75、s forecast,which should bode well for corporate demand.Joshua Tay|FundamentalsYTD room additions0 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR FallingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Jakarta Hotels refer to Jakartas overall hotel market.Source:JLL,industry

76、 sources,STR02004006008001,0001,2001,4001,60020202021202220232024YTD 2025RoomsKuala LumpurVisitor arrivals in 2024 shy of government target.Supply accelerates due to new mega-infrastructure projects in 2025.No new hotel transactions so far in 2025.ResearchKuala LumpurHotels|Q1 2025According to Malay

77、sia tourism data,Malaysia welcomed about 25.0 million international arrivals in FY2024,approximately 96%of 2019 levels.The government recently announced visa exemptions for Indian nationals until the end of 2026,expecting to spur arrivals with anticipated improved connectivity between India and Mala

78、ysia.A total of 2,520 rooms from seven new hotel projects are expected to enter the market in 2025,with luxury and upscale hotels leading supply growth.Furthermore,investments into new mega-infrastructure projects with a hospitality component have been announced,such as the Golden Triangle and Palac

79、e of Golden Horses,which will drive supply in the medium-to long-term.The hotel capital market in Kuala Lumpur has been muted since 2024,with no new transactions in the market as owners hold on to their assets in light of inbound tourism.In terms of trading performance,the record year in 2024 has se

80、en some market correction,with luxury RevPAR declining 3.1%y-o-y due to occupancy rates contracting by 3.8 ppts.OutlookWith concerns rising over a potential recession and a global trade war,a slowdown in the economies of key Malaysian tourism markets could dampen the hospitality industry.However,the

81、 government has been ramping up efforts to promote Malaysia as a top global destination with the launch of the Visit Malaysia 2026 campaign,which sets an ambitious goal to welcome 35.6 million tourists to Malaysia.Cleavon Tan|FundamentalsYTD room additions0 roomsRevPAR growth trend Y-o-YStage in Rev

82、PAR cycleRevPAR FallingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Kuala Lumpur Hotels refer to Kuala Lumpurs overall hotel market.Source:JLL,industry sources,STR05001,0001,5002,00020202021202220232024YTD 2025RoomsHo Chi Minh CityContinued rebound in international visitation in H

83、CMC,leading to high occupancy rates in Q1 2025.No new supply in Q1 with a limited new supply landscape expected for 2025.Increased RevPAR performance while investment market faces persistent challenge.ResearchHo Chi Minh CityHotels|Q1 2025In Q1 2025,Ho Chi Minh City welcomed 1.6 million internationa

84、l tourists,marking a substantial 18.0%y-o-y increase.The domestic market showed more modest growth,with 8.5 million visitors representing a 6.3%y-o-y rise.The market continued to improve post-COVID,reflecting the recovery in tourist arrivals and leading to high occupancy rate.HCMCs hotel market expe

85、rienced a muted period in Q1,beside temporary closure of 105 rooms in the 5-star Sheraton in District 1 for renovation.2025 is expected to remain a quiet period for hotel supply in HCMC,with about 353 new rooms anticipated,similar to the new supply in 2023 and 2024.The most notable project is the AV

86、ANI Saigon Upscale hotel in the Grand Manhattan complex,a prestigious mixed-use luxury complex in District 1.ADR performance growth remained strong q-o-q and y-o-y,aligning with tourist arrivals despite a cost-cutting trend among tourists.Improved occupancy rates and ADR led to the rising stage of R

87、evPAR in HCMCs market in Q1 2025.HCMCs investment landscape continues to draw significant attention,especially from Asian financiers and private wealth groups.Nevertheless,deal activity remains constrained due to intricate ownership structures,legislative hurdles,and protracted bargaining procedures

88、.OutlookHCMC aims to attract 8.5 million foreign and 45 million local travelers in 2025,forecasting USD 10.3 billion in tourist expenditure.This expansion is bolstered by enhancements to urban facilities,notably the upcoming inauguration of Tan Son Nhat Airports additional Terminal 3 in the followin

89、g quarter,which will elevate passenger throughput to 50 million per year.The hotel market is expected to gradually increase occupancy rates and witness slight ADR adjustments throughout 2025.This growth trajectory is likely to continue in the short to medium term,fueled by robust tourist arrivals re

90、bound and constrained new supply pipeline.Cleavon Tan|FundamentalsYTD room additions0 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR RisingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Ho Chi Minh City Hotels refer to Ho Chi Minh Citys overall hotel market.Source:JLL,ind

91、ustry sources,STR020040060080020202021202220232024YTD 2025RoomsSydneyRecovery in both domestic and international arrivals supports demand growth.One opening in Q1 as supply cycle continues to moderate.Strong trading performance continues through the first quarter.ResearchSydneyHotels|Q1 2025Sydney A

92、irport announced that total traffic reached 41.4 million passengers(YTD Dec 24),a 7.1%increase on the prior year,and recovered to 93.2%of 2019 levels.International passengers continue to return,increasing 12.1%on 2023 and recovered 96.5%from 2019.This improvement in demand is also reinforced in the

93、latest visitation statistics from Tourism Research Australia(YE Dec 24),with Sydney recording 36.7 million visitors,with visitor nights(+10.6%)and visitor expenditure(+7.4%)both improving on the prior year.The Eve Surry Hills Village opened in February,adding 102 rooms to the market,the first openin

94、g in Sydney city in over a year.There are currently five hotels under construction in Sydneys CBD and fringe suburbs,set to add 1,071 new rooms,or 4.9%,to existing stock.Since 2020,Sydney has seen 2,373 rooms added to the market,which represents a 10.9%increase in total room stock.However,the supply

95、 cycle continues to moderate,and once the final projects complete,the market will have a 15.8%total supply increase over 2019.Sydney hotels continued to record positive trading metrics,evidenced by a y-o-y growth in occupancy and RevPAR(yet with softer ADR).Major events such as the NYE Fireworks and

96、 Vivid Sydney continue to drive strong hotel performance,with RevPAR exceeding 2019 levels.Transaction volumes totalled AUD 452.5 million in 2024,below long-term averages and a result of limited institutional-grade assets coming to market.Sales volumes in Q1 totalled$273.5 million;notably the Sir St

97、amford Circular Quay sold for residential conversion.OutlookIt is anticipated that Sydneys hotel market will continue to experience robust demand growth over 2025.This is supported by a significant events calendar,improving visitation and corporate/MICE returning,resulting in improved occupancies an

98、d moderated ADR growth.As a result of this strong trading growth and positive market outlook,investor appetite and interest for Sydney hotels remains high,with annual transaction volumes heavily reliant on the opportunities that come to market this year.Anthony Corbett|FundamentalsYTD room additions

99、102 roomsRevPAR growth trend Y-o-YStage in RevPAR cycleRevPAR RisingHistorical new supply trends Jones Lang Lasalle IP,Inc.2025Note:Sydney Hotels refer to all grades of accommodation and includes both hotels and serviced apartments.Source:JLL,industry sources,STR02004006008001,0002020202120222023202

100、4YTD 2025Rooms16Asia Pacific Nihat ErcanChief Executive OfficerHotels&Hospitality Group+65 8322 Xander NijnensHead of Advisory&Asset ManagementHotels and Hospitality Group+65 8650 Calvin LiHead of Transaction AdvisoryHotels&Hospitality Group+65 9739 Marina BraccianiVice President Research Asia Pacif

101、icHotels&Hospitality Group+66 80 069 To find out more about JLL services,contact:Greater ChinaTao ZhouHead of Greater ChinaHotels&Hospitality Group+86 186 1053 SingaporeCalvin LiHead of Transaction AdvisoryHotels&Hospitality Group+65 9739 ThailandRathawat KuvijitrsuwanSenior Vice PresidentHotels&Hos

102、pitality Group+66 86 885 IndonesiaCleavon TanSenior Vice PresidentHotels&Hospitality Group+65 9696 Australia Anthony CorbettJoint Head of Hotels&Hospitality ValuationsHotels&Hospitality Group+61 411 647 Kyle WheatleyAssociate Research AustralasiaHotels&Hospitality Group+61 438 049 MalaysiaCleavon Ta

103、nSenior Vice PresidentHotels&Hospitality Group+65 9696 JapanKuraudo OhashiHead of AdvisoryHotels&Hospitality Group+81 90 6494 VietnamCleavon TanSenior Vice PresidentHotels&Hospitality Group+65 9696 17Research at JLLJLLs research team delivers intelligence,analysis and insight through marketleading r

104、eports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local

105、 and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.About JLLFor over 200 years,JLL(NYSE:JLL),a leading global c

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107、ur more than 111,000 employees bring the power of a global platform combined with local expertise.Driven by our purpose to shape the future of real estate for a better world,we help our clients,people and communities SEE A BRIGHTER WAY.JLL is the brand name,and a registered trademark,of Jones Lang L

108、aSalle Incorporated.For further information,visit .COPYRIGHT JONES LANG LASALLE IP,INC.2025This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources

109、we believe to be reliable,but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-l

110、ooking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.