Figures
Asia Pacific Hotel Trends Q4 2024
January 20, 2025 5 Minute Read
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- Thailand has witnessed a strong rebound over the last six months as an increase in arrivals from Russia and the Middle East enables operators to diversify source markets. ADRs reached historical highs in 2024, driving growth in RevPAR. Phuket and Bangkok ADRs exceeded 2019 levels by 35% and 15%, respectively. Creativity will be key for investors, focusing on adding value and utilising space to increase non-room revenue and drive returns.
- In Australia, local demand continues to drive hotel performance, with domestic travel running above 2019 levels since mid-2022. Domestic trips were up 2% y-o-y in the 2023/2024 financial year. ADRs continued to set historic highs in 2024, led by Sydney, Perth and Brisbane. Overall RevPAR growth for these markets was up by 3.6%, 8.8% and 3.8%, respectively, as of November 2024 y-t-d. CBRE anticipates further gains in occupancy in 2025 with the ongoing inbound recovery helping to stimulate demand in gateway markets.
- Korea hotel performance continues to lead other markets in the region. November 2024 y-t-d ADRs were ~50% above those in the same period of 2019, with Korea being one of the few markets in Asia Pacific where occupancy has eclipsed 2019 levels. Investment will remain robust in the value-add space, with several assets currently on or due to be brought to market. Seoul will continue to be a focal point as the limited supply pipeline keeps hotel values high.
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Michael Simpson
Head of Hotels & Hospitality, Pacific
Troy Craig
Regional Director, Hotels & Hospitality, Valuation & Advisory Services, Pacific
