Asia-Pacific hotel deal outlook brightens amid global volatility

Jones Lang LaSalle (JLL) says that despite ongoing global economic volatility and uncertainty likely to persist for some time, hotel investment and transaction activity in Asia-Pacific is showing increasingly positive signals.

For 2025, the region’s hotel deal value is forecast at US$11.9 billion, supported mainly by resilient travel demand and shifting tourist behaviour.

The market picture, JLL noted, is that investors still want to buy, but the supply of high-quality hotel assets is becoming more limited.

Lower-risk markets tend to have higher hotel pricing, while emerging markets continue to offer “buy now, add value later” opportunities.

At the same time, economic uncertainty has made investors more cautious.

Deals are taking longer to close, due diligence is more rigorous, and there is greater emphasis on cost control, factors JLL says should help make the market more stable over the longer term.

Top hotel markets in focus (late 2025 into 2026)

JLL said the hotel markets drawing the most investor attention are:

1. Japan
2. Singapore
3. Australia

This is particularly true for high-net-worth individuals (HNWIs) seeking distinctive hotels with clear value-creation potential.

JLL also described Vietnam as a rising market, with new investable opportunities becoming more visible.

Thailand active market, but deals remain smaller

In Thailand, hotel transactions are still largely driven by local investor interest, while foreign investors, especially from Southeast Asia, continue to explore opportunities.

However, JLL said most deals in Thailand remain small to mid-sized compared with larger core markets.

It expects transaction value to be unusually high in 2025 at about US$804 million, before easing in 2026 to around US$402 million, closer to the long-term average.

One key reason Thailand is seen as less compelling than some neighbours, JLL added, is a slower tourism recovery.

Tourism recovery gap weighs on sentiment

Citing UNWTO (United Nations World Tourism Organisation) data, JLL noted that international travel globally is expected to grow 3–5% in 2025.

In the first half of 2025, the Asia-Pacific saw international arrivals rise 11%, reaching 92% of pre-pandemic levels.

The strongest rebound markets included Japan and Vietnam (both +21%) and South Korea (+15%).

Thailand, by contrast, saw international arrivals down 8% in the first nine months of 2025, while Chinese arrivals fell 35%, leaving the Chinese market at only around 40% of pre-COVID levels.

Even so, some inbound markets continued to grow against the trend, including India (+15%), the UK (+14%), and Russia (+10%).

RevPAR lags, but investment stays lively

Across the Asia-Pacific region, average revenue per available room (RevPAR) rose 2%, but Thailand’s RevPAR fell 4%, hit by slower occupancy growth and stiffer competition, especially from Vietnam.

Despite softer operating metrics, JLL said Thailand’s hotel investment market remained active.

In the first nine months of 2025, total hotel transaction value reached US$642 million, higher than the previous year and well above the 10-year average.

JLL estimated 69.5% of the transaction value came from Thai investors, with several large deals involving Bangkok hotels that offer room for future value uplift.

Leasehold hotels gain popularity

Another notable trend is rising interest in leasehold hotels, as high urban land prices push investors to consider long-term lease structures when business plans are clear and returns are compelling.

JLL put the leasehold hotel transaction value at about US$127 million, accounting for nearly 20% of the overall market.