Whitebridge APAC Hotels Monitor, Issue 12

According to McKinsey, economic activity was strong across much of the region in Q2 2025 as companies front loaded activity to capitalise on a pause in the implementation of reciprocal tariffs. Vietnam continues to be South East Asia’s best performer. Chinese inbound tourism is recovering strongly, driven by relaxed visa regulations, visa-free transit options and restored international air routes. India remains one of the fastest growing economies in the world and Australian tourism goes from strength to strength (forecast to hit 10m arrivals in 2026).

The majority of markets have witnessed positive RevPAR and GOPPAR growth, with the strongest performer being Tokyo (+17.4% in RevPAR and +18.3% in GOPPAR). The weakest markets were Singapore (-4.7% in RevPAR) and Jakarta (-7.2% in GOPPAR). Vietnam is going through a purple patch, with all metrics growing strongly, culminating in a +15.4% increase in GOPPAR.

Construction cost trends have been generally upwards but such increases appear to be measured as regional economies witnessed relatively modest levels of growth.

The region has been very busy cutting deals, with transactions hotspots identified in Hong Kong, Singapore and South Korea. Most deals were single asset transactions. There were a few portfolio deals, but very little corporate activity.

Vietnam is going through a purple patch.

Our final page feature is a dip into the murky world of executive pay and packages, and how the cost of such talent can vary around the globe, for which many thanks to CDR (a global talent advisory firm for the luxury hospitality sector).

Philip Camble

Director, Whitebridge Hospitality

Editor, Asia Pacific Hotels Monitor