The 35th HICAP this week at the Fairmont Singapore & Swissôtel The Stamford, features extensive discussions about Asia Pacific hotel investment activity over the past year and into the future as hosted by BHN Jeff Higley, CHIA, ISHC and Jonathon Zink.

The region experienced increased transactions and sales set against a backdrop of varied growth rates.

There has been a slowdown in markets that previously experienced rapid expansion, such as Japan and India; a recovery in areas where growth began later, including parts of Vietnam; and declines in other locations influenced by specific factors, such as Singapore.

These trends are relevant to stakeholders including owners, investors, and operators, particularly in relation to development activity and upcoming supply, with the next significant delivery scheduled for 2025.

Additionally, food and beverage operations have faced notable challenges regarding GOP margins, prompting ongoing evaluation of whether to manage F&B internally, outsource it, or reduce its scope in new developments.

September 2025 marked the first month in 18 months with year-over-year increases in Occupancy and ADR in Mainland China.

While further improvement is necessary to make a broader difference, this suggests China is starting to turn a corner in midweek business, where impact from sharp decrease in contracted SOE (State Owned Enterprise) spend in 2025 is limiting overall meeting business within the country.

There is considerable diversity among investors, with some entering hospitality from other asset classes. During the HICAP session, STR CoStar Group data was used to illustrate how investor types assess opportunities, currently and looking ahead.

For example, Japan features significant private equity-driven efficiencies introduced by foreign capital, while Vietnam remains a popular destination for investment.

Forecasts indicate lower growth moving forward, but with continued resilience at the macro level as the region anticipates a new supply cycle and an increase in brand presence over the next 18 months.

Biggest forecast gamble? Predicting Norway to win the World Cup in 2026. (but if Sweden in its miserable qualifying state should somehow prevail I will lay down veto and change)

Want to have a look at slides from the event? Click here for more...