Insights
Viewpoints with bite
Dig in to the latest research, industry analysis, MarketCompass and premium market reports.
Points of view
Intangible assets in hotel property tax assessments
Hotels are complex assets that blend real estate with business value. For property tax purposes, only the real estate is taxable – yet all too often, assessors inadvertently include the hotel’s intangible business assets in the assessed value. Brand value, management contracts, franchise affiliations, and customer relationships can inflate taxable value if not properly removed. On the majority of occasions, upscale, select-service, and extended-stay hotels – particularly those transacted in portfolios – are assessed at values that fail to extract these intangibles.

What we learned at ALIS CALA 2025: Day 2
The debut of ALIS CALA 2025 marked a significant milestone for the hospitality industry in the Caribbean and Latin America. Merging the former CHRIS and HOLA conferences, this unified platform brought together more than 100 hospitality leaders, investors, and developers in Coral Gables, Florida to chart the future of travel and investment across the region.

Resilience in Paradise
Global leisure travel patterns are undergoing a notable realignment as economic and political headwinds emanating from the United States redirect international tourists toward more accessible and stable destinations. The Caribbean, in particular, has emerged as a prime beneficiary of this shift. Factors such as U.S. trade tariffs, policy uncertainty, and geopolitical tensions have dampened the appeal of U.S. travel for many overseas visitors, resulting in a “travel diversion” effect in which sun-seeking travelers opt for Caribbean getaways over U.S. holidays. At the same time, the Caribbean region’s robust tourism recovery and relative political stability have positioned its islands as attractive havens for both vacationers and investors.

What we learned at ALIS CALA 2025: Day 1
On the opening day of the ALIS CALA conference, Horwath HTL convened industry leaders to discuss the evolving landscape of financing hospitality developments across the Caribbean and Latin America

The strategic imperative for hotels
Sustainability is no longer a side conversation in the hospitality industry, it’s the blueprint for long-term success. As environmental regulations tighten and stakeholder expectations evolve, hotel owners must adopt sustainability strategies that align with global standards and deliver measurable outcomes. This is not merely an ethical decision but a strategic imperative that impacts operational efficiency, brand positioning, and long-term financial performance. However, crafting and implementing a robust sustainability strategy can feel complex. Hotel owners and executives need more than good intentions; they need specialist expertise to turn ambition into action.

Reports
Mexico Hotel Market 2024
In 2024, Mexico’s tourism sector continued its robust post-pandemic recovery, contributing 8.6% to the national GDP and employing over 4.9 million people. Tourist arrivals reached 27 million, with 22.3 million entering by air – 63% from the U.S. – underscoring Mexico’s continued appeal to international travelers. This comprehensive market study outlines the main trends, growth segments, and challenges for Mexico’s hospitality sector as of 2024 and forecasts into 2025–2028.

Indonesia: The impact of government austerity measures
The Indonesian hospitality industry is grappling with the effects of the government’s budget austerity policy, introduced in November 2024, according to a recent survey conducted by the Indonesian Hotel and Restaurant Association (PHRI) and Horwath HTL. The survey, which gathered responses from 726 hoteliers across 30 provinces, highlights significant concerns regarding declining market performance, with 83% of respondents indicating an unfavourable start to 2025. Government-related demand, historically comprising 5-7% of hotel business, and MICE-related demand, making up 6-21%, have been drastically affected.

Lombok Hotel & Branded Residences 2025
Lombok, long overshadowed by Bali, remains rich in natural and cultural appeal but underperforms in tourism development due to connectivity issues and hesitant investment. Despite solid domestic tourism growth, international arrivals are lagging, reaching only 430,000 in 2024, down from their 2019 peak. Domestic visitors, however, surged to over 3.2 million.

New Zealand Hotel Performance Focus March 2025
During March, New Zealand hotels’ RevPAR declined by 5.5%, with Auckland and Wellington experiencing double-digit declines. Queenstown recorded another strong month. In addition to our usual market insights, we have expanded this month’s analysis to explore how supply growth and shifting consumer preferences have impacted Auckland hotels across the 3-star to 5-star segments.

Bali Hotel & Branded Residences 2025
Bali’s hotel sector experienced a record-breaking performance in 2024, surpassing 2023’s record. Occupancy and average daily rates (ADR) saw significant increases, contributing to a 14% rise in revenue per available room (RevPAR). Domestic tourism remained strong, with over 10 million domestic visitors, while international arrivals reached 6.3 million, exceeding pre-pandemic levels. Australia, India, and China were the top international markets.

New Zealand Hotel Performance Focus February 2025
New Zealand’s hotel market in February 2025 showed mixed regional performance, with RevPAR declining nationally by 1.8%, yet strong growth in areas like Queenstown and Nelson-Marlborough, while others faced challenges, amidst a backdrop of fluctuating international visitor arrivals and increased supply.

Poland Hotels & Chains Report 2024
The Poland Hotels & Chains Report 2024 provides a comprehensive analysis of the Polish hotel industry amidst economic growth of 2.7% and geopolitical challenges.

MarketCompass Lodging Reports
Washington State Area – 2025 Q1
The MarketCompass Lodging Report for 1Q 2025 analyzes the Washington State area lodging market, including Spokane’s economy and its influence on the region. It assesses various hotel classes (Luxury to Economy) using key metrics like occupancy, ADR, and RevPAR, providing performance rankings and trends. The report examines factors like brand representation, investment rates, air passenger traffic, and CRE performance. Spokane’s economic drivers, such as healthcare and logistics, are highlighted, alongside challenges like declining university enrollments. The report offers insights into market strengths, weaknesses, and future outlook, aiding investors in navigating the hospitality landscape. Click here to view a shortened preview of the report.
Tulsa, OK – 2025 Q1
The MarketCompass Lodging Report for Tulsa, OK in 1Q 2025 highlights a diverse economy driven by manufacturing, energy, and healthcare, with a growing labor market outpacing state and national averages. The manufacturing sector, bolstered by aerospace and defense, is expected to drive business travel and hotel occupancy. However, a slower energy sector recovery and potential population decline pose challenges. Tulsa’s lodging market ranks in the 30th percentile nationally, indicating underperformance, with varied investment risk across hotel classes. The report analyzes key metrics like occupancy, ADR, and RevPAR, providing insights into different hotel classes’ performance. Click here to view a shortened preview of the report.
Tucson, AZ – 2025 Q1
The MarketCompass Lodging Report for Tucson, AZ, 1Q 2025 analyzes the city’s diverse economy and lodging market performance. Tucson showcases robust job growth, driven significantly by the University of Arizona’s expansion. The leisure and hospitality sector faces a tightening labor market. The report ranks Tucson in the 54th percentile nationally. It details key metrics like occupancy, ADR, and RevPAR across different hotel classes, highlighting strengths and challenges for each. It further examines brand representation, investment rates, air passenger throughput, published rates, and general CRE performance. The report concludes with a forward-looking perspective on Tucson’s economic drivers, including aerospace manufacturing and housing activity. Click here to view a shortened preview of the report.
Tampa, FL – 2025 Q1
The MarketCompass Lodging Report for Tampa, FL in 1Q 2025 highlights the region’s resilient economy, driven by tourism and healthcare, despite facing challenges like high interest rates. The report analyzes key metrics, brand representation, investment rates, air passenger throughput, and CRE performance. It provides detailed insights into various hotel classes, including luxury, upper upscale, and economy, ranking their performance and identifying strengths and challenges. The report also examines occupancy, guest-paid ADR, and RevPAR trends from 1990 to March 2025, offering a comprehensive overview for stakeholders navigating the evolving market dynamics. Click here to view a shortened preview of the report.
Syracuse, NY – 2025 Q1
The MarketCompass Lodging Report for Syracuse, NY in 1Q 2025 analyzes the city’s hotel market, considering the local economy, key performance indicators, and various hotel classes. Syracuse’s economy is evolving, with healthcare and professional services growing, while manufacturing is bolstered by defense spending and potential semiconductor investment. The report ranks Syracuse’s lodging market as “Under-Performing” compared to other US hotel markets. It dives into specific classes—Luxury to Economy—assessing strengths, challenges, and notable rankings. Occupancy, ADR, and RevPAR trends are tracked from 1990 through March 2025, providing insight into the hotel market’s performance and potential investment opportunities. Click here to view a shortened preview of the report.
South Carolina State Area – 2025 Q1
The MarketCompass Lodging Report for 1Q 2025 focuses on the South Carolina State Area lodging market, examining performance across various classes from Luxury to Economy. Greenville’s economy, driven by healthcare and manufacturing, faces low-wage job challenges, potentially impacting future investment. The region ranks moderately among the top US hotel markets. The report analyzes occupancy, ADR, and RevPAR trends from 1990 through March 2025. It details strengths and challenges for each hotel class, including notable rankings in COVID recovery, demand change, and transaction pricing, offering insights for investors amid shifting market dynamics. Click here to view a shortened preview of the report.
Seattle, WA – 2025 Q1
The MarketCompass Lodging Report for Seattle, WA in 1Q 2025 analyzes the area’s hotel market. Despite a diverse economy, a struggling tech sector is expected to dampen hotel demand through 2025, impacting investment strategies. The Seattle market is ranked in the 86th percentile nationally, indicating stable growth potential. The report breaks down performance by hotel class, including luxury, upper upscale, upscale, upper midscale, midscale, and economy. It also covers brand representation, investment rates, air passenger throughput, published rates, and general commercial real estate performance. The report includes data tables on occupancy, ADR, and RevPAR. Click here to view a shortened preview of the report.
Savannah, GA – 2025 Q1
The MarketCompass Lodging Report for Savannah, GA in 1Q 2025 indicates a moderate market performance. Savannah’s economy is rebounding, driven by government payrolls and a strong transportation/warehousing sector due to the Port of Savannah. However, the leisure/hospitality sectors face challenges. Tourism is vital, with anticipated new luxury hotel developments. Labor shortages pose a threat, requiring effective management by hotel operators to maintain service quality. The report analyzes key metrics, brand representation, investment rates/risks, air passenger throughput, CRE performance, and provides a forecast. It also ranks hotel classes and largest hotels. Click here to view a shortened preview of the report.
AsiaPac Shop
Premium Reports
Drawing on our diverse experience and research capabilities, Horwath HTL publishes a variety of studies that assist in analyzing today’s dynamic hotel and tourism markets.
APAC Resort Market Annual Study 2024
Drawing on our diverse experience and research capabilities, Horwath HTL publishes a variety of studies that assist in analyzing today’s dynamic hotel and tourism markets. Published on an annual basis, these studies survey the overall financial and operational performance for hotel markets in key countries around the world, including Australia and New Zealand. Conducted in cooperation with local tourism organizations and hotel associations, the surveys enjoy a high participation rate from properties of varying sizes, brands, and quality level. Data is collected, compiled, analyzed, and presented by relevant and meaningful industry standards of comparison, including segmented categories based on achieved average daily room rate, hotel room count and location. Key sections in the study include: Detailed departmental revenue, expenses and profitability ratios by rate, size, and location categories. Key marketing statistics, including market mix guest profiles, and reservation/sales sources. Other information pertinent to individual destination markets, such as labor cost/productivity and food and beverage operation statistics. Based on the Uniform System of Accounts for the Lodging Industry, Horwath HTL Hotel Industry Survey of Operations not only tracks the operating and financial characteristics of specific hotel markets, but also sets consistent standards for benchmarking as a management tool for measuring and improving individual property performances by providing an invaluable source of industry information that would otherwise be difficult to obtain. A summary of the report can be viewed here: 2024 APAC Resort Markets Summary
ASEAN Key Markets Annual Study 2024
Drawing on our diverse experience and research capabilities, Horwath HTL publishes a variety of studies that assist in analyzing today’s dynamic hotel and tourism markets. Published on an annual basis, these studies survey the overall financial and operational performance for hotel markets in key countries around the world, including Australia and New Zealand. Conducted in cooperation with local tourism organizations and hotel associations, the surveys enjoy a high participation rate from properties of varying sizes, brands, and quality level. Data is collected, compiled, analyzed, and presented by relevant and meaningful industry standards of comparison, including segmented categories based on achieved average daily room rate, hotel room count and location. Key sections in the study include: Detailed departmental revenue, expenses and profitability ratios by rate, size, and location categories. Key marketing statistics, including market mix guest profiles, and reservation/sales sources. Other information pertinent to individual destination markets, such as labor cost/productivity and food and beverage operation statistics. Based on the Uniform System of Accounts for the Lodging Industry, Horwath HTL Hotel Industry Survey of Operations not only tracks the operating and financial characteristics of specific hotel markets, but also sets consistent standards for benchmarking as a management tool for measuring and improving individual property performances by providing an invaluable source of industry information that would otherwise be difficult to obtain. A summary of the report can be viewed here: 2024 ASEAN Key Markets 2024 Summary
Asia Pacific Serviced Apartment Annual Study 2024
Drawing on our diverse experience and research capabilities, Horwath HTL publishes a variety of studies that assist in analyzing today’s dynamic hotel and tourism markets. Published on an annual basis, these studies survey the overall financial and operational performance for hotel markets in key countries around the world, including Australia and New Zealand. Conducted in cooperation with local tourism organizations and hotel associations, the surveys enjoy a high participation rate from properties of varying sizes, brands, and quality level. Data is collected, compiled, analyzed, and presented by relevant and meaningful industry standards of comparison, including segmented categories based on achieved average daily room rate, hotel room count and location. Key sections in the study include: Detailed departmental revenue, expenses and profitability ratios by rate, size, and location categories. Key marketing statistics, including market mix guest profiles, and reservation/sales sources. Other information pertinent to individual destination markets, such as labor cost/productivity and food and beverage operation statistics. Based on the Uniform System of Accounts for the Lodging Industry, Horwath HTL Hotel Industry Survey of Operations not only tracks the operating and financial characteristics of specific hotel markets, but also sets consistent standards for benchmarking as a management tool for measuring and improving individual property performances by providing an invaluable source of industry information that would otherwise be difficult to obtain. A summary of the report can be viewed here: 2Serviced Apartment Annual Study 2024 Summary
Australia Annual Study 2024
Drawing on our diverse experience and research capabilities, Horwath HTL publishes a variety of studies that assist in analyzing today’s dynamic hotel and tourism markets. Published on an annual basis, these studies survey the overall financial and operational performance for hotel markets in key countries around the world, including Australia and New Zealand. Conducted in cooperation with local tourism organizations and hotel associations, the surveys enjoy a high participation rate from properties of varying sizes, brands, and quality level. Data is collected, compiled, analyzed, and presented by relevant and meaningful industry standards of comparison, including segmented categories based on achieved average daily room rate, hotel room count and location. Key sections in the study include: Detailed departmental revenue, expenses and profitability ratios by rate, size, and location categories. Key marketing statistics, including market mix guest profiles, and reservation/sales sources. Other information pertinent to individual destination markets, such as labor cost/productivity and food and beverage operation statistics. Based on the Uniform System of Accounts for the Lodging Industry, Horwath HTL Hotel Industry Survey of Operations not only tracks the operating and financial characteristics of specific hotel markets, but also sets consistent standards for benchmarking as a management tool for measuring and improving individual property performances by providing an invaluable source of industry information that would otherwise be difficult to obtain. A summary of the report can be viewed here: Australia Annual Study 2024 Summary
Events
MIPIM
10th March – 14th February 2025
MIPIM influences and accelerates the transformation of the built environment by crafting a unique, week-long urban festival in Cannes. Here, face-to-face discussions, workshops and panels offer inspiration and thought-leadership, while creating opportunities to exchange experiences and drive business and professional growth. As a reference point for the global real estate industry, MIPIM provides unique access to global capital and concrete solutions for making assets more sustainable and resilient in a rapidly changing world.
Palais de Festival, Cannes
Hunter
18th March – 20th March 2025
Join more than 2,000 hospitality professionals at the Hunter Hotel Investment Conference, where you can engage in valuable education and networking opportunities tailored for hotel owners, developers, and investors.
Marriott Marquis Atlanta
IHIF EMEA
31st March – 2nd April 2025
2025 Theme Announced – Own the Moment With declining interest rates, strong fundamentals, and increasing liquidity, hospitality stands out as a resilient, high-growth asset class for investors. IHIF EMEA 2025 offers a unique platform to navigate the evolving business landscape with its curated tracks, innovative formats, and deep content. By prioritizing networking, knowledge sharing, and collaboration, the event empowers attendees to drive forward momentum amid global challenges. Now is the time to seize the moment, prepare for the new deal cycle, and shape the future of hospitality investment.
Intercontinental Berlin