Double-digit annual growth in international visitation as of YTD November 2025

• The number of international visitors continued to rise in Hong Kong, with the city registering more than 45.2 million foreign tourists between January and November 2025, marking a notable increase of 12.4% compared with the same period in 2024.
• Tourists from Mainland China accounted for more than 76% of total arrivals in the first 11 months, followed by visitors from Taiwan.

New openings in Q4 2025 concentrated in Kowloon

• Five midscale-to-economy hotels opened in Kowloon in December 2025, adding a total of 1,090 rooms to the market.
• The pipeline of new supply in 2026 is anticipated to remain limited to two hotels, allowing time for the market to absorb the supply completed in 2025. The only luxury project is the upcoming Andaz Hong Kong Central, set to open in 2027.

Hong Kong hotels end 2025 with strong improvements in performance and investment activity

• In 2025, RevPAR of Hong Kong hotels increased from the previous year, boosted by a notable rise in occupancy in line with growing tourist arrivals. Growth in trading performance was particularly strong in the luxury segment.
• Hong Kong’s hotel investment volume nearly doubled in 2025 compared with 2024, signalling renewed interest from investors in the city’s hospitality industry.

Outlook: Hong Kong maintains its position as an international business and tourism hub

• Future recovery hinges on the strength of Mainland China’s economy, ongoing trade tensions and global economic uncertainties such as US interest rates and tariffs. Hong Kong’s ability to attract leisure and business travellers, adapt to market changes and capitalise on MICE sector opportunities will be crucial.
• Despite challenges, Hong Kong remains committed to maintaining its openness and status as an international business and tourism hub.