Beijing hotels benefit from surging inbound tourism and strong domestic leisure demand offsetting corporate travel softness

• From January to August 2025, Beijing welcomed 3.36 million inbound visitors up 44% y-o-y, generating RMB 31.23 billion up 49%. August alone saw 446,000 arrivals with RMB 40.9 billion, both rising over 38%. Domestic demand also surged as Douyin reported summer orders up 41% and study tour bookings nearly 49 times higher m-o-m.
• This dual momentum is helping hotels fill rooms, especially midweek, yet full rate recovery has not materialised. With corporate budgets still tight across upscale segments, average daily rates have softened slightly, which offsets occupancy gains and results in modest RevPAR decline through September despite strong leisure performance.

Three hotels open in Beijing Q3 2025

• In Q3, Beijing welcomed three new upscale hotels: Crowne Plaza Beijing Tongzhou, Four Points by Sheraton Beijing Sanlitun Workers Stadium and Capital International Exhibition Center Hotel.
• No openings are expected in Q4 2025. Looking ahead, the Ritz Carlton Beijing North is scheduled to open in 2026.

As of the end of September, Beijing’s upscale hotels have recovered 87% of their 2019 RevPAR

• As of YTD September 2025, Beijing’s upscale and above segments continued to record a drop in RevPAR from the same time last year. However, luxury hotels outperformed the market, especially with occupancy offsetting a softening ADR.
• Compared to YTD September 2024, the RevPAR of the luxury segment declined due to rate pressure, while the occupancy improved. Upscale RevPAR dipped slightly due to corporate budget limitations.

Outlook: Beijing hotels to lean on holiday calendar and inbound momentum to stabilise performance with occupancy offsetting rate pressure

• Upcoming holidays, including Mid-Autumn and National Day, are expected to continuously drive demand influx and help luxury hotels maintain RevPAR even though room rates face continued corporate budget constraints and pricing competition across the market.
• Beijing is slated to host multiple high-impact international conferences in late 2025 and 2026, including the China International Fair for Trade in Services and 2026 Beijing International AI Expo. The upcoming events are expected to bring in accommodation needs to support hotel businesses nearby.