South Korea has seen a significant rebound in trading performance led by the luxury segment. In July, Singapore-based real estate firm City Developments Ltd acquired Nine Tree Premier Hotel Myeongdong II from South Korea’s Shinhan Asset Management Co. in a 140 billion won ($107.2 million) deal.

Nearly all luxury hotels in APAC have surpassed pre-pandemic revenue per available room (RevPAR) levels during the first nine months of 2023, JLL data shows.

“More institutional investors are also exploring conversion of Tier-1 city rental apartments into hotels, while the swift recovery of hotel performance in tourist destinations like Sanya is also drawing investor attention,” says Ercan.

In the rest of the region, safe-haven markets such as Australia and Singapore remain highly sought-after for investors’ long-term strategies, while India is predicted to emerge as an attractive destination for HNWIs seeking portfolio diversification.