# Asia Pacific hotel supply CAGR to slow to 2.3% till 2029

- **Source:** Real Estate Asia
- **Published:** 2026-10-06T05:43:01.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-hotel/in-focus/asia-pacific-hotel-supply-cagr-slow-23-till-2029
- **Topics:** Investment & Capital Markets, Regional Markets

## Featured rationale

Elevated construction costs and constrained development may tighten new hotel supply, encouraging investors to pursue conversions and concentrate projects in upscale and above segments.

## AI summary

Asia Pacific hotel supply is forecast to grow at a 2.3% CAGR from 2025 to 2029F, less than half its historical 5.1% average.

## Original article

This is less than half the region’s historical average of 5.1%.

Hotel supply in Asia Pacific is expected to grow at a compound annual growth rate of around 2.3% from 2025 to 2029F, less than half the region's historical average of 5.1%, as high construction costs and a slow recovery in occupancy constrain new development, according to CBRE.

CBRE said 49% of new hotel supply through 2029 is expected to be located in mainland China. Excluding China from the forecast, regional hotel supply growth would fall to just 1.0% CAGR over the 2025-2029F period.

The consultancy said future supply is increasingly concentrated in the higher-end market, with 63% of upcoming projects through 2029 in the upscale and above segments. However, investors are also increasingly turning to conversions of existing buildings as an alternative to costly new construction.

Tokyo is particularly exposed to rising development costs. CBRE said the Japanese capital recorded the highest average construction costs in the region in 2026, with costs expected to rise by a further 10% in coming years. As a result, supply growth over the next three years is expected at just 0.3% CAGR, well below its historical average of 4.1%.

Even markets with comparatively lower construction costs, including emerging Southeast Asian cities and Shanghai, are expected to see slower growth in new hotel supply, CBRE said. New Delhi is the main exception, supported by relatively low construction costs and strong domestic demand.

CBRE also highlighted the growing role of hotel conversions. The expansion of lifestyle hotel brands is giving owners more options for repositioning and rebranding existing properties. Since 2020, around 170 lifestyle hotels, representing about 35,000 rooms, have opened across Asia Pacific through existing-building conversions, according to CBRE.

The findings point to a hotel development pipeline increasingly shaped not only by demand, but by construction economics, with conversions providing investors an alternative route to expanding portfolios as new-build costs remain elevated.

## Chinese translation

> Translation model: grok_cli

### 亚太酒店供应复合年增长率至2029年将放缓至2.3%

亚太地区酒店供应预计在2025年至2029年预测期间将以约2.3%的复合年增长率增长，不及该地区历史平均水平的一半

这不及该地区5.1%历史平均水平的一半。

世邦魏理仕（CBRE）表示，亚太地区酒店供应预计在2025年至2029年预测期间将以约2.3%的复合年增长率增长，不及该地区5.1%历史平均水平的一半，原因是高建造成本以及入住率复苏缓慢制约了新开发。

世邦魏理仕称，截至2029年的新增酒店供应中，预计49%将位于中国内地。若将中国从预测中剔除，2025年至2029年预测期间区域酒店供应增长的复合年增长率将降至仅1.0%。

该咨询机构表示，未来供应正日益集中于较高端市场，截至2029年的待建项目中，63%属于高端及以上细分市场。不过，投资者也日益转向改造既有建筑，以此替代成本高昂的新建。

东京尤其受到开发成本上升的影响。世邦魏理仕称，日本首都在2026年录得该地区最高的平均建造成本，且成本预计在未来数年再上升10%。因此，未来三年供应增长的复合年增长率预计仅为0.3%，远低于其4.1%的历史平均水平。

世邦魏理仕表示，即便是建造成本相对较低的市场，包括新兴东南亚城市和上海，新酒店供应的增长预计也将放缓。新德里是主要例外，受到相对较低的建造成本以及强劲内需的支撑。

世邦魏理仕还强调，酒店改造的作用日益重要。生活方式酒店品牌的扩张，为业主重新定位和重塑既有物业品牌提供了更多选择。据世邦魏理仕，自2020年以来，约170家生活方式酒店、合计约35,000间客房，已通过既有建筑改造在亚太地区开业。

研究结果指出，酒店开发管线日益不仅由需求塑造，也由建造经济因素塑造；在新建成本维持高位之际，改造为投资者扩大资产组合提供了另一条路径。