# Hong Kong hotel sector gains ground as luxury segment outperforms

- **Source:** Real Estate Asia
- **Published:** 2026-10-06T04:58:42.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-hotel/news/hong-kong-hotel-sector-gains-ground-luxury-segment-outperforms
- **Topics:** Regional Markets

## Featured rationale

Resilient leisure demand, limited new supply and student-housing conversions may support hotel occupancy and rates while strengthening investor interest in adaptable properties yielding at least 4.5%.

## AI summary

Hong Kong’s High Tariff A hotels achieved record RevPAR of HK$1,883 in 1H 2026, surpassing 2018 levels despite business arrivals remaining 43% lower.

## Original article

High Tariff A hotels achieved a record RevPAR of HK$1,883 in 1H 2026, exceeding 2018 levels.

Hong Kong's hotel market is continuing its recovery, supported by resilient leisure demand, stronger visitor spending and limited new supply, although the sector is still being held back by weaker business travel, according to Knight Frank's Hotel Report 2026.

Knight Frank said the recovery remains uneven across visitor source markets. Overnight arrivals from Japan and Korea were still about 39% below 2018 levels, while stronger spending by Chinese mainland visitors has provided important support. Total hotel spending is forecast to reach HK$37.5 billion in 2026, equivalent to about 90% of the 2018 peak, the agency said.

Hotel expenditure per capita declined in 2025 across most source markets, with Chinese mainland and North American visitors the exceptions. Despite the broader decline in per-capita spending, aggregate hotel expenditure continued to increase as visitor volumes rose and Chinese mainland visitors accounted for a larger share of spending.

Business travel remains a key gap in the recovery. Knight Frank said business visitor arrivals in the first half of 2026 were 43% below 2018 levels, leaving scope for further improvement as corporate travel gradually normalises.

Luxury hotels outperform

Performance has varied considerably between hotel segments. High Tariff A hotels posted a record RevPAR of HK$1,883 in the first half of 2026, surpassing their 2018 level, according to Knight Frank.

Medium Tariff hotels, meanwhile, recorded an improvement in occupancy, but this was not enough to offset weaker room rates, resulting in the largest RevPAR decline among the hotel segments, the agency said.

Knight Frank Head of Capital Markets, Greater China Antonio Wu said leisure demand had remained resilient despite the incomplete recovery in business travel.

"Although business travel has yet to fully recover, with hotel revenue showing gradual improvement, leisure demand has proven remarkably resilient and continues to support the market," Wu said.

He added that rising demand from non-local students was creating opportunities for hotel owners to convert selected properties into co-living or student accommodation.

According to Wu, High Tariff B and Medium Tariff hotels with smaller units, lower room counts and sufficient communal facilities are particularly suited to such conversions. Hotels offering passing yields of 4.5% or above, or with potential for alternative uses, continue to attract strong investor interest, he said.

Student accommodation emerges as investment theme

Student accommodation has become a significant investment theme, with several hotel transactions in 2026 earmarked for conversion.

Knight Frank highlighted the acquisition of Regal Oriental Hotel, which is expected to provide more than 1,500 student beds and become Hong Kong's largest hotel-to-student accommodation conversion project to date.

Looking ahead, Knight Frank expects the hotel market's recovery to continue, supported by limited new supply and rising visitor arrivals. The agency expects these factors to support higher occupancy and room rates, while demand from expatriates, non-local students and migrant families could create further opportunities for hotel conversion and alternative accommodation uses.

## Chinese translation

> Translation model: grok_cli

### 香港酒店业持续回升，豪华细分市场表现领先

香港酒店市场正持续复苏，受到具韧性的休闲需求、更强的旅客消费以及有限新增供应的支撑，尽管该行业

甲级高价（High Tariff A）酒店在2026年上半年录得每间可售房收入（RevPAR）1,883港元的纪录水平，超过2018年水平。

莱坊（Knight Frank）《2026年酒店报告》（Hotel Report 2026）指出，香港酒店市场正持续复苏，具韧性的休闲需求、更强的旅客消费以及有限的新增供应构成支撑，但较弱的商务旅行仍在拖累该行业。

莱坊表示，各客源市场的复苏仍然不均衡。来自日本和韩国的过夜旅客人次仍较2018年水平低约39%，而中国内地旅客支出增强提供了重要支撑。该机构称，酒店消费总额预计2026年将达到375亿港元，约相当于2018年峰值的90%。

2025年，大多数客源市场的人均酒店支出下降，中国内地和北美旅客除外。尽管人均支出普遍下降，但随着旅客量上升，且中国内地旅客占支出的份额扩大，酒店支出总额继续增加。

商务旅行仍是复苏中的一个关键缺口。莱坊称，2026年上半年商务旅客抵港人次较2018年水平低43%，随着企业差旅逐步恢复正常，仍有进一步改善的空间。

豪华酒店表现领先

各酒店细分市场的表现差异相当大。莱坊称，甲级高价酒店在2026年上半年录得每间可售房收入（RevPAR）1,883港元的纪录，超过其2018年水平。

与此同时，该机构表示，中价（Medium Tariff）酒店的入住率有所改善，但这不足以抵消客房价格走弱，因而在各酒店细分市场中录得最大的每间可售房收入（RevPAR）跌幅。

莱坊大中华区资本市场主管Antonio Wu表示，尽管商务旅行复苏尚不完整，休闲需求依然保持韧性。

“尽管商务旅行尚未完全复苏，酒店收入正逐步改善，休闲需求已证明极具韧性，并继续支撑市场，”Wu表示。

他补充说，非本地学生日益增加的需求，正为酒店业主创造机会，将选定物业改造为共居（co-living）或学生住宿。

Wu称，客房单位较小、房间数量较少且公共设施充足的乙级高价（High Tariff B）及中价酒店尤其适合此类改造。他表示，现时收益率（passing yield）达4.5%或以上、或具备替代用途潜力的酒店，继续吸引投资者的浓厚兴趣。

学生住宿成为投资主题

学生住宿已成为重要投资主题，2026年有多宗酒店交易被指定用于改造。

莱坊重点提到收购富豪东方酒店（Regal Oriental Hotel）。该项目预计将提供超过1,500个学生床位，并成为香港迄今最大的酒店改学生住宿项目。

展望未来，莱坊预计酒店市场复苏将持续，有限的新增供应和上升的抵港旅客人次构成支撑。该机构预计，这些因素将支撑更高的入住率和房价，而来自外籍人士、非本地学生及移居家庭的需求，可能为酒店改造及其他住宿用途创造更多机会。