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Hotel investment tilts towards five Asian countries

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TTR WEEKLY
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BANGKOK, 17 September 2025: Investment in Asia Pacific hotels reached USD4.7 billion in the first half of 2025, with investors focusing more selectively on the region’s more established hospitality markets, with 84% of total transaction volume occurring in just five key countries, according to JLL.

Investment in Thai hotels totalled USD 301 million (THB 9.8 billion) in the first half of 2025, fuelling a bullish full-year projection.

JLL Hotels & Hospitality Group, Asia Pacific Executive Vice President, Investment Sales, Pimpanga Yomchinda.

Japan continued to lead regional hotel investment with USD1.5 billion in transactions, followed by Greater China (USD744 million), Australia (USD664 million), Singapore (USD546 million), and South Korea (USD504 million).

Collectively, the other markets across the region accounted for USD758 million or 16% of total hotel investment volume. 

Capital deployed in the first half of 2025 represented a 23% decline compared to the same period in 2024, reflecting a more cautious investment environment amid ongoing global macroeconomic uncertainty. Investors have gravitated to safe-haven markets, while decision-making timelines have lengthened. At the same time, the bid-ask spread between seller expectations and buyer valuations has also widened, with sellers holding firm on price expectations and buyers applying greater scrutiny, leading to extended due diligence periods on both sides of transactions.

JLL Hotels & Hospitality Group, Asia Pacific Executive Vice President, Investment Sales, Pimpanga Yomchinda said: “In Thailand, the hotel investment market continues to demonstrate healthy liquidity, with domestic buyers dominating transactions. We expect investment volume to exceed USD650 million (THB20 billion) by the year-end, with Bangkok remaining the country’s most sought-after market.”

Key gateway cities demonstrated varied performance, with the majority of the main markets showing higher ADR than pre-pandemic levels. 

Tokyo recorded over 80% occupancy, slightly below pre-pandemic levels but improving year-over-year, while ADR significantly exceeded 2019 figures and continued growing. 

Singapore maintained stable occupancy compared to last year, with ADR surpassing 2019 but declining slightly from the previous year. Sydney demonstrated occupancy trends at nearly 80%, while ADR remained flat compared to last year. 

Similarly, Bangkok hotels demonstrated resilient performance with ADR significantly exceeding previous peaks, despite tourist arrivals declining 6.3% year-over-year in the first seven months, with the latest official arrival targets set at 35.5 million tourists.

“Coming off a high base last year, the level of investment moderation is indicative of a more cautious investment market whereby a realignment of capital sources in the hotel investment landscape is occurring,” said JLL Hotels & Hospitality Group, Asia Pacific CEO Nihat Ercan.

“In our interactions, although institutional investors remain selective, private capital is moving decisively to secure prime hospitality assets that offer both defensive income characteristics and growth potential, which should ensure an uptick in activity in this year and into next.”

According to JLL analysis, private equity firms have increased their capital allocations to hospitality assets, with a 6% year-over-year rise in investment volumes. This shift represents strategic positioning to capitalise on market dislocations and potentially undervalued assets in key gateway markets.

Additionally, High Net Worth Individuals (HNWIs) from within the region have emerged as increasingly active buyers in H1 2025, seeking portfolio diversification through hotel investments, with capital invested into hotels growing by 54% from the same period last year.

The outlook for the region’s hospitality industry remains positive in the long term, driven by solid fundamentals. International tourist arrivals across the Asia Pacific increased by 12% in Q1 2025 compared to the same period last year, driving a supportive growth in revenue per available room (RevPAR) across the region. This performance improvement has bolstered investor confidence in the sector’s recovery trajectory.

Total hotel transaction volume across Asia Pacific is projected to reach USD12.8 billion for the full year 2025, representing about 5% increase from 2024. This forecast anticipates accelerated investment activity in the second half of the year as the backlog of deals in due diligence is expected to settle during the second half of the year, says JLL.

Liquidity is expected to remain strong in the traditional markets of Japan, Australia, Greater China, Singapore and South Korea. Markets like Vietnam and Malaysia should benefit from strong tourism momentum.

“The final six months of 2025 present compelling entry points for strategic investors looking to deploy active capital,” says Ercan. “Encouragingly, we anticipate private equity funds, family offices, and regional operators with access to private capital to emerge as the most active buyers through year-end as they capitalise on assets requiring operational expertise to maximise value.”

Air Astana achieves APEX five stars

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TTR WEEKLY
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SINGAPORE, 17 September 2025: Air Astana secured a five-star rating by the Airline Passenger Experience Association (APEX) in the “Major Airlines” category for the sixth consecutive year. 

The award ceremony took place last week during the APEX/IFSA Global EXPO in Long Beach, California, USA.

Air Astana Inflight Services Department manager Zhamilya Zhaxybekova. (centre).

The APEX Five-Star status reaffirms Air Astana’s consistently high standards of service. Over the years, passengers have commended the airline for its comfortable seating, attentive onboard service, diverse dining options and modern in-flight entertainment system.

“We are very proud to receive once again the highest level of APEX recognition, which reflects the trust of our passengers and strengthens our commitment to consistently delivering the very highest standards of service on every flight,” said Air Astana Manager of the Inflight Services Department, Zhamilya Zhaxybekova.

The APEX rating is based on verified passenger feedback, which is evaluated by over a million passengers who evaluate over one million flights operated by nearly 600 airlines worldwide. For 2026, the ratings criteria significantly increased to limit APEX Five Star to the top 40 airlines in the world, representing less than 7% of the airlines rated worldwide. APEX Four Star recognises the next 50 airlines in the world, meaning that only 8% of airlines worldwide reach this guideline.

Earlier this year, Air Astana was also awarded a Four-Star rating by the international rating agency Skytrax for the 14th time.

BBN: Clear skies to fly to the EU

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TTR WEEKLY
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JAKARTA, 17 September 2025: BBN Airlines Indonesia, a subsidiary of Avia Solutions Group, has been granted the European Union Aviation Safety Agency (EASA) Third-Country Operator (TCO) authorisation effective 5 September 2025. 

This approval enables the wet lease provider to operate in the European Union (EU) and expand its ACMI (Aircraft, Crew, Maintenance, and Insurance) service to airlines operating flights into the EU. 

Photo credit: BBN.

All non-European operators seeking to fly to the EU are required to hold a TCO permit, which certifies compliance with EASA safety and operational standards. With this approval, operators may obtain commercial air operations permits across all EASA member states without requiring separate authorisation from individual EU countries.

“Securing the EASA TCO marks an important milestone for BBN Airlines Indonesia,” said BBN Airlines Indonesia Chairman Martynas Grigas. “It reflects not only our unwavering commitment to global safety and compliance standards but also our readiness to support airlines with scalable ACMI solutions as they expand into and within the EU market.”

BBN Airlines Indonesia currently operates a fleet of six Boeing 737 aircraft, with two additional aircraft scheduled to join by October 2025. Earlier this year, the airline also achieved its IATA Operational Safety Audit (IOSA) certification, further demonstrating its dedication to the highest levels of safety and operational performance. 

The EASA TCO authorisation is a key step in BBN Airlines Indonesia’s growth strategy, strengthening its ability to deliver flexible, safe, and reliable ACMI capacity solutions to its partner airlines in Indonesia, the Asia-Pacific region, and now the EU. The TCO also enables BBN Airlines Indonesia to deploy its aircraft to Europe for the summer timetable 2026 when capacity is needed most, particularly in response to counter-cyclical seasonal demand patterns. This flexibility enhances the airline’s ability to support European carriers during peak periods while maintaining strong ACMI operations in its home markets.  

BBN Airlines Indonesia is an Indonesian airline that specialises in aircraft wet leasing (ACMI: Aircraft, Crew, Maintenance, and Insurance) and air charter services. It is a subsidiary of the Avia Solutions Group, a global aviation company based in Ireland.

BBN Airlines fast facts

Establishment and operations: The airline was founded in August 2022. It obtained its Air Operator Certificate (AOC) for cargo flights in August 2023 and for passenger flights in March 2024. BBN Airlines initially launched scheduled passenger flights in late 2024 but suspended these in early 2025 to focus entirely on charter and ACMI services.

Services: BBN Airlines’ primary business model provides ACMI services to other airlines, helping them meet capacity demands, especially during peak seasons. They also offer air charter and air freight cargo services.

Fleet: As of August 2025, the airline operates a fleet of six Boeing 737 aircraft. Two more Boeing 737s will join the fleet by October 2025. The fleet includes both passenger and cargo variants, such as the Boeing 737-800 and the Boeing 737-800BCF.

Druk Asia launches Bhutan insider tours

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TTR WEEKLY
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SINGAPORE 17 September 2025: Druk Asia, a Bhutan travel specialist, introduces “Bhutan Insider Experience with James Low”, a new series of small-group journeys with curated flexibility. 

Druk Asia has recruited retired hotelier James Low, who lived in Bhutan for nearly 10 years. He accompanies each “Bhutan Insider Experience” journey alongside a licensed local guide and driver.

Royal Highland Festival at Laya.

Designed for travellers seeking to experience Bhutan’s essence, the limited-edition seven-day six-night trips prioritise Bhutan’s “High Value, Low Volume” tourism policy. Each journey strikes a balance between cultural preservation, environmental protection, and sustainable development.

While essential logistics such as accommodation, transport, and privileged access are seamlessly managed, each day remains open to unplanned discovery. Shared meals, interactions with local artisans, and conversations with spiritual leaders create an environment that fosters mindfulness.

Accompanied by a seasoned hotelier and trusted figure in Bhutanese circles, the journey opens doors to people, places, and perspectives rarely accessible to the average traveller. 

Guests are invited to dine where locals gather, listen to the untold stories behind sacred temples, and discover the Kingdom through encounters that feel both intimate and extraordinary. 

Low was the general manager of COMO Uma Bhutan, an international five-star hotel brand in Bhutan, before retiring in December 2024. During his tenure, he welcomed royalty, high-profile guests, and well-travelled visitors from around the world. Initially expecting a two-year posting, he was so captivated by Bhutan’s profound spirituality, serene landscapes, and the warmth of its people that he stayed for a decade. Today, he remains a passionate advocate for the Bhutanese way of life, deeply reverent of the Kingdom’s landscapes, culture, and spiritual heritage.

“You’ll leave with a deeper understanding of why the Bhutanese are often considered the happiest people on earth. Visually, visitors can expect magnificent Himalayan landscapes, magical monasteries and temples, rich cultural tapestries, pristine farmland, and charming heritage farmhouses,” said Low. 

“My time in Bhutan grounded me in values that now anchor my life: compassion, kindness, selflessness, acceptance (‘it is what it is’), impermanence, and the interconnection of all things. Most of all, Bhutan helped me discover a sense of purpose. I hope to open the doors for others to experience the Bhutan that has meant so much to me”.

“We were thrilled when James approached us to co-create this journey,” said Druk Asia Managing Director Joni Herison. “This insider experience is ideal for anyone seeking a deeper connection with Bhutan. James will introduce guests to his favourite restaurants and, depending on the group’s interests, visit a monastery to witness the monks’ daily prayer rituals, invite artisans to share their knowledge of Thangka painting, or explore other aspects of traditional Bhutanese culture.”

Druk Asia has hosted over 20,000 travellers to the Land of the Thunder Dragon, establishing itself as one of Bhutan’s leading travel specialists. 

The company is also the official representative of Drukair (Royal Bhutan Airlines) since the office opened 15 years ago. Druk Asia also operates MICE Bhutan and AVIS Bhutan, extending its expertise to corporate events, meetings, and high-quality mobility services.

Bhutan Insider Experience with James Low

Dates

4–10 December 2025 — USD6,588 per person

23–29 April 2026 — USD7,680 per person

Royal Highlander Festival in Laya, Gasa

Dates

19–29 October 2025 — From USD4,740 per person

Held at 4,000 metres above sea level in Laya, Gasa, the Royal Highland Festival is a high-altitude festival celebrated by Bhutan’s remote highland communities. Reaching the festival grounds is an adventure in itself: a six-hour drive from Thimphu to Tongshida base camp followed by a four-hour hike. 

Prices are based on twin-sharing accommodation and include return economy airfare with Druk Air to Paro from Singapore. For options flying from Bangkok, visit www.drukasia.com.

Fairfield by Marriott passes China milestone

By
TTR WEEKLY
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SINGAPORE, 16 September 2025: Marriott International announced that the Fairfield by Marriott has reached a milestone of 150 combined open and pipeline hotels in Greater China, underscoring the brand’s accelerated expansion in the region’s select service segment.

The announcement was made during ‘The Beauty of Simplicity – Fairfield by Marriott Fireside Chat’ in Hangzhou, China, attended by Marriott International Chairman of the Board David Marriott and Marriott International President, Greater China, Yibing Mao. 

(Left to right) David Marriott, Chairman of the Board, Marriott International, and Yibing Mao, President, Greater China, Marriott International.

The two senior executives reflected on Fairfield by Marriott’s heritage, the brand’s expansion to over 50 destinations in Greater China since its debut in 2017, and the new momentum driven by recent product enhancements in the region, centring around three core spaces — The Fairfield Living Room, The Fairfield Restaurant, and Guest Rooms.

As a key growth engine for Marriott in Greater China, Fairfield by Marriott has rapidly scaled its presence in the region. Since celebrating its 50th hotel opening in Greater China in 2024, the brand has grown by more than 50% in just over a year, with another 50+ hotels expected to open within the next two years. In the first seven months of 2025 alone, newly signed Fairfield by Marriott projects increased 75% year-over-year, with upcoming projects set to bring the brand to core locations across first-tier cities, including Shanghai’s Xuhui District, Beijing Capital Airport, and Shenzhen’s Qianhai area.

Fairfield by Marriott continues to expand both the breadth and depth of its footprint in Greater China, covering key transportation hubs, emerging urban districts, and trendy leisure destinations. In recent years, the brand has accelerated its expansion into high-demand leisure and business destinations, such as Yangshuo (Guangxi), Xinzhou (Shanxi), and Qiandao Lake (Hangzhou), extending its signature at-ease, comfortable stay experience to more destinations across Greater China.

To support this growth, Fairfield by Marriott recently launched a comprehensive product upgrade in Greater China, including a new Chinese name that carries the “by Marriott” endorsement, and unveiled its newly refreshed product design and guest experience. 

The upgrades address the evolving needs of the Chinese market and modern travellers, while injecting new momentum into the brand’s development in the region. The newly upgraded design brings “The Beauty of Simplicity” to life, while addressing four core travel needs: working, sleeping, bathing, and service. The regional upgrade also enhances owner value through a best-in-class design model, efficient construction, and streamlined operations, strengthening the brand’s competitive edge in the select service segment in Greater China.

Globally, Fairfield by Marriott has more than 1,350 open hotels in 20 countries and territories, with over 460 additional hotels in the pipeline.

Etihad reports record half-year profit

By
TTR WEEKLY
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ABU DHABI, 16 September 2025: Etihad Airways has reported its strongest-ever half-year performance, delivering record profitability and passenger numbers in the first six months of 2025. 

Profit after tax rose 32% to AED1.1 billion (USD306 million), while the EBITDA margin reached 20% on the back of strong operating performance and efficiency gains.

Photo credit: Etihad. Performance standouts HY2025.

Passenger numbers rose 17% 10.2 million in H1 2025, with passenger load factor improving to 87% (+2pp year-on-year). The airline reached 20 million passengers carried on a 12-month rolling basis in early July.

Operating fleet surpassed 100 aircraft, with over 20 additional aircraft in the last 18 months.

Total revenue rose by 16% year-on-year, driven by both passenger and cargo revenue (16% and 9% growth, respectively).

The airline reported a 14% rise in Available Seat Kilometres (ASK) and an improved passenger load factor of 87%, +2pp year-on-year. 

The operating fleet exceeded 100 aircraft, including the delivery of Etihad’s sixth Airbus A350 in April and the reintroduction of a seventh A380 in May. In the same month, the airline announced an agreement for an order for 28 wide-body aircraft with Boeing, reinforcing Etihad’s long-term growth and connectivity ambitions. In July 2025, the airline added five new aircraft to its fleet, including its first A321LR. This marked the highest number of deliveries the airline has ever received in a single month.

“We are proud to deliver another record half-year for Etihad,” said Etihad Airways Chief Executive Officer Antonoaldo Neves. “Our strong financial performance and continued passenger growth demonstrate the success of our strategy and the dedication of our people. We are expanding sustainably, investing in premium experiences, and bringing record numbers of visitors to Abu Dhabi through our growing network.”

Fiji Airways wins APEX award

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TTR WEEKLY
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SINGAPORE, 16 September 2025: Fiji Airways, the national carrier of Fiji and a member of the oneworld alliance, won the APEX World Class Airline for 2026 Award, which places the airline among the Top 10 airlines in the world. 

Fiji Airways is the smallest airline by fleet size ever to earn this honour, and the only airline in Oceania to be recognised.

(Centre) Fiji Airways Managing Director and CEO Andre Viljoe.

Fiji Airways also took home the APEX Innovation Award for Best In-Flight Food and Beverage 2026. The airline recently launched a new Pacific Rim menu, alongside on-demand Business Class dining and refreshed Economy service.

Fiji Airways Managing Director and CEO Andre Viljoen said: “This recognition is a proud and historic moment for the airline and for Fiji.”

The APEX World Class Award is judged through a rigorous process that combines independent audits with global passenger feedback, measuring excellence across safety, sustainability, well-being, service, and customer experience.

“In 2016, we were ranked outside the world’s Top 100 airlines. Today, through sheer grit, relentless innovation, and the unbreakable spirit of our people, we have risen to be named one of the top 10 airlines in the world,” said Viljoen. 

About Fiji Airways 
Founded in 1951, the Fiji Airways airline group comprises Fiji Airways, Fiji’s international airline, and its wholly-owned domestic and regional subsidiary, Fiji Link. From its hubs at Nadi and Suva International Airports, Fiji Airways and Fiji Link serve 101 destinations in over 14 countries (including code-share). Destinations include Fiji, Australia, New Zealand, the US, Canada, the UK, Hong Kong (SAR China), Singapore, India, Japan, China, Samoa, Tonga, Tuvalu, Kiribati, Vanuatu and Solomon Islands.

Agoda powers training in Mekong countries

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TTR WEEKLY
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BANGKOK, 16 September 2025: The Mekong Tourism Coordinating Office (MTCO) and digital travel platform Agoda are partnering to strengthen the digital capabilities of micro, small and medium-scale accommodation providers across the Greater Mekong Subregion (GMS). 

The project focuses on regional E-commerce Training for MSME Accommodation Providers in the Greater Mekong Subregion that commences on 18 September with the Thailand session, marking the beginning of a series running through November in each of the MTCO countries — Cambodia, China (Yunnan and Guangxi), Lao PDR, Thailand, and Vietnam. 

Myanmar is also a member of the MTCO board but was not identified as a participant in the training project.

The programme supports homestays, ecolodges, and guesthouses in rural and secondary destinations—enterprises that are vital to inclusive and community-based tourism in the GMS and stand to benefit from stronger digital engagement in the global marketplace. By strengthening capacity at the grassroots level, the training will help accommodation providers across the Mekong region prepare to welcome the growing number of visitors by enhancing their online presence, competitiveness, and business sustainability.

“This marks the first collaboration between MTCO, Agoda, and the GMS National Tourism Organisations of Cambodia, China (Yunnan and Guangxi), Lao PDR, Thailand, and Vietnam. The initiative represents a milestone in regional tourism cooperation, showcasing the value of public–private partnerships in advancing digital transformation and inclusive tourism, according to the press statement.

Delivered online in local languages and tailored to each location, the workshops provide participants with practical skills to create and manage listings on online travel agency platforms like Agoda. The training will cover uploading room inventory and images, managing availability and pricing, implementing promotions, and engaging effectively with customer reviews.

The training series will run from September to November 2025, beginning in Thailand before expanding to Cambodia, Vietnam, Lao PDR, and China (Yunnan and Guangxi provinces). The workshops are expected to lay the groundwork for stronger, digitally enabled tourism businesses, helping the Greater Mekong Subregion meet rising visitor demand while supporting sustainable growth and regional competitiveness.

About MTCO
The Mekong Tourism Coordinating Office (MTCO) is the secretariat of the Greater Mekong Subregion (GMS) Tourism Working Group, fostering regional cooperation among Cambodia, China (Yunnan and Guangxi), Lao PDR, Myanmar, Thailand, and Vietnam. MTCO promotes the Mekong as a single tourism destination while advancing inclusive and sustainable development.

About Agoda
Agoda, a digital travel platform with a global network of 6 million hotels and holiday properties worldwide, plus flights and tour activities. Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 7,000 staff in 27 markets.

Qatar launches FIFA World Cup packages

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TTR WEEKLY
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DOHA, Qatar, 16 September 2025: Qatar Airways and Qatar Airways Holidays, the airline’s leisure division, have reintroduced FIFA World Cup travel packages ahead of next year’s tri-nation mega event to be hosted in Canada, Mexico and the United States. 

The Official Airline Partner of FIFA and the Official Airline of the Journey, offers a one-stop solution for football fans to reserve their flights, accommodation, and official match tickets and transfers through Qatar Airways Holidays.

Photo credit: Qatar Airways Holidays launches FIFA World Cup travel packages.

Qatar Airways Holidays and Discover Qatar Senior Vice President, Steven Reynolds, said: “We are thrilled to deliver exceptional packages that will support fans from across the world in seamlessly travelling to the world’s most renowned sporting event. As the Authorised Travel Package provider of the FIFA World Cup 26, our packages will assist travelling fans throughout their journey, from the moment they leave their homes until they arrive at the match.”

With 48 participating teams playing matches in 16 host cities across three nations, the FIFA World Cup 26™ is poised to be a record-breaker in terms of attendance, global diversity and logistical scale. Qatar Airways Holidays’ return to the international football stage will support travelling fans with unprecedented access, ensuring seamless journeys to every destination. By making travel easy and worry-free, fans can focus entirely on the thrill of football.

As the Authorised Travel Package Provider of the FIFA World Cup 26, Qatar Airways Holidays offers packages that assist travelling fans throughout their journey with unmatched convenience. Fans can secure ticket-inclusive and refundable packages following the progress of their specific team before the official draw takes place with the use of the ‘Follow My Team Series’.

From hotels in prime locations to Category 1 match tickets for preferred matches, the packages are comprehensive and include arrival and departure transfers for travel between Host Cities, as well as return match-day transfers.

Qatar Airways Holidays will also be selling Knockout Series and Final Round Series packages for fans to secure their seats at their preferred semi-final and final matches. Bookings for the Gold and Silver packages can be made on: qatarairways.com/fifa26.

Qatar Airways Privilege Club members can collect Avios on the total package value.

Vietjet flies A330 to tap peak demand

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TTR WEEKLY
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SINGAPORE, 16 September 2025: Vietjet has welcomed an Airbus A330 widebody, registered VN-A820, bringing the airline’s fleet across the whole group to 121 aircraft. 

This milestone underscores the carrier’s sustainable growth strategy and readiness to meet surging international travel demand during the year-end peak season.

Photo credit: Vietjet.

The aircraft will be deployed immediately on services to Australia, India, Japan, and Kazakhstan — all popular destinations for Singaporean travellers seeking affordable long-haul options. 

Powered by the Rolls-Royce Trent 700 engines, the A330 delivers fuel efficiency and performance and is part of a new modern fleet of more than 400 new aircraft on order from Airbus and Boeing through 2030.

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