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International visitor data showed that New Zealand’s recovery in 2025 was led by holidaymakers, with business travel still well behind. Download the report below to read our full analysis.

Bali’s hotel and real estate market demonstrated remarkable resilience in 2025, transitioning from a post-pandemic recovery phase into a period of sustained, mature performance. This annual report produced by Horwath HTL in partnership with the Bali Hotels Association and C9 Hotelworks – delivers a comprehensive analysis of tourism arrivals, hotel performance by rate tier and location, new supply trends, and the evolving branded residences landscape.

The data as published in the report is based on the economic forecast by Deloitte Access Economics for the December 2025 quarter, historical hotel performance from STR as of December 2025, as well as historical tourism data available as of September 2025, including forecasted domestic and international visitation from Tourism Research Australia (TRA) as at December 2025, which has been adjusted by Horwath HTL.

February was a standout month for the New Zealand hotel market, supported by strong international arrivals, a full events calendar, and favourable timing around public holidays.

Portugal’s hospitality market continues to mature with confidence, as internationalisation accelerates and the country cements its reputation as a premium European destination. International operators are reshaping the branded landscape at pace, while institutional investment remains robust and the pipeline of new developments signals sustained long-term commitment to the market.

The New Zealand hotel sector delivered a strong summer performance over December 2025 and January 2026, with both demand and pricing improving across most major markets.

Horwath HTL’s India Hotel Market Review 2025 provides a year-end analysis of India’s hotel market performance, combining CoStar performance data with Horwath HTL’s supply research and market insights. The report reviews national trends and key city performance, highlights the opportunities and challenges shaping hotel owners, investors, developers and operators, and outlines how India’s hotel sector continues to grow despite global and domestic disruptions.

New Zealand’s hotel sector delivered one of its strongest months in several years in November 2025.

Performance of New Zealand’s major hotels strengthened again in October, with broad-based demand growth across segments.

The New Zealand hotel market recorded another positive month, with nationwide growth in revenue per available room (RevPAR) of 10.7% year on year.

The September 2025 HTL Market Update provides a comprehensive analysis of Ireland’s hospitality sector performance during the summer season, along with investment trends, tourism statistics, and notable industry developments.

The past year has highlighted both the challenges and the resilience of the DACH hospitality sector. Germany and Austria have had to contend with sluggish growth, high energy costs, and persistent inflation, while broader geopolitical uncertainty – from international trade tensions to the ongoing war in Ukraine – continues to weigh on sentiment. Switzerland, by contrast, has remained comparatively stable, supported by strong domestic demand and its position as a high-value global destination. These differing dynamics illustrate the complexity of the region but also underline its importance as one of Europe’s most resilient markets.

Positive news for hotel owners and operators: In August, RevPAR showed a welcome increase, along with the first year-on-year monthly rise in occupancy for 2025.

The data as published in the report is based on the economic forecast by Deloitte Access Economics for the June 2025 quarter, historical hotel performance from STR as of June 2025, as well as historical tourism data available as of March 2025, including forecasted domestic and international visitation from Tourism Research Australia (TRA) as at December 2024, which has been adjusted by Horwath HTL.