Crystal Liu

Director, Beijing, China

Ms Liu is a Director in the Beijing office.

Viewpoint

The signals beneath the headlines

The final work week of the year has a distinct rhythm. Calendars thin out, inboxes slow just enough to create breathing room, and the urgency that defined much of the year gives way to reflection. It is one of the few moments when the lodging industry can step back from daily execution, absorb what has actually unfolded, and consider what the approach of a new year may hold.

Bryan Younge
Bryan Younge
Managing Partner, USA
Viewpoint

Sustainability Insight

As Europe approaches the Christmas and New Year holidays, tourism flows are once again concentrating heavily in major cities and festive destinations. Winter pressure is urban, intense, and highly concentrated in time and space. Europe remains the world’s largest tourism region, with 625 million international tourists between January and September 2025, a 4 % increase over 2024, indicating continued strong rebound and growth. Put simply: the holidays won’t just be “busy.” They’ll be pressure-tests for city centres, infrastructure, housing, and resident tolerance.

Julia Chudnobsky
Julia Chudnobsky
Sustainability Lead, Argentina
Viewpoint

Fixed Income Market Under Pressure: Implications for Hotel Financing in 2026

The close of 2025 sends a clear message: long-term interest rates are rising, even as central banks hint at moderating official rates in 2026. For hotel owners and investors, this “disconnect” between short and long-term rates is redefining the cost of capital, debt structures and asset valuations.

Antoni Cuadrada
Antoni Cuadrada
Senior Director, Spain
Report

New Zealand Hotel Performance Focus November 2025

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

Wim Ruepert
Wim Ruepert
Director, New Zealand
Viewpoint

Awakening Horizons: Hotel Market Update for Kota Kinabalu, the Land below the Wind

Nestled on the shores of the South China Sea, Kota Kinabalu (KK) in Malaysia continues to captivate travelers with its unique blend of pristine islands, lush rainforests, and vibrant cultural heritage. The city serves as a gateway to Borneo’s unparalleled natural wonders, making it a highly sought-after destination for both leisure and adventure travelers. In this report, we will explore some exciting updates and the current outlook for the hotel and tourism market in Kota Kinabalu, reflecting the dynamic and evolving landscape of the region.

Chelsea Wong
Chelsea Wong
Director, Singapore
Viewpoint

Ozone recovery as a reminder: science works, policy matters

The announcement that the Antarctic ozone hole reached its smallest seasonal extent since 2019 is one of the most encouraging environmental signals we have received in years. After decades of global cooperation under the Montreal Protocol, the atmospheric system is finally showing measurable signs of recovery: later opening dates, earlier closures, and a progressive reduction in area size. At a time when environmental news is often dominated by climate disruption, biodiversity loss, and ecosystem stress, this positive development matters. It demonstrates something fundamental: when the world commits to science-based policy, coordinated regulation, and long-term implementation, environmental recovery is not only possible, it is inevitable. But this is where the optimism ends, and the complexity begins.

Julia Chudnobsky
Julia Chudnobsky
Sustainability Lead, Argentina