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.

Mexico’s hotel industry is experiencing one of the strongest recoveries in the global hospitality market. Tourism contributed 8.6% of national GDP in 2023, supporting over 4.9 million jobs, and the country welcomed 27 million international visitors in 2024, including 22.3 million arriving by air.

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.