The list of top-ranking hotel owners and operators across Australia and New Zealand has remained largely unchanged over the past year. But what has emerged is a desire to expand portfolios through acquisitions or new development, amid a sense of cautious optimism, new CBRE research shows.
CBRE’s second annual Australia and New Zealand Top Owners & Operatorsreport surveyed 40 major hotel owners and operators. The data spans close to 1,500 hotels and over 200,000 rooms – accounting for just over half the total room supply in the region.
Sydney-based residential developer Meriton was once again the top ranked hotel owner, followed by Salter Brothers and the Schwartz family. The key change in the rankings involved Millennium and Copthorne advancing one place from 8th to 7th following the acquisition of the Mayfair Hotel in Christchurch, which expanded the group’s portfolio to 18 hotels and 3,148 rooms.
On the operator front, with Accor retaining its two-decade long leadership position, followed by IHG and EVT.
To complement the report, CBRE introduced a sentiment survey, capturing the strategic outlook of senior executives from the region’s leading hotel groups, including several featured in the Top 10 lists.
CBRE’s Head of Hotels Research Ally Gibson said, “While the Top 10 rankings have shown little movement year on year, the inclusion of sentiment data reveals a cautiously optimistic outlook for the sector. Following a strong post-pandemic rebound, the hotel sector has stabilised and for the most part is posting modest RevPAR gains. While headwinds such as operational costs and macroeconomic volatility remain in focus, the hotel sector remains underpinned by long-term growth fundamentals characterised by a positive outlook for inbound demand growth and a contracting supply pipeline.”
Key concerns voiced were operational pressures and external factors.
CBRE’s Regional Director, Hotels Valuation & Advisory, Troy Craig said, “Operational pressures topped the list of challenges, particularly labour shortages and workforce challenges. Demand fluctuations and barriers to new development were also noted as primary concerns over the next 12-24
months. When it came to external factors, geopolitical instability, economic uncertainty, and shifting consumer behaviour were cited as having the most significant impact on the hotel sector in 2025/2026.”
Key Survey Findings
- Overall Outlook: A “somewhat optimistic” view for the second half of 2025 and into 2026 was expressed by 84% of respondents expressed, reflecting confidence in long-term fundamentals despite near term operational headwinds.
- Investment Strategies: Plans to expand portfolios through acquisitions or new developments were expressed by 64% of participants indicated, with others focusing on renovating or repositioning assets and diversifying into alternative hospitality ventures, indicating a diverse approach to growth.
- Top Growth Markets: Sydney was identified as the market with the strongest growth potential by 64% of respondents, with 36% of the respondents nominated Brisbane based on the city’s constrained supply pipeline, growing events calendar and major infrastructure investment ahead of the 2032 Olympic Games.
- Growth Segments: Luxury hotels and resorts were voted as the segment to drive the most growth in 2025/2026, followed by extended stay accommodation and business/conference hotels, reflecting growing demand for premium product and the continued return of corporate travel.
- Performance Expectations: A slight increase in ADR and RevPAR over the next 12 months was anticipated by 73% of respondents following a strong recovery in the past two years, suggesting stabilisation at higher baseline rates. On occupancy rates, 63% of respondents anticipate occupancy to increase slightly (1-5%) over the next 12 months, 27% expect rates to remain stable, and 9% anticipate a slight decrease (1-5%).