Asian hotels dominated William Reed’s list of the 50 best hotels in the world, taking seven of the slots in the top ten.

The Capella Bangkok in Thailand was ranked at first place this year. Other Asian properties include The Rosewood Hong Kong; The Upper House in Hong Kong; Raffles Singapore; Aman Tokyo; Soneva Fushi in the Maldives; and Nihi Sumba in Indonesia.

The information was compiled by Stocklytics.com, and further shows that only one property in the Middle East and two from Europe made it into the top ten. The roster did not include any properties from the Americas.

According to Stocklytics analyst Neil Roarty: “The growing middle class, with increased disposable income, has been fueling both domestic and international tourism, while destinations like Thailand, Bali, and Japan continue to attract millions of visitors each year. Medical and wellness tourism is also thriving, particularly in Thailand and India. At the same time, business hubs in cities like Singapore, Hong Kong, and Tokyo drive demand for business hotels and MICE tourism.”

A worthwhile investment

In response to the influx of tourists, Asia started investing heavily in new hotels, both for luxury travellers seeking high-end experiences and budget travellers looking for affordable accommodation. Many of these in the first category are among the best hotels in the world. 

According to the World’s 50 Best Hotels list, Asia convincingly dominates this year`s edition, with 19 hotels appearing in total, four of which are in Thailand’s Bangkok. In comparison, Europe has 13 listed hotels in France, the United Kingdom, and Italy, while North America has only nine properties featured.

The top ten list also proves Asian dominance in the luxury hotel segment. The ranking, based on the answers of anonymous voters from across the globe, including travel journalists, hoteliers, and seasoned luxury travellers, voted  Capella Bangkok, located on the banks of the Chao Phraya River, as the highest-ranked hotel on the list.

Only two hotels from the top ten list are from Europe: Passalacqua on Italy’s Lake Como, which placed second, and Cheval Blanc in Paris, which ranked fourth. North America, particularly the United States, didn’t have a single hotel on the top ten list. The top-performing US hotel is The Carlyle, located on New York’s Upper East Side, ranked 30th on the top 50 list.

A place for rapid growth

Besides being the home country to most luxury hotels, Asia also has the fastest-growing hotel industry overall, outgrowing the global market. According to a Statista insights survey, the region’s hotel sector will grow by 21 percent and hit over $182 billion value by 2029. The North American and European markets will increase by 20 percent and 15 percent in this period, generating $151 billion and $131 billion in revenue, respectively.  

With luxury and budget hotels in Asia counting more visitors than ever, the region’s hotel revenue will explode in the following years. According to Statista, the Asian hotel industry is expected to gross almost $850 billion in the next five years, $150 billion more than hotels in North America and $220 more than those in Europe.

Also, the number of people visiting Asian hotels each year will jump by 70 percent in this period, rising from 560 million to 950 million, making nearly half of all hotel visitors worldwide.