In a post on the International Investor entitled, “Southeast Asia’s Hotels, Resorts, and Travel Industry Revival: Who Leads, Who Lags, and What Comes Next,” hedge fund manager Eric Jurado said: “The Philippines mirrors Thailand’s revenue growth rate but from a smaller base. The market benefits from domestic tourism and increasing international arrivals, but operational efficiency and scale remain mixed.”
Jurado told the BusinessMirror that seven listed hospitality companies are covered by his report: Bloomberry Resorts, Berjaya Philippines, PH Resorts Group Holdings, Waterfront Philippines, Discovery World, Boulevard Holdings, and Acesite (Phils.) Hotel.
He also projected that these companies will continue to grow steadily, likely hitting $33.4 million (P1.91 billion) in profit by 2028, a 71-percent increase from $19.5 million (P1.12 billion) this year, based on data gathered by S&P Global Market Intelligence.
“The Philippines is a niche player and offers steady recovery, but lacks the scale of Indonesia or Thailand. It may attract investors looking for diversification rather than outsized gains,” he underscored.
Thailand is 80% of region’s profit
Overall, 77 publicly listed hotels, resorts, and travel services companies in Southeast Asia posted combined revenues of $12.5 billion (P715 billion) and earnings of $503.1 million (P28.73 billion) as of September 12, 2025. “These figures mark a remarkable recovery and, in some cases, unprecedented growth compared with just three years ago, reflecting the region’s post-pandemic rebound and structural shifts in tourism and travel.”
However, Jurado pointed that the recovery has been uneven across the region, with Vietnam and Indonesia “experiencing explosive growth,” while Malaysia and Singapore have yet to find an even pace.
On a profit standpoint, Thailand topped the scale at $394.1 million, up 234 percent from 2022 to 2025, accounting for close to 80 percent of the region’s combined earnings. “[Its] scale dwarfs peers. Growth is robust, proving that its tourism leadership translates into financial strength,”said Jurado.
Indonesia, with $91.5 million (+494 percent), grew “the fastest among its peers, [which] signals improved operational leverage and cost efficiency. Its large domestic base insulates it from global shocks.”
Malaysia narrows loss
The Philippines at $19.5 million (+233 percent), “while smaller in scale, [its] sharp improvement suggests strong operational recovery. However, low earnings leave little cushion for shocks.” Jurado earlier ranked the Philippines’ having the lowest return on tourism investments.
Vietnam with $17.6 million (+198 percent) “is impressive, though still modest compared to revenues. This indicates firms are reinvesting heavily or still scaling up operations.”
Singapore’s “paradox is high revenues but declining profitability” having just earned $10.7 million (-61 percent). “Rising costs, competition, and reliance on premium segments appear to be eroding margins.”
Malaysia’s earnings increased by 43 percent, narrowing its loss to $30.3 million, “Structural inefficiencies and weaker demand explain the lag.”
A lesson for policymakers
Jurado stressed that Southeast Asia’s hospitality and travel services sector has recovered fastest in the world. The region welcomed over 121 million international arrivals in 2024.
“The next three years will likely see Indonesia and Thailand competing for dominance, Vietnam carving out a larger role, and Singapore holding its premium niche,” he said. “For policymakers, the lesson is that investments in tourism and travel infrastructure, openness to international travelers, and efficiency in scaling businesses matter just as much as demand.”
He cautions that the data included in his report may not give investors the full picture of the region’s hospitality and travel industry, as these are earnings of just listed companies.
According to Leechiu Property Consultants, more than half of over 40,000 keys that will be added in the next six years in the Philippines are accounted for by 10 companies, mainly units of listed property developers.
Ma. Stella F. Arnaldo
