Investment in the hospitality market – a useful guide to the level of wealth in the broader economy – hit the highest level in five years in the Asia-Pacific region last year, according to figures from Cushman & Wakefield, the global real estate consultancy.

Investment in the hospitality market – a useful guide to the level of wealth in the broader economy – hit the highest level in five years in the Asia-Pacific region last year, according to figures from Cushman & Wakefield, the global real estate consultancy.

Investment, as measured in 17 cities and prime destinations, stood at $12.83 billion, the highest for five years, up 30 per cent from the previous year.

Mainland China accounted for $2.636 billion or 20.5 per cent of the total investment volume. Singapore was the second largest market at $2.634 billion, followed by Japan at $2.610 billion and Australia at $2.271 billion . Hotel investments were also more widespread across the region in 2013, where emerging and non-core markets like Cambodia, Macau, Maldives saw some assets changing hands.

Akshay Kulkarni, Regional Director of Cushman & Wakefield's Hospitality Services for South Asia and Southeast Asia said:

"Hospitality investment volume in 2013 more than doubled since 2008 and can be attributed to the excess liquidity, the low borrowing costs and the region's favourable tourism growth and outlook,” Akshay Kulkarni, regional director of Cushman & Wakefield's hospitality services for South Asia and Southeast Asia, said.

The cities included in the report are Singapore, Hong Kong, Tokyo, Bali, Seoul, Mumbai, National Capital Region ( India ), Bangkok, Shanghai, Jakarta, Kuala Lumpur, Beijing, Ho Chi Minh City, Sydney, Melbourne, Perth and Brisbane.