In Hong Kong, the recent landscape of hospitality investment has pivoted toward conversion projects, with a strong emphasis on co-living spaces and student accommodations, driven by their high yield potential and rising demand in urban centres. However, this focus has somewhat eclipsed the steady, albeit slower, growth within the traditional hotel sector. While co-living and student housing offer innovative opportunities, the hotel industry remains a cornerstone of hospitality, demonstrating resilience and consistent recovery after the pandemic.