Managed Hotelier Yield Comparison Across the Markets We Find the Most Interesting in 2026
Where can investors find the best managed-resort yield in 2026?
For our clients comparing investment real estate internationally, the rental yield is rarely the only number that matters most.
A property advertising a 10% or 12% return may be quoting gross rental revenue before management fees, maintenance, taxes, reserve funds, operator fees and periods of low occupancy. A professionally managed resort asset with a slightly lower headline return can ultimately produce a more reliable risk-adjusted cash flow.
For this reason, the comparison below focuses primarily on indicative net owner yields and hotel investment/capitalisation yields, rather than developer-promoted guaranteed returns.
The broad 2026 picture is interesting: Bali currently offers the strongest upside for a well-positioned managed resort unit, while Phuket offers the deepest and most mature resort ecosystem but generally at a higher entry price. Vietnam offers strong growth potential, Georgia offers attractive entry pricing, Cambodia offers high potential yields but considerably more liquidity risk, and Mexico combines mature international tourism with comparatively institutional hotel markets.
Recent Bali market research puts professionally managed resort projects around 8–12% net, with exceptional integrated resort concepts sometimes reporting higher figures.
Phuket's 2026 residential/resort market is generally producing lower net returns, with professionally managed short-term assets commonly falling around 5–7% net, despite gross yields often being higher.
Vietnam is particularly interesting because recent hotel transactions have been occurring around 5.5–7% for resort markets such as Da Nang and Phu Quoc, while investors are targeting approximately 8–10% for resort acquisitions.
In Georgia, realistic Batumi returns are closer to 6–9% net than the 10–15% figures sometimes promoted by developers.
For Mexico, indicative hotel cap rates for luxury resorts are approximately 6–8% in Cancún/Riviera Maya and 6.5–8.5% in Los Cabos.
Cambodia's wider residential market produces roughly 7.8% gross on average, while Siem Reap tourism-oriented properties can reach approximately 6–8% net depending on location, management and seasonality.
1. Bali: The strongest yield story — if the asset is positioned correctly
Bali remains one of the most compelling resort investment markets for investors seeking a combination of income, lifestyle demand and capital appreciation potential.
The important distinction is between a standard villa and a professionally operated resort.
Current 2026 market research suggests that ordinary Bali villas can generate approximately 5–10% net, while professionally managed resort developments with integrated amenities can achieve approximately 8–12% net, with exceptional concepts sometimes exceeding that range.
The strongest submarkets include: Canggu and Berawa, Uluwatu and Bingin, Seminyak, Pererenan, selected Ubud projects
The business model works particularly well where the resort can generate revenue beyond accommodation: restaurants, wellness, spa, coworking, fitness, events and experiences can increase revenue per guest and reduce dependence on room income alone.
Bali investment verdict
Best for: investors prioritizing yield and lifestyle.
Bali is particularly attractive when the project is not simply "a hotel room", but a genuine managed resort ecosystem with professional revenue management and multiple income streams.
2. Phuket: Lower yield, but one of Asia's deepest resort markets
Phuket is arguably the more mature institutional resort market compared with Bali.
The island has decades of experience with international hotel operators, established air connectivity, a large luxury tourism sector and an extensive ecosystem of professional hotel management.
The trade-off is price.
Current 2026 market evidence suggests gross yields around 6–9% for many Phuket properties, with net returns often around 5–7% after management and operating costs.
Prime areas include: Bang Tao, Laguna, Kamala, Mai Khao, Nai Yang, Kata/Karon, Patong, Nai Harn and Rawai
Phuket investment verdict
Best for: investors prioritizing market depth, brand recognition and exit liquidity over maximum percentage yield.
A Phuket property may produce a lower percentage return than a well-bought Bali resort, but the depth of tourism demand and international hotel infrastructure can make the income stream easier to underwrite.
3. Vietnam: The high-growth contender
Vietnam is arguably the most interesting growth market in this comparison.
International arrivals reached a record level in 2025, while national RevPAR increased by approximately 17%. Da Nang's RevPAR increased by about 19%, and Phu Quoc experienced particularly strong growth.
For resort investors, the most relevant locations are: Da Nang, Cam Ranh, Phu Quoc, Ho Tram, Nha Trang, selected Hoi An coastal developments.
Recent transaction data places resort investment yields around 5.5–7%, while investors are seeking approximately 8–10%. This gap creates both an opportunity and a warning: investors should not assume that strong tourism growth automatically translates into immediate double-digit yields.
Vietnam also has a very large development pipeline. The number of projects under construction means supply needs to be analyzed on an individual destination basis rather than relying on national tourism growth alone.
Vietnam investment verdict
Best for: investors willing to accept development and regulatory complexity in exchange for exposure to a rapidly expanding tourism market.
4. Cambodia: High potential, but a thinner investment market
Cambodia is the outlier in the group.
It can offer attractive entry prices and respectable yields, particularly around Siem Reap, but the investment market is considerably less liquid than Bali, Phuket or Mexico.
Siem Reap's 2026 residential rental market shows gross yields around 7.5–8%, with realistic net yields commonly around 4–8%, depending on location, management and whether the asset targets tourists or long-term tenants.
The key advantage is cost.
The key disadvantage is that an investor can have a very attractive yield on paper but still face a difficult resale market.
Cambodia investment verdict
Best for: investors comfortable with higher market risk in exchange for lower acquisition costs and potentially attractive cash yields.
Cambodia should generally be treated as an opportunistic/high-yield allocation, rather than a direct substitute for the institutional depth of Phuket or Mexico.
5. Georgia: Attractive entry prices and strong branded-residence activity
Georgia is a very different proposition from the tropical Asian markets.
For resort investors, Batumi is the primary comparison, while Tbilisi provides a more year-round urban hospitality market.
Batumi's headline developer returns can sometimes reach 10–15%, but more conservative market analysis places realistic net yields closer to 6–9%. The major issue is seasonality: a large proportion of annual revenue is generated during the summer months.
This means a project promising 12% based on peak-season occupancy should be viewed very differently from a project demonstrating 12% on a full-year audited operating statement.
Georgia investment verdict
Best for: investors seeking relatively low entry prices, international management and potential capital appreciation.
The biggest underwriting mistake in Batumi is to model July and August performance as if it were representative of the entire year.
6. Mexico: Mature resort infrastructure and institutional-quality demand
Mexico is the most mature market in this comparison from an investment property perspective.
The key tourist corridors include: Cancún, Riviera Maya, Playa del Carmen, Tulum, Los Cabos, Puerto Vallarta / Riviera Nayarit
Indicative 2026 hotel cap rates for luxury/resort properties are around 6–8% in Cancún/Riviera Maya and approximately 6.5–8.5% in Los Cabos.
That may look less attractive than some Asian development projects, but the difference is partly explained by the maturity and depth of the market.
Mexico has extensive international air connectivity, established hotel operators, professional management companies and a much deeper transaction market.
Mexico investment verdict
Best for: investors who value market maturity, international tourism infrastructure, operator depth and institutional liquidity.
Mexico may not always win the headline yield competition, but it can be compelling for investors who prioritise risk-adjusted returns and exit liquidity.
So, which market wins?
There is no single winner because the six markets represent different investment strategies.
🥇 Bali — best yield/upside combination
For a professionally managed, well-positioned resort asset, Bali currently has the strongest potential net yield profile in this group. The combination of tourism, lifestyle demand, wellness, luxury hospitality and relatively strong ADR makes the market particularly attractive.
🥈 Georgia — attractive yield with lower entry costs
Georgia can produce compelling returns from a lower capital base. However, Batumi's seasonality must be modelled conservatively.
🥉 Cambodia — high potential, high risk
Siem Reap can offer attractive yields relative to acquisition cost, but investors sacrifice liquidity and market depth.
4. Mexico — best mature-market risk profile
Mexico offers excellent tourism fundamentals, major international operators and a mature hospitality ecosystem. The return may be lower than an aggressive Bali development, but the investment environment is more institutional.
5. Vietnam — strongest growth story
Vietnam is perhaps the most interesting market for investors looking several years ahead. Tourism and RevPAR growth are impressive, but the large development pipeline means asset selection is critical.
6. Phuket — lower percentage yield, excellent market depth
Phuket's mature tourism infrastructure and international hotel ecosystem make it an exceptionally credible resort market. The main challenge is that strong demand is already reflected in land and property prices.
The most important point: operator quality can matter more than country.
A 10% projected return from an unknown operator is not necessarily better than a 7% return generated by a professionally managed property under a globally recognised brand.
An international hotel operator can potentially improve:
occupancy
ADR
revenue management
direct bookings
loyalty-program demand
international distribution
food & beverage revenue
guest experience
resale credibility
buyer appeal
The operator does not, however, eliminate investment risk.
A Marriott, Hilton, Radisson, Wyndham, Hyatt, IHG, Banyan Group, Burasari Group flag does not automatically guarantee a particular yield. The economics depend on the management agreement, brand fees, marketing fees, reserve requirements, owner-use restrictions, revenue-sharing formula, local taxes and the underlying asset.
Therefore, SellEste Properties help investors to examine the contract and property-level P&L, not simply the logo on the building.
What we check before suggesting a hotelier-managed asset:
Before comparing two projects purely by advertised ROI, we advice investors to pay attention to the following:
1. Gross versus net yield
Ask for the exact calculation.
A developer quoting 10% should be able to explain:
Gross room revenue → operator fees → management → OTA/distribution → utilities → maintenance → tax → reserve → owner net income.
2. Actual occupancy
Ask for the historical occupancy of the operating asset rather than a forecast based on comparable hotels.
3. ADR and RevPAR
A resort producing 80% occupancy at a low ADR may be less profitable than one producing 65% occupancy at a significantly higher ADR.
4. Management agreement
Pay particular attention to: management fees, incentive fees, brand fees, marketing fees, owner-use restrictions, contract duration, termination provisions, renewal rights, FF&E reserve, major renovation obligations.
5. Operator versus brand
The brand name and the actual management company are not always the same entity.
A property can carry an international brand while being operated under a franchise or third-party management structure.
6. Seasonality
This is especially important in Phuket, Batumi, Cambodia and many Vietnamese tourist markets.
Annual occupancy is far more important than peak-season occupancy.
7. Exit liquidity strategy.
A 10% yield is less attractive if the property is difficult to resell. We work with our clients to select the right investment strategy and guide them every step of the way. Contact us to build your investment property portfolio.
Data and operator portfolios checked against publicly available 2026 market and official hotel-group information. Yield figures are indicative market ranges and should not be interpreted as guaranteed investment returns. Actual performance varies by property, purchase price, management agreement, financing, taxes, seasonality and local regulations.
For our clients comparing investment real estate internationally, the rental yield is rarely the only number that matters most.
A property advertising a 10% or 12% return may be quoting gross rental revenue before management fees, maintenance, taxes, reserve funds, operator fees and periods of low occupancy. A professionally managed resort asset with a slightly lower headline return can ultimately produce a more reliable risk-adjusted cash flow.
For this reason, the comparison below focuses primarily on indicative net owner yields and hotel investment/capitalisation yields, rather than developer-promoted guaranteed returns.
The broad 2026 picture is interesting: Bali currently offers the strongest upside for a well-positioned managed resort unit, while Phuket offers the deepest and most mature resort ecosystem but generally at a higher entry price. Vietnam offers strong growth potential, Georgia offers attractive entry pricing, Cambodia offers high potential yields but considerably more liquidity risk, and Mexico combines mature international tourism with comparatively institutional hotel markets.
Recent Bali market research puts professionally managed resort projects around 8–12% net, with exceptional integrated resort concepts sometimes reporting higher figures.
Phuket's 2026 residential/resort market is generally producing lower net returns, with professionally managed short-term assets commonly falling around 5–7% net, despite gross yields often being higher.
Vietnam is particularly interesting because recent hotel transactions have been occurring around 5.5–7% for resort markets such as Da Nang and Phu Quoc, while investors are targeting approximately 8–10% for resort acquisitions.
In Georgia, realistic Batumi returns are closer to 6–9% net than the 10–15% figures sometimes promoted by developers.
For Mexico, indicative hotel cap rates for luxury resorts are approximately 6–8% in Cancún/Riviera Maya and 6.5–8.5% in Los Cabos.
Cambodia's wider residential market produces roughly 7.8% gross on average, while Siem Reap tourism-oriented properties can reach approximately 6–8% net depending on location, management and seasonality.
1. Bali: The strongest yield story — if the asset is positioned correctly
Bali remains one of the most compelling resort investment markets for investors seeking a combination of income, lifestyle demand and capital appreciation potential.
The important distinction is between a standard villa and a professionally operated resort.
Current 2026 market research suggests that ordinary Bali villas can generate approximately 5–10% net, while professionally managed resort developments with integrated amenities can achieve approximately 8–12% net, with exceptional concepts sometimes exceeding that range.
The strongest submarkets include: Canggu and Berawa, Uluwatu and Bingin, Seminyak, Pererenan, selected Ubud projects
The business model works particularly well where the resort can generate revenue beyond accommodation: restaurants, wellness, spa, coworking, fitness, events and experiences can increase revenue per guest and reduce dependence on room income alone.
Bali investment verdict
Best for: investors prioritizing yield and lifestyle.
Bali is particularly attractive when the project is not simply "a hotel room", but a genuine managed resort ecosystem with professional revenue management and multiple income streams.
2. Phuket: Lower yield, but one of Asia's deepest resort markets
Phuket is arguably the more mature institutional resort market compared with Bali.
The island has decades of experience with international hotel operators, established air connectivity, a large luxury tourism sector and an extensive ecosystem of professional hotel management.
The trade-off is price.
Current 2026 market evidence suggests gross yields around 6–9% for many Phuket properties, with net returns often around 5–7% after management and operating costs.
Prime areas include: Bang Tao, Laguna, Kamala, Mai Khao, Nai Yang, Kata/Karon, Patong, Nai Harn and Rawai
Phuket investment verdict
Best for: investors prioritizing market depth, brand recognition and exit liquidity over maximum percentage yield.
A Phuket property may produce a lower percentage return than a well-bought Bali resort, but the depth of tourism demand and international hotel infrastructure can make the income stream easier to underwrite.
3. Vietnam: The high-growth contender
Vietnam is arguably the most interesting growth market in this comparison.
International arrivals reached a record level in 2025, while national RevPAR increased by approximately 17%. Da Nang's RevPAR increased by about 19%, and Phu Quoc experienced particularly strong growth.
For resort investors, the most relevant locations are: Da Nang, Cam Ranh, Phu Quoc, Ho Tram, Nha Trang, selected Hoi An coastal developments.
Recent transaction data places resort investment yields around 5.5–7%, while investors are seeking approximately 8–10%. This gap creates both an opportunity and a warning: investors should not assume that strong tourism growth automatically translates into immediate double-digit yields.
Vietnam also has a very large development pipeline. The number of projects under construction means supply needs to be analyzed on an individual destination basis rather than relying on national tourism growth alone.
Vietnam investment verdict
Best for: investors willing to accept development and regulatory complexity in exchange for exposure to a rapidly expanding tourism market.
4. Cambodia: High potential, but a thinner investment market
Cambodia is the outlier in the group.
It can offer attractive entry prices and respectable yields, particularly around Siem Reap, but the investment market is considerably less liquid than Bali, Phuket or Mexico.
Siem Reap's 2026 residential rental market shows gross yields around 7.5–8%, with realistic net yields commonly around 4–8%, depending on location, management and whether the asset targets tourists or long-term tenants.
The key advantage is cost.
The key disadvantage is that an investor can have a very attractive yield on paper but still face a difficult resale market.
Cambodia investment verdict
Best for: investors comfortable with higher market risk in exchange for lower acquisition costs and potentially attractive cash yields.
Cambodia should generally be treated as an opportunistic/high-yield allocation, rather than a direct substitute for the institutional depth of Phuket or Mexico.
5. Georgia: Attractive entry prices and strong branded-residence activity
Georgia is a very different proposition from the tropical Asian markets.
For resort investors, Batumi is the primary comparison, while Tbilisi provides a more year-round urban hospitality market.
Batumi's headline developer returns can sometimes reach 10–15%, but more conservative market analysis places realistic net yields closer to 6–9%. The major issue is seasonality: a large proportion of annual revenue is generated during the summer months.
This means a project promising 12% based on peak-season occupancy should be viewed very differently from a project demonstrating 12% on a full-year audited operating statement.
Georgia investment verdict
Best for: investors seeking relatively low entry prices, international management and potential capital appreciation.
The biggest underwriting mistake in Batumi is to model July and August performance as if it were representative of the entire year.
6. Mexico: Mature resort infrastructure and institutional-quality demand
Mexico is the most mature market in this comparison from an investment property perspective.
The key tourist corridors include: Cancún, Riviera Maya, Playa del Carmen, Tulum, Los Cabos, Puerto Vallarta / Riviera Nayarit
Indicative 2026 hotel cap rates for luxury/resort properties are around 6–8% in Cancún/Riviera Maya and approximately 6.5–8.5% in Los Cabos.
That may look less attractive than some Asian development projects, but the difference is partly explained by the maturity and depth of the market.
Mexico has extensive international air connectivity, established hotel operators, professional management companies and a much deeper transaction market.
Mexico investment verdict
Best for: investors who value market maturity, international tourism infrastructure, operator depth and institutional liquidity.
Mexico may not always win the headline yield competition, but it can be compelling for investors who prioritise risk-adjusted returns and exit liquidity.
So, which market wins?
There is no single winner because the six markets represent different investment strategies.
🥇 Bali — best yield/upside combination
For a professionally managed, well-positioned resort asset, Bali currently has the strongest potential net yield profile in this group. The combination of tourism, lifestyle demand, wellness, luxury hospitality and relatively strong ADR makes the market particularly attractive.
🥈 Georgia — attractive yield with lower entry costs
Georgia can produce compelling returns from a lower capital base. However, Batumi's seasonality must be modelled conservatively.
🥉 Cambodia — high potential, high risk
Siem Reap can offer attractive yields relative to acquisition cost, but investors sacrifice liquidity and market depth.
4. Mexico — best mature-market risk profile
Mexico offers excellent tourism fundamentals, major international operators and a mature hospitality ecosystem. The return may be lower than an aggressive Bali development, but the investment environment is more institutional.
5. Vietnam — strongest growth story
Vietnam is perhaps the most interesting market for investors looking several years ahead. Tourism and RevPAR growth are impressive, but the large development pipeline means asset selection is critical.
6. Phuket — lower percentage yield, excellent market depth
Phuket's mature tourism infrastructure and international hotel ecosystem make it an exceptionally credible resort market. The main challenge is that strong demand is already reflected in land and property prices.
The most important point: operator quality can matter more than country.
A 10% projected return from an unknown operator is not necessarily better than a 7% return generated by a professionally managed property under a globally recognised brand.
An international hotel operator can potentially improve:
occupancy
ADR
revenue management
direct bookings
loyalty-program demand
international distribution
food & beverage revenue
guest experience
resale credibility
buyer appeal
The operator does not, however, eliminate investment risk.
A Marriott, Hilton, Radisson, Wyndham, Hyatt, IHG, Banyan Group, Burasari Group flag does not automatically guarantee a particular yield. The economics depend on the management agreement, brand fees, marketing fees, reserve requirements, owner-use restrictions, revenue-sharing formula, local taxes and the underlying asset.
Therefore, SellEste Properties help investors to examine the contract and property-level P&L, not simply the logo on the building.
What we check before suggesting a hotelier-managed asset:
Before comparing two projects purely by advertised ROI, we advice investors to pay attention to the following:
1. Gross versus net yield
Ask for the exact calculation.
A developer quoting 10% should be able to explain:
Gross room revenue → operator fees → management → OTA/distribution → utilities → maintenance → tax → reserve → owner net income.
2. Actual occupancy
Ask for the historical occupancy of the operating asset rather than a forecast based on comparable hotels.
3. ADR and RevPAR
A resort producing 80% occupancy at a low ADR may be less profitable than one producing 65% occupancy at a significantly higher ADR.
4. Management agreement
Pay particular attention to: management fees, incentive fees, brand fees, marketing fees, owner-use restrictions, contract duration, termination provisions, renewal rights, FF&E reserve, major renovation obligations.
5. Operator versus brand
The brand name and the actual management company are not always the same entity.
A property can carry an international brand while being operated under a franchise or third-party management structure.
6. Seasonality
This is especially important in Phuket, Batumi, Cambodia and many Vietnamese tourist markets.
Annual occupancy is far more important than peak-season occupancy.
7. Exit liquidity strategy.
A 10% yield is less attractive if the property is difficult to resell. We work with our clients to select the right investment strategy and guide them every step of the way. Contact us to build your investment property portfolio.
Data and operator portfolios checked against publicly available 2026 market and official hotel-group information. Yield figures are indicative market ranges and should not be interpreted as guaranteed investment returns. Actual performance varies by property, purchase price, management agreement, financing, taxes, seasonality and local regulations.
15.08.2026
