Equity Analyst Praveen.Choudhary@morganstanley.com +852 2848-5068 Hong Kong/China Leisure & Lodging Asia Pacific Industry View In-Line October 22, 2025 06:34 PM GMT China Hotels | Asia Pacific M Idea Catalyst Previews: What's Ahead in 4Q25? The last quarter of the year is usually a low season for the hotel industry. However, business demand at end-October and in November sets an indication of how companies view the necessity of business travel. Apart from macro demand, we have identified a few idiosyncratic ...