Consultancy Cushman & Wakefield has released a report ranking the top 25 cities globally for hotel investment, ‘Winning in Growth Cities 2012-13’.

The report said: "Given the constrains on lending by banks, equity investors and high net worth individuals, alongside sovereign wealth funds, are expected to continue to be most active players in the sector.

"These investors will focus on core – often trophy – products leased to top branded operators with proven income streams, and consequently the gap between the first tier and the rest of the market is likely to widen further."

The full list starts here: 

25) Singapore

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