- Americas led global hotel investment in 2025, JLL reported.
- Cities such as Miami that recovered quickly have normalized.
- 2026 FIFA World Cup and U.S. 250th anniversary expected to boost city lodging.
GLOBAL HOTEL TRANSACTION volumes rose 22 percent in 2025 from the 2023 trough, with the Americas leading at a 27 percent increase, according to JLL Hotels & Hospitality Group. Hotels reclaimed about 8 percent of global commercial real estate investment, above the long-term average, supported by slow supply growth in major markets.
JLL’s “Global Hotel Investment Outlook” found that RevPAR growth is moderating and performance varies across markets. Cities like Miami that recovered quickly have normalized, while slower-recovering cities like San Francisco have not. This reflects differences in recovery patterns, business travel return and room supply growth.
Luxury resorts and trophy assets are emerging as key investment targets, the report said. The 2026 FIFA World Cup and America’s 250th anniversary are expected to boost lodging demand in major cities.
"We're witnessing a fundamental shift in investor sentiment toward hotels, driven by compelling relative value and the sector's proven resilience," said Kevin Davis, JLL’s CEO for Americas. "The World Cup represents a unique catalyst for performance in host cities, while constrained supply dynamics create lasting value for existing assets."
However, uneven RevPAR performance is creating clear winners and losers, leading investors to focus on quality assets in prime locations, the report said. Improved debt markets are enabling larger transactions, with deals more than $250 million expected to rise, while international investment flows are gaining momentum, particularly into the U.K. and Europe.
Private equity is mobilizing substantial undeployed capital to pursue value-add opportunities, portfolio transactions and hotels available below replacement cost across major markets.
Dan Peek, JLL’s Americas president, said hotel investment dynamics have reached an inflection point where structural factors align with available capital.
"This rare alignment of favorable supply-demand fundamentals, robust debt markets and investor conviction creates the foundation for a sustained investment cycle that extends well beyond 2026,” he said.
JLL’s 2025 U.S. Hotel Investment Trends Report found that U.S. hotel investment rose 17.5 percent in 2025 to $24 billion. The sector is set for continued investment in 2026, supported by private equity and improving debt markets.
