Average price per key is $105,000 in single-asset, select-service hotel transactions from June 2016 to June 2017, reports JLL.

THE VOLUME OF transactions in the U.S. hotel industry’s select-service sector took a dramatic dive from June 2016 to June 2017, reports Jones Lang LaSalle.

Single-asset sales of select-service hotels declined 67 percent in that time, JLL reveals in its U.S. Select Service Hotel Investor Survey, released this week.

“Hotel owners are increasingly looking to refinance their assets and have less incentive to sell, which is creating a dearth of high-quality assets in the market,” says the report.

JLL projects select-service transaction volume to reach approximately $6 billion this year. In 2016, it totaled $7.4 billion, down $5 billion from 2015’s volume.

All in all, most hotel investors JLL surveyed for the latest report have a positive outlook for the sector, says the firm.