Report | United States Lodging Investment Outlook - Q3 2016
U.S. hotels posted year-to-date RevPAR growth of 3.2 percent, but growth in Houston, Miami and New York continues to be challenged. The number of hotel rooms under construction has steadily increased over the past 12 months, rising to 3.5 percent of existing rooms supply compared to 2.6 percent a year ago. Following Anbang Insurance Group’s purchase of Strategic Hotels & Resorts, Marriott International’s purchase of Starwood Hotels & Resorts Worldwide was finalized in Q3, and more mergers and acquisitions are expected. U.S. hotel transaction volume rose to $10.5 billion in Q3, nearly equaling the first two quarters combined. Cap rates have increased only marginally in the first three quarters of 2016.
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