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Property market


12-month occupancy growth (%)


​​12-month ADR growth


12-month RevPAR growth


12-month supply growth

Investment market


Investment sales (YTD, billions of $US)


YTD investment sales growth


Average cap rate


12-month change in cap rate (bps)

  • Demand: Q1 2018 operating fundamentals reach new highs, underpinning investor sentiment.
  • Transactions: U.S. hotel transaction volume totaled $8.0 billion, an increase of nearly 78.0 percent relative to Q1 2017.
  • Markets: A majority of the country's major markets experienced positive trailing twelve-month revenue per available room growth as of Q1.
  • Sources of capital: Private equity and foreign investment accounted for 60.0 percent of total hotel transaction volume.
  • Sources of risk: Supply and operating costs remain top of mind.

U.S. Lodging cap rate map

Cap rates sharpen further in the first quarter due to the high profile of assets transacted – both for single-asset and portfolio deals.

Methodology: Cap rates pertain to upper upscale, urban hotel assets and are based on JLL's Hotel Investor Sentiment Survey conducted in December 2017.

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Foreign investors pile into U.S. hotels

Offshore capital has been a key player in U.S. hotel transactions throughout 2017, accounting for 17 percent of total transaction activity and $2.9 billion in volume through the end of Q3.

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View the complete Q1 2018 U.S. Lodging Investment Quick Look for more on these latest hotel trends.