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Property market

1.0%

12-month occupancy growth
(%)

2.3%

​​12-month ADR growth
(%)​

3.3%

12-month RevPAR growth
(%)

1.9%

12-month supply growth
(%)

Investment market

$15.1

Investment sales
(H1 2018, billions of $US)

44.0%

H1 2018 investment sales growth

6.7%

Average cap rate

-50

12-month change in cap rate
(bps)

  • Demand: H1 2018 sees acceleration in operating fundamentals given strong international and domestic travel trends.
  • Transactions: Transaction volume rises 44.0 percent to reach $15.1 billion driven by high-quality portfolio transactions.
  • Markets: 22 of the top-25 markets posting YTD growth in revenue per available room with Miami observing a double-digit increase.
  • Sources of capital: Private equity dominates the hotel real estate investment market, acquiring $4.0 billion more worth of assets compared to the same period in 2017.
  • Sources of risk: Macroeconomic issues present challenges to hoteliers.

U.S. Lodging cap rate map


Cap rates for full service hotels in CBD locations mark 50 basis point softening year-over-year.


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 H1 2018 U.S. Lodging Investment Outlook for more on these latest hotel trends.