$24B in US Hotel Transactions Signals a 2025 Rebound

JLL’s new hotel investment trends report shows US hospitality real estate transactions rose 17.5 percent in 2025 to $24 billion. The firm frames the jump as a return of transaction momentum after a choppy rate environment, with improving debt liquidity and sustained investor interest helping deals clear, especially later in the year.

From Deal Flow to Guest Experience: Capex and Pricing Power

Rising transaction volume usually means hotels change hands to owners with a plan—often capex-heavy renovations, brand conversions, and operational upgrades aimed at lifting rate and performance.

That can reshape what travelers see on the ground: refreshed inventory in big markets, more repositioning in growth metros, and greater rate segmentation as buyers underwrite different demand profiles.

JLL also highlights 2026 demand catalysts, especially major events, that can intensify compression in key cities and influence where investors deploy capital next.

2026 Spending Forecasts Rise

American Hotel & Lodging Association forecasts nearly $805 billion in US hotel guest spending in 2026 (up 1.7 percent from 2025), reinforcing expectations of continued demand even as operators manage higher costs.

Underscoring investors’ renewed interest in US hospitality, Blackstone has acquired the Four Seasons Hotel San Francisco for about $130 million, marking its first hotel buy in San Francisco in roughly a decade.

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