Resilient global hotel investment activity despite economic uncertainty and a staggered regional market recovery


JLL’s Hotels & Hospitality Group has released its latest Global Hotel Investor Sentiment Survey, which reveals that nearly 80% of investors expect to be net buyers this year.

JLL interviewed global hotel investors to understand their evolving investment appetite, expectations for the timing of industry recovery and the outlook for the industry.

Hotel investors expressed heightened appetite as fundamentals continue to recover, with 20% of investors indicating they will deploy between $501 million and over $1 billion of capital in the hospitality sector, compared to 7 % of investors in 2021 and 16% in 2020. This is the highest proportion of investors willing to deploy this level of capital since the start of the pandemic.

This year’s survey showed that London, Tokyo and Boston have emerged as the top three hotel investment markets, highlighting renewed investor interest in urban markets. Over the next six months, 57% of investors expect the best investment opportunities to emerge in more traditional hotel property types, including full-service and select-service hotels. Additionally, 82% of investors indicated that they are targeting value-added investment opportunities, and 34% of investors are interested in vacant or unencumbered hotels.

Looking at the performance of the hospitality industry through August year-to-date (YTD), the Americas region benefited from robust demand levels following the end of all testing and quarantine travel restrictions for domestic and international visitors and has captured more than 60% of the $42 billion total global hotel investment volume. Activity in APAC and EMEA remained more subdued given COVID-19 related travel restrictions and the devastating war between Russia and Ukraine.

Although the pace of recovery varies by region, accommodation fundamentals are expected to continue to recover, albeit at a more prolonged pace given the headwinds in the global economy. Significant pent-up demand for travel and experiences, coupled with growing corporate and group demand, will help further drive the recovery. Investor interest in the sector is expected to remain strong with a pick-up in trading in the medium term.

JLL’s hotel investor sentiment survey includes responses from July to August. It represents a compilation of over 7,800 data points from hotel investors on future hotel operating performance expectations, return requirements and future cap rate trends.


About JLL

JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL is shaping the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, incredible spaces, and sustainable real estate solutions for our clients, associates, and communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in more than 80 countries and a global workforce of more than 100,000 people as of March 31, 2022. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For more information, visit


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