Global hotel transaction volume softened in first half 2025 amid heightened uncertainty, as investors grappled with underwriting challenges for portfolios and large-scale deals, according to JLL’s latest report. Despite the slowdown, significant dry powder and a wave of upcoming debt maturities are expected to drive renewed activity in the second half of the year.
Total transaction volume reached $24.5 billion, a 17.5 percent decline from 2024. Average price per room saw modest growth, supported by rising demand for luxury assets. Market bifurcation persisted, with select-service trades continuing to anchor liquidity, bolstered by smaller check sizes.
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