Despite a slowdown in sales in the second half of 2022 due to dislocation in the debt markets, hotel investors have kicked off 2023 with record sales for quality assets in highly desirable and growing markets, according to JLL Hotels & Hospitality Group.
A recent example of these transactions includes the sale of the Diplomat Beach Resort in Hollywood, FL, which was the third-largest single-asset sale in U.S. history. In addition, the recent closing of the AC Hotel Phoenix Biltmore set a record price-per-key for upscale select-service assets in the Phoenix market. Both markets are highly desirable for investors as they show substantial population and demographic growth as well as boasting strong market fundamentals for hospitality and tourism.
“Miami and Phoenix are two great examples of growing markets where year-end 2022 RevPAR has far exceeded 2019 performance by 24% and 19%, respectively,” said Melvin Chu, EVP, JLL Hotels & Hospitality Group. “Other top 25 markets that we are seeing similar performance and transaction trends include Tampa, San Diego, Orlando and Orange County [CA].”
According to Kevin Davis, Americas CEO, JLL Hotels & Hospitality Group, “Investors are buying into the thesis that long-term growth trends in certain markets will outweigh near-term capital markets dislocation. As a result, these investors are willing to buy at cap rates that are lower than the cost of debt because the growth story is so compelling.”
“Pricing for core and core plus hotel investments have held up extremely well despite volatility in the capital markets,” added Chu. “We’re seeing REITs and high-net-worth family offices step up by leveraging their strong balance sheet and relationship lenders to remain active investors of extremely high-quality real estate.”
The post JLL: U.S. hotel sales kick-off 2023 with record-breaking pricing in growing markets appeared first on hotelbusiness.com.
Source: hotelbusiness.com
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