Global sales of hotel properties totaled $24.5 billion in the first half of 2025, down 17.5% year-over-year and 31% from the same period in 2019, JLL said in its newly issued Global Hotel Investment Trends research report. The number of sale transactions was down from the year-ago period, while the share of sales commanded by sub-$200-million properties climbed to 77%.
However, property fundamentals remain solid. “Global RevPAR continues to reach historic levels; however, growth has begun to moderate amid worsening consumer sentiment as geopolitical volatility increases,” according to JLL.
Still, RevPAR gains since 2019 posted double-digit levels in all regions except for Asia, where they declined. Meanwhile, supply growth is expected to remain muted as construction costs continue to be elevated, benefiting existing hotels.
Looking ahead, JLL predicts that “decelerating supply growth and increased debt market clarity” will catalyze sale transactions. The firm expects hotel brands to put balance sheets to work as supply growth slows.
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