JLL Global Hotels Investor Sentiment Survey

Global lodging industry to remain resilient and attract increased investment in 2024.

November 08, 2023
  • Zachariah Demuth
  • Jessica Jahns
  • Marina Bracciani
  • Ophelia Makis

Our latest Global Hotel Investor Sentiment Survey reveals that lodging demand has skyrocketed with global RevPAR up 10.2% relative to 2019. JLL surveyed global hotel investors to understand their evolving investment appetite, expectations around the industry’s recovery timeline and industry outlook.

Despite robust fundamental performance, global hotel investment volume has been subdued underpinned by widespread macroeconomic headwinds, namely high debt costs and capital market dislocation. While some of these headwinds persist and others may arise, investors remain optimistic with most expecting to be net-buyers over the next year and looking to deploy increased capital into the hotel sector. Look for the global lodging industry to remain resilient and attract increased investment over the next 12 months.

While hotel investors are closely monitoring the RevPAR recovery profile of their hotel portfolios, many are also aware of the broader challenges in the market that will impact the sector’s performance, liquidity, and their ultimate ability to transact. The top three challenges investors shared in this year’s survey are:

  • Cost of capital
  • Rising insurance costs underpinned by growing climate risk
  • Deferred capex, with many brands reinstituting PIPs

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