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U.S. & Canada Hotel Transactions: Volume, Insights, & Outlook

U.S. & Canada Hotel Transactions: Volume, Insights, & Outlook

Published: May, 2025
Report ID: GVR-MT-100331
Format: PDF/Excel databook

No. of Pages/Datapoints: 50
Report Coverage: 2024 - 2030

Transactional Landscape

The U.S. hotel transaction market continues to grapple with pronounced macroeconomic headwinds. Investor sentiment remains tempered due to persistently high borrowing costs, and with the likelihood of an interest rate reduction by the Federal Reserve in the summer diminishing, elevated debt costs are expected to persist over the near term. Further compounding transaction activity is several structural impediments, including widening bid-ask spreads, escalating operational expenditures, and the substantial capital requirements often associated with change-of-ownership Property Improvement Plans (PIPs). As ownership groups evaluate disposition strategies for their hotel assets, they must account for these prevailing headwinds and their influence on buyer underwriting standards to calibrate pricing expectations accordingly.

According to the most recent data from Real Capital Analytics (RCA), hotel transaction volume in the United States declined by approximately 42% in Q1 2024 compared to the same period in the prior year. On a transactional count basis, limited-service hotels registered a 19% year-over-year decrease, while full-service hotel transactions contracted by 31%. These figures reinforce current market dynamics and investment sentiment, which continue to favor the limited-service and extended-stay segments due to their relatively resilient operating models and leaner capital structures.

U.S. Hotel Investment Volume & Average Deal Size (2000-2023)

Year	Total Investment Volume (USD Billion)	Average Deal Size (in millions USD)
2000	$5	~$20
2001	$5	~$21
2002	$5	~$22
2003	$6	~$25
2004	$15	~$29
2005	$32	~$35
2006	$42	~$39
2007	$22	~$34
2008	$9	~$22
2009	$3	~$15
2010	$12	~$22
2011	$16	~$27
2012	$16	~$30
2013	$22	~$42
2014	$27	~$45
2015	$46	~$29
2016	$29	~$26
2017	$25	~$28
2018	$34	~$24
2019	$40	~$21
2020	$8	~$18
2021	$21	~$40
2022	$40	~$65
2023	$43	~$100

Source: JLL Research, Company Annual Reports, and Grand View Research

In the U.S., the hotel industry has experienced a dynamic transactional environment. Marriott International, for instance, reported a 3% increase in room revenue for the U.S. and Canada in Q1 2025. However, the company lowered its full-year revenue outlook due to slowing travel demand, now anticipating a 1.5% to 3.5% growth in revenue per available room (RevPAR), down from its previous forecast of 2% to 4%. This adjustment reflects broader market trends, including declining U.S. government travel demand, which saw a 10% year-over-year drop in March 2025. The U.S. hotel industry faces a cautious outlook. Marriott International has revised its full-year revenue outlook downward due to slowing travel demand, now anticipating a 1.5% to 3.5% growth in RevPAR. Goldman Sachs downgraded its outlook for U.S. hotel stocks, citing weakening consumer demand and economic uncertainty, adjusting its 2025 forecast for RevPAR growth from 1.4% to just 0.4%. Despite these challenges, companies like InterContinental Hotels Group (IHG) remain optimistic about achieving full-year profit targets, relying on steady domestic demand.

Canada's hotel industry demonstrated resilience, with investment volumes reaching approximately CAD 2.0 billion in 2024, a 16% increase year-over-year. Major markets such as Vancouver, Calgary, Edmonton, Toronto, Ottawa, and Montreal recorded nearly CAD 1.3 billion in hotel transactions, marking a 46% increase from the previous year. This growth is attributed to record operating performance and ample capital availability. Canada's hotel industry is expected to experience moderate growth in 2025. RevPAR is forecast to increase by 2.7% year-over-year, reaching a new high of CAD 137, supported by growth in all major Canadian markets. The national occupancy rate is projected to hold at 66% over the next several years as new supply is quickly absorbed. Approximately 6,500 new rooms are expected to come online across Canada in 2025, representing a 1.4% growth in the national hotel supply.

Presented below are select historical (spanning the past two years) and current transactions in the U.S. and Canadian hotel industry, offering a representative view of market activity from an internal vantage point. These deal examples underscore a notable evolution in buyer behavior over the referenced period, reflecting broader shifts in investment priorities, risk appetite, and asset-class preferences within the hospitality real estate sector.

Recent transactions in the U.S. and Canada hotels market

Year	Property	Location	No. of Rooms	Estimated Sales Price	Estimated Price/Room	Buyer	Seller
Q4, 24	Hampton Inn & Suites Little Rock-Downtown	Little Rock, AR	119	$11,000,000	$92,437	Crossroads East LLC	N/A
Q4, 24	Tru by Hilton Rogers Bentonville	Rogers, AR	90	$12,500,000	$138,889	Bruhati Hospitality, LLC	Newgen Hotels, LLC
Q4, 24	Cambria Hotel Downtown Phoenix	Phoenix, AZ	127	$29,700,000	$233,858	DT PHX Lodging, LLC	RO2 Cam LLC
Q4, 24	Hilton Phoenix Resort at the Peak	Phoenix, AZ	432	$39,500,000	$91,435	Pivotal Group	Fortress Investment Group
Q4, 24	ADERO Scottsdale Resort	Scottsdale, AZ	177	$57,500,000	$324,859	LionGrove	N/A
Q4, 24	Wilde Resort and Spa	Sedona, AZ	105	$60,000,000	$571,429	Dynamic City Capital	KHP Capital Partners
Q4, 24	Holiday Inn Express & Suites Tempe	Tempe, AZ	128	$17,500,000	$136,719	Great East and Hotel Group Inc.	PV HE, LLC
Q4, 24	Residence Inn at Anaheim Resort/Convention Center & Springhill Suites	Anaheim, CA	466	$303,000,000	$650,430	Dynamic City Capital	T2 Hospitality
Q4, 24	Signature Anaheim Maingate	Anaheim, CA	66	$11,000,000	$166,667	Dhanbua Hospitality, Inc.	GZF (USA) Asset Management LLC
Q4, 24	Sirtaj Hotel	Beverly Hills, CA	32	$14,000,000	$437,500	N/A	N/A
Q4, 24	Homewood Suites by Hilton Carlsbad-North San Diego County	Carlsbad, CA	145	$30,950,000	$213,448	Palomar Airport Road Hotel, LLC	JSG Hospitality Management LLC
Q4, 24	Residence Inn Costa Mesa Newport Beach	Costa Mesa, CA	144	$39,500,000	$274,306	Ladera Linda, LLC	Costa Mesa RI Holdings LLC
Q4, 24	Hampton Inn by Hilton Livermore East - Lake Forest	Foothill Ranch, CA	84	$11,000,000	$130,952	Imperial Heritage, LLC	CA 27102 FH Ranch Owner LLC
Q4, 24	Holiday Inn & Suites Monterey Park-Los Angeles	Monterey Park, CA	136	$38,000,000	$279,412	Stonewell Investment LLC	Pacific Plaza Monterey Park, LLC
Q4, 24	Courtyard Oakland Downtown	Oakland, CA	162	$10,600,000	$65,432	Core Property Capital	Gaw Capital Partners
Q4, 24	Residence Inn Sacramento Cal Expo*	Sacramento, CA	176	$20,000,000	$113,636	1530 Howe, LP	PEG Companies
Q4, 24	Super 8 by Wyndham Sacramento	Sacramento, CA	122	$15,850,000	$129,918	Sacramento Madison Avenue LP	4317 Madison, LLC
Q4, 24	Seahorse Resort & Villa Del Mar	San Clemente, CA	19	$15,500,000	$815,789	602 Avenida Victoria LLC & 612 Avenida Victoria LLC	McKinley Family Irrevocable Trust
Q4, 24	Moxie℠ San Diego, CA - Downtown	San Diego, CA	91	$13,325,000	$146,429	Downtown SD Hotel LLC	Brightwood Investments LLC
Q4, 24	Hotel De Anza	San Jose, CA	100	$11,500,000	$115,000	233 W Santa Clara, LLC	ML San Jose Holding LLC
Q4, 24	Embassy Suites by Hilton Santa Ana Orange County Airport	Santa Ana, CA	301	$41,234,500	$136,992	Amphitrite Hotel LLC	Santa Ana Propco LLC
Q4, 24	Holiday Inn Express Santa Rosa North	Santa Rosa, CA	98	$15,250,000	$155,612	Gauri Investments, LLC	CPIF Santa Rosa Inn, LLC
Q4, 24	Hyatt Regency Sonoma Wine Country	Santa Rosa, CA	253	$55,000,000	$217,391	Brookfield Properties	United Overseas Bank Limited, NY Agency
Q4, 24	Holiday Inn Express South Lake Tahoe	South Lake Tahoe, CA	89	$13,750,000	$154,494	Express South Lake Tahoe Hotel, LLC	HJEX JRH, LLC
Q4, 24	Four Points by Sheraton Hotel & Suites San Francisco Airport	South San Fran, CA	101	$17,700,000	$175,248	Piramco Inc.	Summit Hotel Properties Inc.
Q4, 24	Fairfield Inn & Suites & Residence Inn Boulder Broomfield/Interlocken	Broomfield, CO	212	$29,000,000	$136,792	AWH Capital Partners	Bedford Lodging
Q4, 24	Suburban Studios Denver Tech Center*	Denver, CO	112	$13,500,000	$120,536	3699 South Monaco LLC	Three Wall Capital
Q4, 24	Homewood Suites by Hilton Denver Tech Center	Englewood, CO	113	$14,200,000	$125,664	Nexgen Renascent 199 Inverness Holdings, LLC	Silverwest I. Inverness HW, LLC
Q4, 24	Della Terra Mountain Chateau	Estes Park, CO	17	$14,000,000	$823,529	Z Golf Food And Beverage Services, LLC	Della Terra Properties, LLC
Q4, 24	Best Western University Inn	Fort Collins, CO	70	$10,000,000	$142,857	Budontokel, LLC	AS2024 Holdings Business Trust
Q4, 24	The Golden Hotel	Golden, CO	$62	$23,500,000	$379,032	The Bailey Company, LLC	Tebo-Golden, LLC
Q4, 24	TownePlace Suites Denver South/Lone Tree	Lone Tree, CO	121	$17,800,000	$147,107	Wheat Ridge Hotels LLC	Park Meadows TPP LLC
Q4, 24	Hyatt House Shelton	Shelton, CT	127	$19,200,000	$151,181	SJR Shelton LLC	Acrophyte Hospitality Trust
Q4, 24	Days Inn by Wyndham Fort Lauderdale Airport Cruise Port*	Fort Lauderdale, FL	144	$17,000,000	$118,056	AIDS Healthcare Foundation, Inc.	Balaji Investments, Inc.
Q4, 24	Sea Beach Plaza Hotel	Fort Lauderdale, FL	33	$8,450,000	$256,061	FTL Lodging Owner LLC	Harborage, LLC
Q4, 24	Homewood Suites by Hilton Orlando-Maitland	Maitland, FL	125	$15,500,000	$108,392	Maitland Hotel Investment, LLC	Chatham Lodging Trust
Q4, 24	Radisson Red Miami Airport	Miami, FL	157	$22,000,000	$140,127	3401 Miami, LLC	Miami River Point Hotel, LLC
Q4, 24	Gates Hotel South Beach	Miami Beach, FL	235	$75,000,000	$319,149	Elliott Investment Management	Rockpoint Group
Q4, 24	W South Beach*	Miami Beach, FL	348	$425,000,000	$1,221,264	Reuben Brothers	JV RFR Realty & TriCap
Q4, 24	Dolce Vita Resort and Spa	Orlando, FL	205	$18,000,000	$87,805	Ecam Realty Partners VIII LLC	N/A
Q4, 24	Quality Inn & Suites Winter Park Village Area	Orlando, FL	200	$10,500,000	$52,500	626 Lee Road, LLC	Winter Park Hospitality, LLC
Q4, 24	Staybridge Suites Orlando Airport South	Orlando, FL	135	$22,600,000	$167,407	JV Sam Patel & Farooq Shahzad	N/A
Q4, 24	WoodSpring Suites Panama City Beach	Panama City Beach, FL	122	$14,375,000	$117,828	Noble Investment Group	WSS Panama City Beach LLC
Q4, 24	Fairfield Inn & Suites Fort Lauderdale Northwest	Tamarac, FL	120	$23,000,000	$191,667	Nexgen Hotels	AD1 Global
Q4, 24	Holiday Inn Express Venice	Venice, FL	73	$10,500,000	$143,836	ACJ Hospitality, LLC	Venice 380 LLC
Q4, 24	Fairfield Inn & Suites Atlanta Buford/Mall of Georgia	Buford, GA	96	$11,000,000	$114,583	Woodvale	WII Mall of Georgia, LLC
Q4, 24	Hotel Indigo Atlanta Airport - College Park	College Park, GA	143	$10,500,000	$73,944	Apsilon Management Harvard Ave., LLC	Blackstone Real Estate Income Trust
Q4, 24	Candlewood Suites Jackson	Jackson, GA	90	$11,554,250	$128,158	RSA Hotels LLC	Jagdish, LLC
Q4, 24	SpringHill Suites Chicago Bolingbrook	Bolingbrook, IL	82	$11,034,000	$134,146	REIT 125 LLC	AS Investment Group Inc.
Q4, 24	Hyatt Regency O’Hare Chicago	Rosemont, IL	1095	$44,000,000	$40,183	MCR Investors LLC	Hyatt Hotels Corporation
Q4, 24	Courtyard by Marriott Indianapolis Fishers & Hyatt Place Indianapolis Fishers	Fishers, IN	356	$80,000,000	$224,719	Noble Investment Group	Dunn Hospitality Group
Q4, 24	Hilton Garden Inn Topeka	Topeka, KS	123	$12,635,000	$102,724	Chang Family Trust	Topeka470 LLC
Q4, 24	SpringHill Suites By Marriott Elizabethtown	Elizabethtown, KY	95	$13,200,000	$138,947	Naaka KY Limited Company	Elizabethtown Howell LLP
Q4, 24	Courtyard Boston Downtown	Boston, MA	315	$123,000,000	$390,476	N/A	Ashford Hospitality Trust, Inc.

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U.S. & Canada Hotel Transactions: Volume, Insights, & Outlook

Transactional Landscape

U.S. Hotel Investment Volume & Average Deal Size (2000-2023)

Recent transactions in the U.S. and Canada hotels market

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