Research

Global | January 2024

Global Hotel
Investment
Outlook 2024
Executive summary
2023 was a challenging year. While fears of a global recession did not come to fruition, rising interest rates led to
widespread capital market dislocation which placed significant downward pressure on global real estate investment
volumes. Further, escalating geopolitical tensions between the U.S. and China, the ongoing Ukraine-Russia war,
and the outbreak of the Israel-Hamas war and humanitarian crisis have resulted in continued global uncertainty.
Despite these challenges, the global lodging industry demonstrated resilience as RevPAR soared to a full recovery
in 2023. Through November, the proportion of RevPAR recovered to 2019 by region ranged from 94% to 121%,
with the Middle East leading the way followed by Europe and the Americas. Asia Pacific (APAC) remains the only
global region yet to reach full recovery; however, performance has risen over the past six months and RevPAR is
expected to surpass 2019 levels by Q1 2024. Global resort and leisure-heavy markets, which were generally the first
to recover following the Covid-19 pandemic, have started to see some normalization in demand while urban market
performance has accelerated as business, group, and international travel all recover. Look for urban hotels to soar
even further in 2024 with London, New York, and Tokyo likely to attract the most investor interest.

While global RevPAR has now exceeded 2019 levels by 12%, there remains room for further growth in 2024.
Outbound Chinese travel, expected to be a major driver of hotel demand following the country’s reopening in early
2023, has so far been sluggish reaching only 50% of 2019 levels due to visa delays and airlift issues. Look for Chinese
travel to accelerate in 2024 which should primarily benefit broader Asia and gateway U.S. cities. Full recovery likely
will not materialize until 2025 though as domestic volatility persists. Expect Europe to continue to be a favored
destination for both foreign and domestic travelers, particularly as Paris gears up to host the Summer Olympics and
Taylor Swift takes her Eras Tour to the U.K. and Western Europe. Other markets to watch include India, driven by its
rising middle class, Turkey, Saudi Arabia, and Spain. While the Global Business Travel Association (GBTA) expects
business travel spend to reach a full recovery in 2024, leisure tourism will likely continue to be the primary driver of
global hotel performance.

As we enter 2024, look for consumers to continue to prioritize travel, particularly that which aligns with their
personal values. Hotels that clearly articulate a commitment to sustainability, wellness, and authenticity will have a
competitive advantage to not only meaningfully increase market share, but also drive higher asset values and unlock
new sources of capital. A hotel’s brand has never been more important as traveler expectations are on the rise. With
1,350 global hotel brands to choose from, it is crucial that hotels communicate, and more importantly execute,
on their brand promise. Look for hotel owners to refine their brand promises in 2024, with the potential for brand
consolidation, particularly as traditional hotel brands expand into new verticals, beyond just places to sleep.

2 Global Hotel Investment Outlook | 2024

2023: Transaction activity in review
Global hotel investment volume was anemic in 2023, sinking to $50.5 billion its lowest total since 2012 (excluding Although activity remained robust in 2023 with 1,404 global
2020). Widespread capital market dislocation, particularly high interest rates from most of the world’s central trades taking place, the second-most in history, average deal
banking institutions, resulted in historically low portfolio transactions and declines in average deal size. The size shrunk to a historic low at only $36.0 million. Investors
Americas and EMEA experienced the largest declines relative to historical averages, down 29% and 43% respectively, struggled to finance high-dollar deals driven by volatile global
underpinned by high debt costs in both regions and ongoing geopolitical instability in Europe and the Middle East. debt markets stemming from hawkish monetary tightening
While hotel liquidity declined less in APAC, continued turbulence in Greater China combined with macroeconomic policies. As such, single-asset trades accounted for 79% of
volatility across the region pushed volume 13% below its historical average. global hotel investment volume, by far their highest portion in
history, as portfolio transactions declined to $10.7 billion, down
59% relative to historical averages. Select-service and luxury
assets were the most favored as investors gravitate toward
Global hotel investment volume and number of trades: 2010 – 2023 smaller cheque sizes and irreplaceable hotels with in-place
$120 2,000 cashflow, respectively.

1,800 Private equity continues to be the largest acquirer of global

$100 hotel assets underpinned by significant dry powder on hand.
$97.9 1,600
2023 also saw a notable increase in new investors entering
the sector; in fact, 19% of the year’s global investment volume
Total hotel investment volume (billions USD)

1,400
$80 $80.6
was generated by first-time hotel buyers, the highest portion

Total number of hotel trades

$77.8
$73.4 1,200
$72.1 $73.0 in history. Hotels have become a preferred asset class for
$67.8
$60 $63.2 1,000
some institutional investors underpinned by robust operating
$54.2
performance and the industry’s inherent inflation hedge. Expect
$50.5 800 this trend to continue in 2024 and beyond, with high net-worth
$40 individuals (HNWIs) and family offices likely to invest heavily
$37.6 600
$35.1 into the sector.
$31.9
$28.4
400
$20

200

$- 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

EMEA APAC Americas # of global trades

Source: JLL Research

Note(s): Includes all transactions $5M+ excluding casinos. Entity-level deals are included only if underlying real estate was traded.

3 Global Hotel Investment Outlook | 2024

2024: All eyes on the debt markets
As we enter 2024, all eyes are on the debt markets now that core inflation appears to be falling across
most of the world’s largest economies which should result in some monetary easing following more
than a year of interest rate hikes. While there remains debate as to when, the consensus is that all
three of largest governing economic bodies (the Fed in the U.S., the ECB in Europe, and the BOE
in the U.K.) will begin to cut rates at some point in 2024. Perhaps more importantly, it appears that
interest rates have generally peaked. This clarity is crucial for investors as they look to underwrite
potential acquisitions and should help to spur hotel transaction activity. As such, JLL expects global
hotel investment volume to accelerate in 2024, likely exceeding 2023 by 15% to 25%. Look for the
Americas to see the largest growth followed by EMEA and APAC. Robust fundamentals, impending
loan maturities, deferred capex with property improvement plans (PIPs) being reinstituted, and a
high volume of private equity funds reaching the exit-stage of their lifespan should all catalyze hotel
transactions in 2024. Look for hotels in top urban markets such as London, Los Angeles, Paris, New
York, Sydney, and Tokyo to garner the most investor interest.

Irreplaceable luxury assets as well as the select-service and extended-stay sectors will remain the
most favored and liquid in 2024 driven by the growth in global wealth and the continued blurring of
lines between living and traveling, respectively. Look for this to drive bifurcation in asset pricing, with
luxury hotels expected to trade at a premium as other segments likely experience a pricing reset.
Expect institutional capital that has been on the sidelines for much of 2023 to reemerge in 2024,
particularly for must-have assets in safe-haven markets. Foreign investment, which has been largely
absent over the past three years, should also accelerate now that all international borders are reopen.
Look for cash-rich Middle Eastern and Asian investors to acquire quality assets across Europe and in
select U.S. markets.

4 Global Hotel Investment Outlook | 2024

Top 3 themes to watch in 2024
Theme Theme Theme

Resurgence of urban market Evolution and power Rise in sustainable

performance and renewed of hotel brands for hotel investment and
investor interest consumers and investors regenerative tourism

5 Global Hotel Investment Outlook | 2024

 1 Resurgence of urban market performance
and renewed investor interest
It is no secret that urban hotels were the most negatively impacted in the immediate aftermath of Covid-19 driven by widespread
travel restrictions, the closure of most tourist attractions, and a lack of both business and group travel. RevPAR in many of the
world’s largest cities declined by as much as 80%, with some reporting occupancies in the single digits. Now, nearly four years
past the initial pandemic shock, urban hotel performance has soared, underpinned by the reopening of international borders
and the return of group and business demand. Markets like London, New York, and Tokyo are once again some of the most
sought-after for investors as RevPAR is expected to rise further in 2024.

London has seen a surge in both inbound international and domestic European travel, benefitting from the weaker British Pound
which continues to attract both tourists and investors alike. London RevPAR grew 19% relative to 2019 driven by historic ADR
as hotel operators continued to navigate high inflation. Look for the market’s occupancy, which still lags 2019 by 3 percentage
points, to accelerate in 2024 and drive RevPAR even higher. This should fuel hotel investment volume which closed 2023 at
a mere $867.8 million, down 64% from historical averages. Expect impending loan maturities and deferred capex to catalyze
transactions in 2024, with the luxury sector likely to be the largest recipient of capital.

Driven by the highest ADR in the market’s history, New York RevPAR soared in 2023, exceeding 2019 levels by 14%. The market
has benefitted from the reemergence of international travel coupled with a surge in domestic group and business demand, with
As we head into 2024, look for global urban group revenue now up nearly 10% relative to 2019. Expect continued growth in 2024 underpinned by the resurgence of inbound
markets to be the most appealing for hotel Asian travelers following the removal of China’s group travel ban in August. The market will also benefit from limited future
investment driven by accelerating fundamental supply growth driven by new zoning laws and the city’s de facto AirBnb ban. Investors have already taken notice, with New York
performance. In fact, JLL’s 2023 Global Hotel leading all global markets in 2023 hotel liquidity at $3.3 billion, 28% higher than its historical average. As development costs
Investor Sentiment Survey reported that 84% rise, driving the cost-to-build significantly above the cost-to-buy, look for transaction volume to accelerate further, with foreign
of hotel investors expect to deploy the bulk investors likely to be the most acquisitive.
of their capital towards urban markets over
the next 12 months. As asset pricing generally Although slower to reopen than London and New York, hotel performance in Tokyo accelerated significantly in 2023. While
remains below pre-pandemic levels, expect inbound Chinese travel is only half of pre-Covid levels due to visa delays and airlift challenges, intraregional travel has soared,
urban hotel liquidity to increase further. leading to a 9% growth in RevPAR relative to 2019 (in local currency). Like London, the continued depreciation of the Yen has
resulted in strong inbound visitation, while investors have taken advantage of the weaker currency. Hotel transaction volume
reached $1.2 billion in 2023, 31% higher than the market’s historical average. Look for liquidity to grow only slightly in 2024 as
negative leverage remains a challenge.

6 Global Hotel Investment Outlook | 2024

International travel to fuel urban market hotel International tourist arrivals recovery from 2019 by region
performance & liquidity
20%
The impact of international travel on urban hotel demand cannot be
understated. Historically, there has been a 90% correlation between 10%
inbound foreign arrivals and urban hotel occupancy, particularly in
gateway markets such as London, New York, and Tokyo. As such,
-5% -6%
with all borders now reopen, expect to see a surge in urban hotel
-12% -13%
performance. According to the UNWTO, international tourism is
-20%
expected to close 2023 at 90% of 2019 levels. Recovery remains uneven
-30%

% Change from 2019

though driven by differences in regional border and visa policies. -29%
-34%
The Middle East, for example, has already fully recovered thanks to -38%

visa facilitation measures and investment in new tourism projects.

APAC meanwhile remains nearly 40% behind 2019 due slower border
-58%
-59%
reopenings, visa delays, and airlift challenges. -63%
-70%
-68% -68% -69%
-73% -74%
-75%
Despite ongoing economic volatility, geopolitical tensions, and rising
conflicts, look for international travel to accelerate further in 2024. -84%

Europe will likely be the largest beneficiary as it prepares for the -93%

Summer Olympics in Paris. Expect both strong intraregional travel

-110%
and robust inbound demand from the U.S., particularly as the Dollar Middle East/Africa Europe Americas World Asia Pacific
strengthens. Look for the Americas to benefit from inbound Asian
travelers as visa wait-times abate, while APAC should see an influx
2020 2021 2022 YTD Sept 2023
of both Chinese and European tourists. India, now the world’s most
populous country, is expected to be a major growth market in 2024 as
Source: UNWTO
the country’s wealth builds and a middle class emerges.
Note(s): Data collected by the UNWTO and published in November 2023.

This acceleration in international travel should not only strengthen urban hotel performance but should also lead to some growth in cross-border hotel investment which has been largely absent since the onset of
Covid. From 2010-19, foreign hotel investment accounted for an annual average of 22% of total global hotel investment volume. This has shrunk to only 12% over the past three years as many global investors have
been pushed to the sidelines due to geopolitical instability and fears of a global recession. While volatility persists, look for cash-rich, low-leverage investors to drive cross-border capital led by sovereign wealth
funds, HNWIs, and family offices. Expect Middle Eastern and Asian investors to be the most acquisitive, with urban markets in Europe and select U.S. cities to be the largest beneficiaries. Look for Africa and India to be
selectively targeted by European and Asian investors as major hotel brands expand into these markets.

7 Global Hotel Investment Outlook | 2024

Urban liquidity to drive global hotel investment volume
The improvement in urban hotel performance has translated to a renewed
investor optimism in these markets. In the ten years prior to Covid, urban
markets accounted for an annual average of 61% of single-asset global
hotel liquidity. This dropped precipitously in 2021 & 2022 but has started
to reemerge as of late accounting for 49% of single-asset liquidity in
2023. Pricing has also strengthened, with urban single-asset price per key
reaching $301,000 in 2023 an increase of 6% relative to last year. While still
8% behind 2019 levels, this growth should fuel more dispositions as owners
look to exit their investments. Look for investors to inject increased capital
into gateway markets such as Geneva, Los Angeles, London, New York, Paris,
Singapore, Sydney, and Tokyo. Foreign investors, private equity, and HNWIs
will likely be the most acquisitive in the short-to-medium term as cost of
capital remains high.

Reshaping the urban market

Looking to the future, flexibility will be crucial for urban hotels to navigate
the changing landscape. As the lines between living, working, and playing
continue to blur, hotels that design spaces that can be easily reconfigured
or repurposed, such as flexible meeting rooms that can convert into
co-working areas, will have an advantage. Adapting to new trends,
technologies, and consumer preferences will be key to staying competitive.
As urban development costs rise, hotel developers may explore more
innovative and cost-effective construction techniques, such as modular
or prefab construction. Further, look for hotels to become increasingly
integrated into urban mixed-use developments to help mitigate risk and
maximize revenue capture. By integrating multiple uses within a single
development, investors can diversify revenue streams and create more
sustainable urban environments. Cities that have a concerted effort towards
intentional tourism, with a focus on technology, will ultimately garner the
most long-term investor interest.

8 Global Hotel Investment Outlook | 2024

 2 Evolution and power of
hotel brands for consumers
and investors
Global hotel brands have expanded significantly over the past two decades. There are
currently 1,350 hotel brands in the world, 13% more than there were in 2000, and another
20 or so in planning that are expected to be rolled out over the next 12 months. Hotel
brands have evolved from their traditional role of diversifying customer segmentation to
now acting as a representation of a hotel’s value for travelers, operators, and investors.
Historically, developers and hotel parent companies created brands to target specific
consumer segments differentiated by price, design, destination, and traveler preference.
However, in today’s distribution ecosystem, brands offer much more value. They are now
a means to capture customer loyalty, optimize revenue, drive shareholder value, and
attract investors.

Changing consumer preferences and evolving

Hotel brands expand into new verticals to drive loyalty opportunities to create enduring loyalty have resulted in
Hotel brands have increasingly integrated themselves into all facets of consumerism, traditional hotel brands expanding into non-traditional
evolving from simply places to sleep into proxies for one’s lifestyle. In 1999, Westin verticals. Retail is just the beginning as hotel brands
Hotels, then a part of Starwood Hotels & Resorts, launched a retail store to sell its Westin are now expanding into residences, private member
Heavenly Bed© direct to consumers so that individuals could feel as if they were staying clubs, and even yachts with the goal of capturing the
in a hotel while in the comfort of their own homes. Six years later, the company partnered entire travel journey and solidifying an indelible sense of
with Nordstrom and today the Heavenly Bed© has generated nearly $1.0 billion in loyalty. Hotel brands are trying to create self-contained
revenue across multiple product lines including sheets, pillows, and towels. Westin is ecosystems by integrating into all facets of life. Co-
not alone in this endeavor as many hotel brands such as Fairmont, Peninsula, and Ritz- branded credit cards, point-sharing partnerships (e.g.,
Carlton now have ecommerce sites in which they not only sell their bedding but also spa Marriott & Uber or IHG & Hertz), and brand extensions
products, customized hotel fragrances, and even personalized gifts. These product lines have vaulted hotel brands into more than just places for
have not just created new revenue streams for hotel brands—global hotel retail is a multi- travelers to sleep. Look for this to create new investment
billion-dollar industry—but also produced a new kind of customer loyalty. Retail brands and innovation opportunities in 2024 and beyond.
themselves have taken notice, with iconic luxury brands such as Louis Vuitton, Dolce & Investors must be increasingly discerning in the brands
Gabbana, and Christian Louboutin recently announcing ventures into the hotel space. they choose to acquire as they are now buying into an
entire ecosystem.

9 Global Hotel Investment Outlook | 2024

Brand acquisitions present opportunity to drive shareholder value
As hotel brands increasingly become catalysts for customer loyalty, choosing the right brand has never been
more important. With global hotel development slowing driven by rising construction costs and ongoing
supply chain disruptions, brand growth will predominantly come from conversions (i.e., one brand to
another) or parent company acquisitions. Look for the latter to be a major driver in 2024 as the large hotel
parent companies look to drive shareholder value and further diversify their customer base. Since the onset
of the pandemic, global M&A hotel brand transactions have exceeded $10.0 billion, nearly double the long-
term average since 2012. This highlights the growing value proposition of hotel brands and the opportunity
for further investment.

Brand/Parent company M&A transactions involving publicly-traded and/or large global hotel
companies, 2012 - 2023

$25 16

15

14

Brand proliferation and expansion does not

$20
12 come without its risks. Ill-defined customer
segmentation or poor execution on brand
Total transaction volume (In billions USD)

Total number of transactions

10
promise risks brand denigration which can
10
$15
result in loss of trust and investment value.
As traveler expectations rise, it is crucial
8
that hotel brands communicate, and most
7
$10 importantly, execute upon their brand promise.
6
Look for hotel owners to refine their brand
5
promises in 2024, with the potential for brand
4
consolidation, particularly as traditional hotel
$5 3 3 3 3
brands expand into new verticals. Expect hotel
2 2 2 brands to increasingly partner together, akin to
1 the loyalty partnership between Marriott and
$0 0 MGM Resorts, to leverage expertise and create
2012 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
shared customer equity.
Total tra nsaction volume Total number of transactions

Source: JLL Research

10 Global Hotel Investment Outlook | 2024

 3 Rise in sustainable hotel investment
and regenerative tourism
Consumers are increasingly making buying decisions
that align with their personal values, with the
environment and sustainability chief among them.
Travelers have been slower to alter their behavior,
but this has begun to change as climate crises have
accelerated in recent years shedding light on the
dangers of over-tourism and the need for more
conscientious travel. Wellness hotels, regenerative
tourism, and eco-lodges continue to gain traction
and should increase in popularity even further in
jointly advocated for the industry to globally adopt the
EDGE certification alongside the Building Resilience
Index which together provide a comprehensive
framework that acknowledges and rewards progress
for sustainable practices in the hospitality sector. If
implemented, this presents an opportunity for both
consumers and investors to meaningfully evaluate
which hotels to stay at and invest in, respectively.

Changes to consumer buying behavior are only part

2024. According to Booking.com’s 2023 Sustainable of the equation. While there is significant evidence
Travel Report, 76% of travelers want to travel more to support operational cost savings for hotels that
sustainably over the next 12 months, an increase implement sustainable elements (e.g., LED lights,
of 5 percentage points from the prior year. The smart thermostats, etc.), the investment opportunities
challenge though is moving this from simply intent to have thus far remained elusive. That too has begun
actual purchase behavior as consumers have yet to to change as global sustainability regulations tighten
demonstrate a willingness to pay more for sustainable and pressure mounts on owners and investors to take
travel experiences. more decisive action. Hotel investors increasingly
recognize the threat that climate risk poses to the
Part of the solution lies in hotels better communicating long-term viability of the global lodging industry, with
their sustainability commitments to travelers 65% reporting it in JLL’s 2023 Global Hotel Investor
during the buying process. The industry has yet to Sentiment Survey as one of top-3 challenges they
implement consistent standards that clearly indicate face today. Further, 34% have already experienced
the adoption of sustainability practices to travelers. changes in their cost of capital due to sustainability
Green certifications are one way to do so; however, factors alone. As these challenges mount, look for
the industry has yet to agree upon one standardized sustainability to become a core component of hotel
approach. During COP28, the Sustainable Hospitality underwriting and investment decisions.
Alliance and the International Finance Corporation

11 Global Hotel Investment Outlook | 2024

A surge in green financing options for hotels
One of the key elements for sustainability to integrate more into hotel investment decisions is the debt markets.
As interest rates rise and access to debt is of the utmost importance, investors are increasingly looking to unlock
new sources of capital. Green financing has materialized as a possible option, with green bonds becoming more
prevalent. Over the last decade, there have been $4.4 trillion of global impact bonds issued, with 66% issued in the
last three years. These bonds, which follow the globally recognized guidelines of the Green Bond Principles, typically
offer borrowers a lower cost of capital and more favorable terms. While the hotel industry was slow to participate
initially, with BBVA and Europe’s Pestana Hotel Group issuing the hotel industry’s first green bond in 2019, adoption
has accelerated significantly in recent years. In the U.S., Host Hotels & Resorts made history in late-2019 as the first-
ever hotel REIT to issue a green bond. They have since followed that up with multiple sustainability-linked bond
issuances totaling nearly $3.0 billion. Accor has led the pack in Europe, issuing a $700.0 million sustainability bond in
2021. Progress is also being made in APAC, with Singapore’s Park Hotel Group issuing $176.0 million in green bonds
to refinance the Grand Park City hotel. Look for even further growth in this segment in 2024 and beyond, with Europe
likely to lead the way.

Global impact bond issuance: 2014 - 2023

$1,400.0

$1,200.0 $1,172.9

$1,000.0
Total impact bond issuance (billions USD)

$901.5
$841.2
$800.0

$600.0 $582.2

$400.0 $350.6

$192.0
$200.0 $172.1
$95.0
$38.4 $47.2
$-
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Green bonds Social bonds Sustainability bonds

Source: Bloomberg

12 Global Hotel Investment Outlook | 2024

Increased focus on responsible and regenerative tourism
As climate-related disruptions grow, tourist destinations must reevaluate how they
cater to travelers. Consumers increasingly gravitate towards authentic experiences and
have expressed a desire to positively impact the destinations they visit. As such, it is
incumbent upon both hotels and the broader tourism industry to promote experiences
and initiatives that prioritize the well-being of local communities and the environment.
This will create investment opportunities for more sustainable infrastructure.
Destinations that prioritize intentional and regenerative tourism will have a long-term
competitive advantage.

Regenerative tourism represents a new phase in the development of sustainable

tourism. While sustainable tourism focuses on minimizing negative impacts,
regenerative tourism takes it a step further by aiming to leave a positive, lasting
impact on the visited destination or community. The goal is to enhance the well-
being of residents and rejuvenate the local community, surpassing mere preservation.
Regenerative tourism is guided by holistic management approaches, emphasizing
mutual respect, interconnected relationships, and a strong connection with the natural
environment. It goes beyond the concept of “do no harm,” instead seeking to give back
more than it takes. Regenerative tourism strives to create a positive legacy, leaving
the place and its inhabitants in a better state than before. Amid rising climate anxiety,
expect hotels to invest more heavily in regenerative tourism akin to Soneva or Outrigger
Hotels & Resorts.

13 Global Hotel Investment Outlook | 2024

Final thoughts
The hotel industry defied the broader economy in 2023, with global RevPAR soaring to a full recovery. As consumers
continue to exhibit a propensity to spend on travel above all else, look for hotel performance to accelerate further
in 2024. Expect travelers to increasingly make buying decisions that align with their personal values. Brands that
commit to authenticity, with a particular focus on sustainability, will have an advantage. While widespread capital
market dislocation, namely high debt costs, resulted in subdued global hotel transaction volume in 2023, investors
remain optimistic with most expecting to be net-buyers over the next 12 months. Impending loan maturities,
deferred capex with PIPs being reinstituted, and a high volume of private equity funds reaching the exit-stage of their
lifespan should all catalyze increased hotel transactions in 2024, with urban markets likely to be the most liquid.
Investors that prioritize innovation and remain nimble will have the opportunity to acquire quality assets and grow
their portfolios.

Contributors
Zach Demuth
Global Head of Hotels Research
JLL Hotels & Hospitality Group
[email protected]

Kevin Davis Ophelia Makis

CEO, Americas Sr. Analyst Americas Hotels Research
JLL Hotels & Hospitality Group JLL Hotels & Hospitality Group
[email protected] [email protected]

Will Duffey Jessica Jahns

Head of Hotels & Hospitality, EMEA Head of EMEA Hotels Research
JLL Hotels & Hospitality JLL Hotels & Hospitality Group
[email protected] [email protected]

Nihat Ercan Marina Bracciani

CEO, APAC Vice President APAC Hotels Research
JLL Hotels & Hospitality Group JLL Hotels & Hospitality Group
[email protected] [email protected]

14 Global Hotel Investment Outlook | 2024

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