1、Global HotelInvestmentOutlook 2025JLL Hotels and Hospitality R major investor interest inLondon,New York,and TokyoExecutive summaryDespite another challenging year in many respects,the global hotel industry remained resilient in 2024.Through November,global hotel demand reached a staggering 4.8 bill

2、ion room nights,102 million more than 2023,resulting in RevPAR growth of 4%.Though RevPAR grew in all regions,performance remains uneven,with Asia Pacific(APAC)still lagging 10%behind 2019 levels while the Americas,Europe,and the Middle East have all fully recovered,with RevPAR growth ranging from 1

3、7%to 26%.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 underpinned by slowing consumer spending amid some contraction in savings.Conversely,demand for urban markets has accelerated si

4、gnificantly fueled by the growth in group,business,and international travel.Look for urban hotel performance to surge even further in 2025 with London,New York,and Tokyo likely to attract the most investor interest.As we enter 2025,the global hotel industry is at a unique inflection point.Now five y

5、ears post-Covid,hotel demand has broadly recovered(with some notable exceptions)though the composition of todays traveler looks markedly different than it did in 2019.While leisure travel has been the primary driver of hotel demand post-Covid,JLL expects this segment to moderate in 2025 as consumer

6、savings broadly contracts.Conversely,group,corporate,and international travel,all of which have generally lagged,will accelerate meaningfully,and fuel an anticipated 3%to 5%global RevPAR growth.Performance will remain uneven across regions,with APAC likely to see the largest growth driven by the con