Emmy Hise and Jan Freitag

🏡 In the U.S., the hotel industry recorded 800 transactions in Q1 2024, with an undisclosed dollar volume approximately $4 billion, the lowest since Q1 2010. Disclosed transactions amounted to $3.4 billion. The Ritz-Carlton Key Biscayne, Miami's two-thirds ownership sold for $400 million, marking both the highest sale price and the highest price per key at $1.43 million for the quarter. New York City had eight hotel deals totaling $236 million. Atlanta and Denver saw 13 and 10 transactions, respectively. Los Angeles hotel transactions dropped by 75% post-April 2023's "Mansion Tax" implementation. The Residence Inn Los Angeles LAX Manhattan Beach sold for $68 million, over 80% of the Q1 2024 volume in L.A. Optimism remains for the rest of the year among brokers, lenders, and owners.