仲量联行（JLL）：2026全球酒店投资展望报告：运营表现分化下的行业流动性改善（英文版）（26页）.pdf

1、Improving liquidity dynamics for hotel sector even as operating performance is more unevenGlobalFebruary 20262026 GlobalHotel Investment OutlookRJones Lang LaSalle IP,Inc.All rights reserved.22026 Global Hotel Investment OutlookJones Lang LaSalle IP,Inc.All rights reserved.Liquidity turns the corner

2、 with 2025 hotel transactions up 22%from 2023 troughDebt markets for hotels increasingly strong;large loans are backHotel sector resilient across cycles;share of global transactions back to long-term averageCross-border capital increasing,but inter-regional“long-haul”capital flows still laggingTrave

3、l volumes robust and slated for 4.9%additional growth in 2026RevPAR growth moderating after multi-year above-average trendLiquidity for large-scale and luxury transactions building,driven by investors rebounding confidence in sectorSlowing supply means more competition to brand existing assets;a val

4、ue driver for unencumbered assetsKey themes for 2026Jones Lang LaSalle IP,Inc.All rights reserved.Jones Lang LaSalle IP,Inc.All rights reserved.32026 Global Hotel Investment OutlookJones Lang LaSalle IP,Inc.All rights reserved.Hotel market fundamentals3Jones Lang LaSalle IP,Inc.All rights reserved.J

5、ones Lang LaSalle IP,Inc.All rights reserved.Hotels accounting for approximately 8%of global investment volumes,in line with previous highs42026 Global Hotel Investment OutlookJones Lang LaSalle IP,Inc.All rights reserved.-37%-12%-1%4%-80%-60%-40%-20%0%20%40%Middle East/AfricaEuropeAmericasAsia Paci

6、ficWorld%Change vs 2019 2022202320242025International travel recovers globally but regional variances persistGlobally,international tourist arrivals surpassed pre-pandemic levels in 2025.Middle East/Africa,Europe and Americas exceed pre-pandemic levels while APAC lags.Europe rebounded to pre-pandemi