Almost $6 billion in hotel transactions occurred in the U.S. during the first half of 2012, according to data from STR. Deal flow has tapered since 2011, particularly in the luxury segment.

Key findings:
— Only 13 percent of transactions involved distressed assets, a sharp decline from 2011 when almost one out of three asset trades included struggling properties.
— Only 16 percent of hotel acquisitions were by REITs, a noticeable decline from 2011 when 35 percent of purchases were by REITs.
— The average room revenue multiplier was 3.9, a modest drop from the average multiplier of 4.2 in 2011.

Meanwhile, on the other side, new hotel room development, the picture is mixed: total active U.S. hotel development pipeline comprises 2,745 projects totaling 300,954 rooms, according to STR, which represents a 6.9 percent decrease in the number of rooms compared to July 2011. The Upscale and Upper Midscale segments, which have performed remarkably well during the recovery, led all other segments with a 33.3-percent and 12.0-percent increase in rooms under construction, respectively. Among the Chain Scale segments, the Luxury segment reported the largest growth in rooms in the total active pipeline, increasing 93.1 percent with 7,951 rooms.

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