In a Jones Lang LaSalle Inc (NYSE:JLL) report on global capital markets, hotel transactions have surpassed $20 billion and are on track to exceed analysts' forecast of $31 billion by the end of the year.
Income generated by hotels has increased by 51 percent since this time last year, but it still lags far behind the $100 billion generated by office space in the same period, which grew by 3 percent since last year.
The report said retail and industrial-related incomes were at $55 billion and $30 billion, respectively, both up from last year.
The large increase in hotel revenue, the report said, is largely due to the strength in portfolios in the U.S. and Europe. The Blackstone Group L.P (NYSE:BX) made the largest deal in the industry when it bought the non-listed Apple Reit Six Inc for $1.2 billion.