BY JAN D. FREITAG

HOTELS THAT FEATURE SPA AMENITIES continue to attract investor interest and trade at a steady pace, even as overall transaction volumes in the hospitality sector have moderated. While the first half of 2025 saw a slight decline in total sales compared to the same period last year, high-profile, luxury-oriented properties are still commanding attention and securing buyers.

As of July 1, approximately $ 1.8 billion worth of hotel assets with more than 100 rooms and on-site spa facilities changed hands. This represents a modest dip from the $ 1.9 billion recorded during the first six months of 2024. Alongside the decline in total volume, the average price per key also fell— from $ 326,000 in 2024 to $ 288,000 in 2025— reflecting a more cautious investment climate shaped by persistently high interest rates.

Trophy properties still find buyers Despite the overall slowdown, trophy assets continue to

PULSE n SEPTEMBER / OCTOBER 2025 20