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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(中译版)(26页).pdf

上传人: 1736****123 编号:1199951 2026-04-23 26页 4.63MB

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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

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1. **全球酒店投资复苏**:2025年酒店交易量较2023年低谷增长22%,占全球商业地产投资份额约8%,恢复至长期平均水平。 2. **区域表现分化**:美洲交易量增长27%(+27%),EMEA增长4%(+4%),APAC下降20%(-20%);国际旅游复苏不均衡,欧洲超疫情前水平,APAC仍滞后8.7%。 3. **供需与流动性改善**:全球酒店供应增速放缓,美国主要城市供应占比低于2%;债务市场增强,2025年美国酒店贷款发放640亿美元,2026年预计进一步增长。 4. **高端市场机遇**:超豪华酒店需求增速(全球财富CAGR 9.6%)远超供应增速(0.2%-5.2%),长期投资价值凸显。 5. **2026年关键驱动**:美洲受益于世界杯(预计RevPAR中双位数增长),EMEA聚焦英/南欧/北欧,APAC日本、印度、新加坡为热点;跨境资本回流,但“长距离”流动仍不足。
酒店投资回暖? 2026旅游趋势? 豪华酒店机遇?
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