Value-Add Buyers Bet on Deferred Maintenance Across Hotel Sector

Investors bought hotels at a 28% higher pace in the first half of 2025 compared with the same period in 2024, according to MSCI. JMI Realty paid roughly $100,000 per room for a 254-key Hilton Garden Inn in Austin in June and plans to invest another $65,000 per key in renovations. Park Hotels & Resorts sold a Hilton in Short Hills, New Jersey, for $12 million in July, less than half the anticipated cost of required property improvements. Acrophyte Hospitality Trust unloaded a Hyatt Place in Memphis, Tennessee, for $6.9 million, a 10% discount to its December valuation, citing mandated capital expenditures...