U.S. hotel transactions totaled $27.8B last year, up from $16.9B

Hotel investment was strong across the country in 2014, totaling $27.8 billion, according to Colorado-based STR Analytics.

There was $18.5 billion in hotels changing hands and another $9.3 billion in new hotels opening their doors, according to STR.

The total investment was up from $16.9 billion in 2013.

For Pennsylvania, the highest acquisition price was the Marriott Philadelphia Downtown, which sold for $270 million.

The average price per room in the Philadelphia metropolitan market was $198,000, according to STR.

The largest acquisition in the U.S. last year was the Westin Diplomat Resort & Spa in Hollywood, Fla., which sold for $535 million.

And the most expensive development project was the Marriott Marquis Washington, D.C., which cost $520 million.

The average price per room for U.S. acquisitions rose to $219,000 last year, a 15.3 percent increase over 2013, according to STR.

Regional data for Central Pennsylvania was not immediately available.

Also of note, STR said the oil and gas industry drove a lot of hotel growth in many rural communities last year, accounting for 27.3 percent of the new room supply.

Over the past three years, more than 36,000 hotel rooms have been constructed in areas reliant on the energy sector.

Source: Central Penn Business Journal