Savills Australian Hotel Transaction Review 2025

TRANSACTION TRENDS IN RECENT YEARS (CONT.) Pricing on a per-key basis remained broadly stable, at approximately $379,500 per key in 2025, compared with $384,000 per key in 2024 (-1.2%), although price per key remains below levels recorded in 2022 and 2023. Hotel transactions in 2025 have been categorised into three value tranches based on deal size: $5 million to $30 million, $30 million to $80 million, and transactions over $80 million. Transactions valued at over $80 million accounted for six sales in 2025, representing 10.0% of total transaction activity by number of deals which is slightly above 2024. The skew toward $5 to 30 million assets and a relatively stable price per-key indicates buyers are underwriting to current cashflow plus executable upside, not to cap rate compression. Source: Savills & MSCI Source: Savills & MSCI AVERAGE PRICE PER KEY $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $5 - $30mn $30 - $50mn $50 - $80mn $80mn+ 50 45 40 35 30 25 20 15 10 5 0 2023 2024 2025 NUMBER OF TRANSACTIONS BY LOT SIZE I SAVILLS AUSTRALIAN HOTEL TRANSACTION REVIEW 14