JLL: Hotel investors targeting cap rates of 6.5% in Miami
In its December 2015 Hotel Investor Sentiment Survey, Jones Lang LaSalle (JLL) noted that a net balance of 55% of survey respondents are positive about the short term (six months) prospects for hotel performance in Miami, while a net balance of 33% are positive about the medium term (two years) prospects. Initial yields (cap rates) targeted by investors in Miami are about 6.5%. A net balance of 4% expect that initial yields will rise in the short term. According to JLL’s proprietary indicator, the hotel investment cycle in Miami is characterised as being at a late stage of an upturn – although this is not necessarily the house view.
Source : JLL/December 2015/Miami/HOT