Who’s Buying In? The Diversity of Investors Coming into the Resort, Golf, and Hospitality Industry

The resort, golf, and hospitality industry continues to thrive — and so does investor interest.

The buyer landscape is more diverse than ever as the hospitality sector is enjoying stable growth and expanding opportunities. We take a look at who’s buying in what is becoming one of the most attractive investment classes in commercial real estate.

Entrepreneurs 

Entrepreneurs and first-time owners looking to diversify their portfolios continue to gravitate to the hospitality industry in large numbers, and make up the largest segment of buyers in the $1-10M purchase price range

While the types of hospitality properties vary, more often, many entrepreneurs and first-time owners appreciate turnkey businesses and properties that require little to no reinvestment, with operational upside.

For many, this might be their first hospitality property, and having existing systems in place for front- and back-of-house operations, along with trained personnel, creates a huge incentive for entrepreneurial investors.  

Wyndham is helping to spur more entrepreneurs and first-time investors with its Accelerator Circle program, which provides support to BOLD (Black Owners and Lodging Developers) and Women Own the Room groups through expert mentorship and networking.

So far, BOLD and Women Own the Room have secured over 90 hotel deals and opened 20 hotels since the initiatives launched in 2022.

High-Net-Worth Individuals (HNWI)

HNWIs seeking solid investments are increasingly turning to the hospitality industry, looking for opportunities in a sector that has experienced tremendous growth.

For instance, with the resurgence in interest in golf courses and golf resorts post pandemic, in particular, these serve as strategic investments for HNWIs, offering long-term value, stability, passive income, and a diversity of revenue streams, such as restaurants, facilities, and pro shops, which accompany the golf course.

Reliable Revenue Streams

Additionally, consistent monthly dues and fees at golf courses provide these investors with a reliable revenue stream, making them even more attractive as investment opportunities.

Full-service hotels and resorts have also caught the attention of HNWIs, who are sometimes joining deals as limited partners.

In a 2024 US hotel investor survey, over 40% of investors ranked “resorts” as the most attractive asset type, the highest of any category.

This sector is enjoying a great run as travelers continue to seek out leisure travel and the convenience of luxury, full-service resorts. In early 2023, investors spent $1.3 billion to purchase full-service resort-hotels, adding to 2023's global resort market size estimated at $300.03 billion by end of year.

And by 2030, the resort market is expected to reach $945.38 billion with resorts in the US anticipated to grow at a substantial CAGR of 18.5% from 2024 to 2030.

For instance, Texas billionaire Tilman Fertitta recently made headlines by buying the 260-room Montage Laguna Beach—located between Los Angeles and San Diego—for an estimated $650 million, or about $2.5 million per key.

Large Brands and Businesses

This segment of investors typically has the capital and resources to acquire multiple hospitality properties across diverse asset types — including golf courses, golf resorts, and all-inclusive resorts — to optimize and expand their portfolios and broaden their geographic reach.

Typically, large brands and businesses can expedite the buying process.

For example, Marriott honed in on all-inclusive properties, and in a three-year window expanded their all-inclusive properties from one to 30. In 2023, Marriott purchased its first Ritz-Carlton all-inclusive resort, and is planning an all-inclusive W Hotel to open in 2025.

While primarily known as a “hotel brand”, Hyatt is also a huge leader in acquiring resort properties, purchasing Apple Leisure Group for $2.7 billion in 2021, which at the time was the biggest all-inclusive deal by a big brand, and recently purchasing Playa Hotels & Resorts for roughly $2.6 billion in 2025.

Hilton has also thrown their hat in the ring, growing their footprint in the Caribbean and Latin America by more than 75% since the pandemic.

Private Equity and Investment Groups

As the industry continues to see stability and increased growth, private equity and investment groups are also investing in hospitality properties.

Private equity and investment groups look for metrics that indicate sustained revenue, skilled management teams, and opportunities for expansion and scalability. With increased access to funds, investment groups are more often willing to reinvest and make improvements and upgrades when there’s a clear indicator of a strong ROI.

In the 2024 US hotel investor survey, 94% of respondents plan to maintain or increase hotel investments in 2025, up 85% from the prior year. 

For instance, JRK Property Holdings has expanded from their multi-family investment properties into the hospitality industry, expanding their portfolio with a $165 million acquisition in 2024 of a Hilton hotel in La Jolla, California. This adds to their growing hospitality portfolio, which includes Oceana Santa Monica and the Ace Hotel in Palm Springs. Over the next 12 to 18 months, JRK plans to expand their footprint acquiring more than $500 million of additional hospitality assets.

In 2023, Bain Capital Special Situations and Smith Hill Capital, an affiliate of Procaccianti Companies, formed a joint venture to expand their reach into the hospitality sector. Together, they committed $1 billion in gross capital to be allocated over the coming years, exclusively to help companies and investors finance hospitality projects.

And while major private equity players like KKR and Blackstone will continue to be the prime investors in hospitality, 2025 is anticipated to offer more opportunities for smaller investors to enter the hospitality market.

International Investors

Investors are crossing borders to pursue great investment opportunities in the hospitality sector.

Global investors, with a large number coming from the Middle East, China, and Europe, have their sights set on hospitality properties, particularly luxury resorts, and courses that enjoy a certain level of prestige, affluent lifestyle, and long-term capital appreciation.

Additionally, acquiring hospitality properties in cities and countries with more stable economies or appreciating currencies is an attractive investment for international investors. Whereas their home markets may not be able to guarantee the same level of financial security or reliable returns. 

International players like The Jumeirah Group, a Dubai-based firm, are expanding into the European market, with The Jumeirah Group acquiring their first property in Switzerland, Le Richemond, located on the banks of Lake Geneva, making this their fifth hospitality acquisition in Europe.  

Middle Eastern firm Maybourne Hotel Group also entered the European market during the peak of the pandemic, building the Maybourne Riviera on the French Riviera before adding more properties like The Emory in London and the Maybourne Beverley Hills.

Huge leisure markets like Miami and Charleston, which are ranked among the top most attractive investment markets in the US, are also drawing attention with international investors like Switzerland-based private equity firm, Reuben Brothers who acquired the Miami W South Beach hotel in a $400 million dollar deal, marking their latest investment in the area.