Investors turned their attention toward secondary and tertiary lodging markets in 2013 in search of properties with strong demand drivers. For example, investment activity in New York declined 40% in 2013 compared with the previous year, while hotel transactions reached $573 million in New Orleans, up 8,720% from figures in 2012, data from Jones Lang LaSalle's hotel and hospitality group show. Strong performance growth by hotels in secondary and tertiary cities and banks' increasing liquidity have contributed to the investment surge in these markets, said Lauro Ferroni, a vice president at JLL.

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