Hotel stay is often framed by immediacy. A booking confirmation, a check-in time, and a room prepared to standard. The experience is designed to feel seamless.
Behind that ease is a more complex system of ownership structures, capital flows, and strategic intent. Properties are acquired, repositioned, and traded with detail, each decision calibrated against market conditions and long-term value. For Karan Khanijou, this is the substance of the business.
In his role as Senior Vice President, Investment Sales – Asia, JLL Hotels & Hospitality, he advises on cross-border hotel and resort investment sales, connecting institutional capital with assets across Asia and the Indian Ocean. Holding an Executive MBA from the Kellogg School of Management, he has built his career through transaction-focused roles, overseeing deals that span the Asia Pacific region at JLL and, previously, at Colliers International.
Originally from Pattaya, he brings a perspective shaped by early exposure to both hospitality and property through his family’s ventures. For this reason, Masala connected with Karan to discuss the investment-based thinking that underpins hotel ownership, what continues to drive value in the sector, and how his experience on the ground continues to shape his business approach.
What initially drew you towards hospitality real estate as a field of specialisation?
I got into commercial real estate, and then I became very excited by income-generating properties. After looking at the different types of income-generating properties, of which there are quite a few, such as office buildings and industrial infrastructure, hotels naturally felt very exciting.
They are usually in core downtown locations or resort markets, so there was a good opportunity to travel and see these kinds of places. At the same time, the Thai tourism market was growing, which brought in a lot of interest from different investors.
We were also seeing growth across various tourism segments during that period. So, it felt like a market that was expanding, and one I had a particular interest in.
What exactly does your current role at Hotels & Hospitality Group at JLL entail?
We generally work with hotel owners across the entire life cycle, with my team involved at every stage. We assist with acquiring land for a hotel, then move into feasibility studies to determine what is best to develop, essentially the highest and best use.
If there is no in-house team, we can also support the build. Once the hotel is up and running, our asset management team steps in to help optimise performance.
My role tends to come in towards the end, when an owner has held the asset through their investment period, and it comes time to exit. We run what is essentially a structured auction process, typically over three to four months.
During that time, we study the asset in detail, identify the most suitable buyer profile, and go out to engage those investors. We prepare the asset carefully for sale, undertaking thorough due diligence before bringing it to market, and present it in a way that aligns with what investors expect.
This includes initial legal due diligence, reviewing licences and permits, and examining the financials very closely. We also draw on a strong pool of internal data to assess value-add opportunities, looking at how cash flow could be improved and where future upside may lie.
At the end of the day, our focus is on the client. It is about not only achieving the best price the market will support, but also ensuring the deal is completed.
How long does a sales cycle usually take? What is involved, and do you personally handle feasibility analysis as well?
I would say that, on average, it comes to about eight months. The fastest we have completed a full sale process, from beginning to end, is four months.
We do have a team that handles feasibility studies as a separate service, if you want to engage us formally. But if you are working with us to sell an asset, the sales team will go through it with a buyer’s perspective in mind, looking at what they would be able to realise from it.
So, within my team, we do carry out some level of feasibility and put forward investment ideas as part of the process.
How does the acquisition process differ when it comes to procuring branded properties as opposed to independent ones?
The process really is what we are all about. We try to bring a very institutional approach to real estate sales. Given that we are dealing with high-value assets, as well as high-profile investors, ownership groups, families, and private equity funds, the focus is on keeping things open, transparent, and efficient.
There is not really a difference between selling a branded or non-branded asset. We aim to run the same efficient process across all assets.
The difference comes more in how we understand the asset and target the right investors. For non-branded properties, we tend to spend more time considering what they could become, whether that is aligning with a brand or evolving as an independent, and how a new owner might add value.
What are the biggest structural shifts you have observed in properties today, particularly in Asia?
I think one interesting aspect I have seen recently, looking at Thailand first, is the growing interest over the past 24 months from investors in acquiring leasehold hotels rather than freehold assets.
Last year, we saw at least three high-value leasehold transactions, and this year we are likely to see a similar number. As land prices continue to rise, hotel investors are recognising that they may not need to own the land to benefit from the cash flow of a hospitality asset.
It is one of several changes taking place in the market at the moment. Leasehold transactions are not particularly uncommon in other markets, so this feels more like the Thai investment market reaching a greater level of maturity in that respect.
Does decision-making for property accumulation vary in each country, and what unique sets of challenges have you observed?
If we look at private equity funds or institutional investors more broadly, I would not say it varies significantly by country, as they tend to apply a consistent strategy across the markets they operate in.
Private equity funds are generally focused on value-added opportunities. They are looking to acquire assets where they can create additional value and ultimately achieve a higher exit price, whether through adding more rooms, rebranding, upgrading the product, or improving cost and revenue management.
Institutional investors, such as pension funds and larger groups, tend to take a less hands-on approach. They are typically looking for stable, predictable cash flow and apply that strategy across most of their markets.
When it comes to family offices and high-net-worth individuals, there is a strong and consistent affinity for real estate. Across Southeast Asia, family offices tend to allocate a meaningful portion of their portfolios to property, and hotels are increasingly becoming a more significant part of that mix.
Several Thai-Indians are actively investing in the hospitality sector. In your opinion, what sparked this trend, and are the returns viable when compared to other methods of investment?
I think the returns are viable. Hotels remain one of the more attractive investment classes in Thailand, and that continues to hold true.
There is a natural inflation hedge built into hotels. As prices rise, and if market conditions allow, you can reprice a hotel stay very frequently, even daily, to respond to demand.
In contrast, with other asset types such as office or industrial, you are often locked into longer-term contracts, which provide a different kind of stability but do not allow for the same short-term flexibility. That ability to adjust pricing is one of the key reasons hotels remain attractive.
On top of that, I think the Thai-Indian community is invested in Thailand, and Thailand continues to be one of the foremost tourism destinations in the world.
Having spent time travelling across the region, it is clear why people keep returning. There is a wide variety of offerings, with mountains in the north to beaches in the south, as well as urban and more rural experiences, all supported by relatively strong infrastructure and connectivity.
So, it remains a resilient market.
What has recent transaction activity looked like across key markets in Southeast Asia?
I would say there is a strong level of investment across Southeast Asia. Looking specifically at Thailand, which is perhaps a more interesting example, 2025 was the most active year on record for hotel transactions.
The market saw approximately USD 850 million (THB 27 billion) in total volume, compared to a 10-year average of around USD 400 million, so it was a particularly strong year, even when coming off a record 2024 as well.
If Singapore had not also seen such a high level of activity, Thailand would likely have been the leading hotel investment market in the region. Both markets performed very well.
Vietnam is another market I cover, and it too saw a strong year. My team completed two hotel transactions there in 2025, working with Singaporean, Middle Eastern, and domestic investors.
There is clearly a high level of interest in that market. We saw international groups selling to domestic buyers, as well as domestic groups selling to international investors.
It goes to show how capital moves fluidly across the region, particularly within the hotel investment space.
Where is capital flowing right now? Is it leaning towards city hotels, resorts, or branded residences?
Our core focus is on the sale of city hotels and resorts across the markets we cover. In Thailand, capital is flowing into both segments.
Last year saw a strong volume of transactions in city hotels, with Bangkok clearly leading. The next key markets would be Phuket, Samui, and Pattaya, while places like Chiang Mai and even Khon Kaen are also starting to draw more attention.
At the same time, because asset values tend to be higher in Bangkok, it usually leads on a total value basis. Both Thai and international investors show interest in city centre and resort locations.
The pattern is similar across the region. In Indonesia, there is demand in Jakarta and Bali, and in Vietnam, last year, we completed one resort transaction and one in the city centre.
What key metrics should hotel owners focus on today?
There are a number of ways to evaluate a hotel investment, but generally, owners are focused on return on investment (ROI). That is usually measured through cash-on-cash yield or internal rate of return (IRR), and most assessments tend to follow those lines.
Some investors may place more emphasis on land value, which can appreciate over time, with income seen as secondary. When we work with sellers to evaluate their properties ahead of bringing them to market, we look at the current income that is being produced today and what strategies we can employ to increase that income.
Essentially, it comes down to understanding both the returns today and the potential returns that could be realised in the future.
Reflecting on your career progression, which experiences or decisions proved most formative in shaping your current path?
I think in our role as advisors, it really comes down to focusing on the client, understanding what their needs are, and then delivering on those needs.
In this business, particularly within hotel capital markets, where it is a relatively close-knit space, there is little value in promising something that cannot be delivered. So, it is important for us, when working with a client, to be clear on their expectations and then do our best to meet them.
What do you feel is your biggest achievement or project so far in your career?
In terms of how my role has evolved over the past few years, it has taken on a more international remit. I think the biggest milestone has been stepping into this position and the opportunities that have come with it.
Over the past 24 months, I have been able to work on and close several high-profile transactions across markets such as Korea, Vietnam, and the Maldives. In addition to Thailand, this has allowed me to work with some of the most prominent investors and owners across the region, and to gain a better understanding of how these markets operate.
What I have found particularly interesting is that, while real estate investors do differ across geographies, there are still fundamental principles that remain consistent, regardless of the market, investor type, or jurisdiction.
Has your professional involvement in shaping hospitality spaces influenced the way you experience travel?
Yes, I do tend to choose destinations I have not been to before, so I can experience different facets of the hospitality space. That is one side of it.
The other is that, in my personal travels, I can walk into a hotel and have a sense of what is happening behind the scenes. It gives me a greater appreciation for the teams involved, from those who developed the property and invested significant time and effort into bringing it to life, to those who manage it day to day.
If you had to make one bold prediction about hospitality in the next five years, what would it be?
The market will continue to mature, and the offerings available will keep advancing, with new brands launching all the time. As a result, expectations among Asian travellers will continue to rise.
Investors and owners will keep introducing new products, and with increasing competition across the board, the overall standard will only continue to improve across Asia.