Currently the sentiment for investing in hotel REITs is overly pessimistic with barely anyone willing to consider them. This is exemplified by relatively huge cap rates, above average dividend yields and most importantly depressed valuation multiples. Let's have a look on how hotel/lodging REITs compare to other REIT sectors.
Source: NAREIT (compiled by the author based on data published on September 30th, 2019)
The chart above basically shows that hotel REITs are trading at a significant discounts relative to other REIT players. Their trailing 12 month P/FFO multiple of 6.42x is 54% below