Nearly $6 billion in hotel transactions occurred in the U.S. during the first half of 2012, according to data from the Hotel Transaction Almanac Midyear 2012 Update, a report from STR Analytics and the Hotel Investment Barometer.

“The investment landscape for hotels has obviously changed since last year,” said Steve Hennis, director at STR Analytics. “Deal flow has tapered since 2011, particularly in the luxury segment. Additionally, there has been a shift in buyer strategy to some degree with fewer distressed sales and less activity by real estate investment trusts (REITs).”

Only 13 percent of transactions involved distressed assets, a sharp decline from 2011 when almost one out of three asset trades included struggling properties. Only 16 percent of hotel acquisitions were by REITs, a noticeable decline from 2011 when 35 percent of purchases were by REITs. The average room revenue multiplier was 3.9, a modest drop from the average multiplier of 4.2 in 2011. Surprisingly, the average cap rate declined to 9.2 percent in 2012 from 10.5 percent in 2011.