In this report, we introduce three new metrics to monitor real estate activity in the hotel market, as measured by transaction prices. The large hotel index records sales of hotels equal to or greater than $10 million, while the small hotel index covers the hotels selling for less than $10 million. 1 The third metric is a repeat sales index (RSI) to track actual hotel transactions. All three indices are constructed quarterly using both the CoStar and Real Capital Analytics commercial real estate databases. The large and small hotel indices are constructed similar to the consumer price index (CPI). In contrast, the repeat sale hotel index is analogous to the retail concept of same store sales, except that it compares a series of sales of a particular hotel property over time.