By region, Europe, Middle East and Africa (EMEA) was the most active hotel investment market in 2009, recording more than $4.3 billion in hotel sales, followed by Asia Pacific at $3.3 billion and the Americas at just over $2.2 billion. Building on the increased level of activity in the second half of 2009, the outlook for 2010 is positive with a continued, albeit moderate, recovery in transaction volumes.