Many assets will need to be refinanced this year or next, but financing is still hard to come by and virtually unobtainable in the secondary market, defined as lower-quality properties in good locations.

WSJ: Property Investors Find Comfort in Hotel Market

He assessed whether local activity was comprised of mom-and-pop individual investors or institutional investors, defined as either entities that have purchased five-plus properties a year under the same name or under an incorporated name.

FORBES: Wall Street Institutions Behind Home Price Surges In Markets Like Phoenix