Hotel revenue per available room (RevPAR) increased 13% globally in the third quarter compared with the same period in 2019, driven by historic average daily rate (ADR) stemming from major events, including Taylor Swift’s Eras Tour and the Paris Olympics, according to JLL’s latest Global Hotel Investment Trends.

According to the report, supply growth will remain moderate, with group, corporate and international demand set to accelerate and drive elevated performance in the next few months.

Global international travel is inching toward a full recovery, according to the report, fueling urban RevPAR. In most parts of the world’s top urban markets, RevPAR has surpassed 2019 levels, driven by a steady uptick in international travel. This is expected to continue through the year, said the report, as Chinese travel strengthens.

Other major events are expected to be significant drivers of urban hotel demand.

The top three largest markets in terms of transaction volume in the third quarter were London (with total transaction volume totaling $2.1 billion), New York City ($1.6 billion) and Osaka ($1.4 billion).

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