MIAMI—Sales of hotels are red-hot in Florida and around the Southeast, with institutional investors driving much of the demand. The hot market is a function of how well hotels are doing, which in turn is driven by tourism and the economy in general.

So what does all this mean for investors looking for lodging properties? And how long will this level of activity last?

GlobeSt.com talked to Rich Lillis, an executive vice president with Colliers International South Florida who advises clients on hotel and resort investment sales, to get some answers. Rich began his career as a front desk clerk at The Plaza Hotel in New York City. He went on to work for Marriott, moving up to become a hotel general manager, and then transitioned into real estate. He has been advising clients on hotel transactions since 2001.