This study examines the relationship between investor profiles and transaction prices in the hotel investment market. Using a sample of 1,484 European hotel transactions from 2007-2020 and a hedonic regression model, we find that transaction prices paid by core investors are associated with a premium, while opportunistic investors pay a notable discount. This suggests a market segmentation between these investor types, reflecting their differing investment characteristics. Our study contributes to the literature by emphasizing the role of investor profiles in hotel transaction prices and offers practical insights for hotel investors, buyers, and sellers to optimize returns on investment.