In the last few years the investing activity of real estate investors in German hotel properties has increased strongly and the total financial value of transaction will probably rise in the future as well. Traditionally the German hotel investment market was dominated by domestic investors and fixed lease agreements between investors and operators. Especially due to the engagement of the foreign real estate investors variable contracts, like variable lease agreements or management contracts, are getting usual in the market. This makes a hotel to a more risky investment for the investors than in the past. Subsequently it is getting more and more important for investors to identify the most important factors influencing the transaction of hotel properties. The author conducted a study to identify the most important influencing factors and their corresponding weight on the transaction of 4-star-hotels in Germany. Therefore hotel consultants with appropriate transaction experience were interviewed. For the survey the software Expert Choice was applied. The software is based on the Analytic Hierarchy Process, a special value benefit analysis.