Hotel cap rates

[Patrick Sears]

Hello,

I am becoming interested in possibly investing in hotels/motels in the future.  I have been reading that the mid to higher-level properties are valued on cap rates just like apartments.  I have seen a few on LoopNet that have caps in the 7 range. 

My question is, why would I pay that kind of a valuation for a full-time business that requires a ton of daily work when I can get an apartment for about the same rate without the full-time business headaches?

Thanks!