London hotel values fall following 11 September
14 December 2001 by Andrew Davies
Property agent Christie & Co saw five London hotel deals worth £143m collapse following the 11 September terrorist attacks, according to managing director Chris Day.
Speaking at the Hotel Report Special Crisis Seminar, which took place yesterday at the Victoria Park Plaza Hotel in London, Day said the values of London hotels had fallen 20-40% since 11 September, but the provinces were largely unaffected, dropping by just 5%.
"We've only seen a small number of London deals complete since 11 September, and they've all been under £5m," Day said.
But the London market was already picking up, Day added, and full recovery is expected to begin in the second or third quarter of 2002.
