Record year ahead for property deals, advisors predict

A record-breaking year for hotel property deals is on the cards in 2004, according to advisors CB Richard Ellis Hotels.

"It is difficult to remember when we last saw such a level of activity so early in the year," said Derek Gammage, managing director for Europe.

"We have already seen the sale of the Savoy Group and an unprecedented level of activity in the corporate and individual asset markets.

"There is a level of interest in European, London and UK provincial hotel assets which we have not seen since before September 2001."

Gammage added that colleagues in the USA had reported the strongest first three months to a year in the firm's history, with 46 hotels already sold in 2004.

He said: "With a return to profitable trading, hotel assets are looking like a good sell option for prudent owners who have sat out the turmoil of the last three years, and these assets are looking like very attractive growth opportunities for new investors in the market."

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