Europe helps drive growth in global hotel property market
Global hotel property deals could hit $18b (£11b) by the year end, up as much as 85% in terms of volume compared with last year, as investors return to the hotel market post-recession.
A new report by property agent Jones Lang LaSalle reveals that hotel transactions in the first three quarters of the year were up 60% at $12b (£7.4b) compared with 2009.
Europe, Middle East and North Africa was the most active region for the first three quarters of the year, recording $5.2b (£3.2b) of hotel sales (46% up year-on-year).
Arthur de Haast, Jones Lang LaSalle Hotel's global chief executive, said: "The positive investor sentiment for hotel real estate assets witnessed at the start of the year has continued and even accelerated, resulting in a more active hotel investment market.
"We also see a strong increase in portfolio deals, showing a volume of about $3b for the year in September, double the volume recorded a year before."
Haast added that international capital was featuring strongly in Europe, with domestic capital accounting for just over a third of deals (35%) in the period and inter-regional investors contributing another 13%, with the remainder coming from investors in the USA, Middle East and North Africa.
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By Chris Druce
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