A total of £1.62b of UK hotels have been sold as a result of company administrations or administrative receiverships since 2010, according to new research by the Jones Lang LaSalle's Hotels & Hospitality Group.
Only three months into 2013, this year is already the most active in terms of distressed hotel sales, owing to the sale of the 42 Marriott portfolio. Receivers for the Marriott hotels, which include the London Marriott Hotel County Hall and the St Pierre hotel and country club in Chepstow, were appointed in June 2011.
The properties were sold last month to the Abu Dhabi Investment Authority for a figure believed to be around £640m.
The second most active year to date for distressed hotel sales was 2011, with more than £542m worth of assets changing hands.
George Nicholas, executive vice-president with Jones Lang LaSalle's Hotels & Hospitality Group said: "The process of bank deleveraging is quickening and we are already experiencing a record year of administration led transactions in 2013.
"As banks are speeding up their deleveraging process, the pricing gap has closed which has resulted in an increase in transaction volumes."
Nicholas confirmed that the price per key has lowered since 2010.