UK leads the way with hotel property sales
The UK has been the most active market for hotel transaction in Europe, Middle East and Africa (EMEA), so far this year, according to hotel investment services firm Jones Lang LaSalle Hotels.
In what has been strong growth in the first three quarters of 2010, with total transactions of £3.52b across the region, the UK has seen more than £887m of investment transacted. France comes third with about £447m invested, followed by Spain with £258m.
Investment volumes across EMEA now represent a 55% year-on-year increase against the £2.2b worth of hotel transactions during the first three quarters of 2009.
Mark Wynne Smith, chief executive for EMEA at Jones Lang LaSalle Hotels, said the company is now forecasting that the total transaction volume for 2010 across the region will be £4.8b, which would represent an increase of more than 76% compared to 2009 when it was £2.7b.
"Sellers are now more realistic about their pricing expectations and this has helped kick start the market following a very quiet period," he said. "We currently have a reasonable balance between the number of buyers and the stock of hotels on the market.
"We have also seen a number of distressed sales complete which has given us a good sense of how buyers price when they have a highly motivated seller. Acquisition debt is however still scarce."
European hotel investment reaches £14.4b in 2006>>
Hotel deals will continue to slump>>
Cumberland hotel is sold for around £215m>>
By Janet Harmer
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