Almost $14 billion in hotel sales recorded
05 August, 2008: Jones Lang LaSalle Hotels reports that despite the financial markets' uncertainty, $13.9 billion worth of hotels have traded globally in just the first half of this year.
This represents a decline of 76% from the record levels seen in the same period of 2007, however.
By region, the highest drop was recorded in the Americas (81%), although the Americas remains the most liquid region, accounting for more than $6 billion of transactions in 2008.
"Whilst transaction activity has shown a marked decline from the historical highs achieved over the last two years, we are still cautiously optimistic about the future of hotel investments over the medium term," said Jones Lang LaSalle Hotels´ Global CEO Arthur de Haast. He added: "At $13.9 billion, hotel investment volumes are now at a level comparable to that of 2004, which similarly recorded $14 billion worth of transactions within the first half of the year."
He said transaction volumes are still significantly higher than those achieved in 2002/2003, which was the lowest point for the industry in this decade.