Investment in hotels in the Europe
, Middle East and Africa (EMEA) region has seen strong growth during the first three-quarters of 2010. In total, transaction volumes in the sector climbed to EUR 3.97 billion, representing a year-on-year rise of 55 per cent.
As predicted by Jones Lang LaSalle Hotels, the acceleration in interest in the sector was particularly strong during the third quarter of 2010, with EUR 1.8 billion spent by investors across the EMEA region, a 70 per cent increase on the same period a year previous.
Mark Wynne Smith, chief executive officer for EMEA at the firm, commented: "Sellers are now more realistic about their pricing expectations and this has helped kick start the market following a very quiet period. We currently have a reasonable balance between the number of buyers and the stock of hotels on the market."
Mr Wynne Smith added that there has also been an increase in the number of distressed sales being completed.
- Thursday 28 October 2010