Posted by Bob Brunskill
The EMEA (Europe, Middle East and Africa) hotel investment market has demonstrated strong growth in the first three quarters of 2010 to reach €3.97 billion, Jones Lang LaSalle has found.
According to the property specialist, investment volumes across the EMEA sector now represent a 55 per cent year-on-year increase against the €2.5 billion transacted between Q1 and Q3 in 2009.
In addition, Jones Lang LaSalle Hotels said that growth accelerated further during Q3 2010 with €1.8 billion transacted across EMEA - a significant 70 per cent increase on Q3 2009 levels of €1.056 billion.
Mark Wynne Smith, chief executive officer for EMEA at Jones Lang LaSalle Hotels commented: "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."
The group said that based on its findings, it has adjusted its 2010 transaction volume projection by €1 billion to €5.5 billion, which would represent an increase of more than 76 per cent compared to 2009 (€3.12 billion).