The number of global hotel transactions soared 56% in 2007, making it the fifth consecutive year of record growth, according to the latest Hotel Investment Outlook published by Jones Lang LaSalle.
The number of global hotel transactions soared 56% in 2007, making it the fifth consecutive year of record growth, according to the latest Hotel Investment Outlook published by Jones Lang LaSalle.
The survey shows hotels worth $113 bn (EUR 73 bn) changed hands last year, despite the impact of the sub-prime mortgage crisis. Even excluding the record-breaking transaction which saw Blackstone acquire the Hilton group for $26bn, year-on-year growth was still 20%, said Arthur de Haast, global CEO of JLL Hotels.
'This was extraordinary given that 2006 was already a 67% increase on 2005, and this was a 61% increase on 2004,' De Haast said. While general M&A activity has slowed 40% because of the turmoil on the financial markets, hotel transaction activity was down 17%, De Haast continued.
