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Hotel Transaction Volume May Continue to Drop in 2009.(Commercial)
Byline: James Comtois
Chicago-Following an 80% drop in global hotel transaction volume last year, 2009 will exhibit a further decline, to levels last seen between 2001 and 2003, according to Jones Lang LaSalle Hotels' Hotel Investment Outlook 2009 report.
The report reveals that $23 billion worth of hotels changed ownership in 2008, down from $113 billion in 2007, as the credit crisis and the chilling effects of the global economic slowdown took hold. With no short-term market recovery likely, the forecast for 2009 is for transactions worldwide to further decline to $19 billion in 2009.
"The United States registered the greatest decline in transaction volume, down 82% to $8.2 billion in 2008, followed by Asia Pacific, marking a decline of 80% to $2.5 billion," said Arthur de Haast, global CEO of Jones Lang LaSalle Hotels. "Our research highlights that EMEA proved comparatively more resilient: transaction volume amounted to $12 billion, 58% lower than the level recorded in 2007."
Mr. de Haast added that the first half of 2009 will be ...
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Source: HighBeam Research, Hotel Transaction Volume May Continue to Drop in 2009.(Commercial)