INVESTMENT OPPORTUNITIES
Worldwide recovery in the hospitality sector is not likely to occur this year, according to Julian Kemp, asso- ciate director CBRE Hotels EMEA. “It is fair to say that some markets will improve
[earlier] but as a global perspective recovery will not be seen until 2011. With positive outlooks it is expected that corporate demand will improve towards the latter part of 2010,” he said. However, despite the negative outlook for business
levels in 2010, global investment interest in the hospi- tality sector is showing some signs of recovery.
In its
Hotel Investment Outlook 2010 report, released at the end of 2009, Jones Lang LaSalle Hotels forecasted that global hotel transaction volume will increase by 20 to 40 percent in 2010, after dropping to its lowest level in the decade in 2009. Arthur de Haast, global CEO of Jones Lang LaSalle
Hotels, added: “Equity-rich opportunistic buyers will also look at select larger single-asset transactions in global
gateway markets, but our 2010 volume forecast assumes there will be few substantial portfolio transactions.” The report stated that the investment landscape in
2010 will remain localised, characterised by subdued cross-border activity as investors remain risk averse and often favour their home markets. It added that the exception will be certain Asian
conglomerates and Middle Eastern investors that are likely scour to the global landscape for favourable investment opportunities. “Asian conglomerates are poised to emerge as one of the primary global acquisition groups in 2010 as they
seek prime assets in gateway markets, especially in the United States and UK, playing to currency fluctuations. Furthermore, sovereign wealth funds, primarily from the Middle East but also Asia, will aim to place capital in hotels as a hedge against inflation, and will therefore become more active buyers again,” said de Haast. He added: “The lack of availability of traditional lending
has spurred the creation of new investment vehicles to acquire hotel loans and assets, and we expect a contin- uation of this in 2010. The increase in public market activity in terms of IPOs, rights issues, and mortgage and equity REITs will also drive acquisitions.”
Dubai ended the month with the most rooms in the total active pipeline with 30,139, followed by Abu Dhabi with 14,171. Beirut and Cape Town were the two markets that reported less than 1,000 rooms in the total active pipeline, with 774 and 341 rooms respectively
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apr-may 2010
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