Buy intentions remain strong for upscale hotels in key European markets, reveals Jones Lang LaSalle Hotels survey
- United Arab Emirates: Sunday, December 23 - 2012 at 16:17
- PRESS RELEASE
The latest Hotel Investor Sentiment Survey by Jones Lang LaSalle Hotels reveals that 40% of respondents stated that their investment activity over the next 6 months will be to 'buy' assets, with positive buy intentions focused on Germany's major cities and other key European markets including London, Warsaw, Vienna, Amsterdam and Paris.
When it comes to the most sought after asset type in Europe, Middle East and Africa (EMEA) results show that 28.8% of respondents indicated their interest in targeting upscale properties for investments, with the sentiment in this asset class rising significantly since the last Hotel Investment survey in May 2012. Demand for luxury assets is highest in Dubai, Abu Dhabi and the French Riviera.
In the Middle East and Africa, trading performance expectations have improved significantly since the last Hotel Investment survey although the outlook still remains slightly negative for the short and medium term. The improvement in sentiment is largely due to an overall stabilization in the region since the Arab Spring and tourist flows have started to return to countries such as Egypt and Tunisia.
Gabriel Matar continues, "Since the downturn of 2009, Dubai hotels have reported a strong recovery in occupancy and average daily rate (ADR) levels. In light of a slowing development pipeline and political stability in the country, investors believe that Dubai's operating fundamentals will continue to improve in the short and medium term. Dubai is the best performing MENA hotel market and is certainly the one to watch in 2013."
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