Manhattan Expected to Remain World's Top Hotel Investment Market
Friday March 1st, 2013 - 8:07AM
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NEW YORK–Manhattan is likely to stay the top global hotel investment market, according to a just-released report by Jones Lang LaSalle Hotels.
JLLH predicts that New York will take the top spot in 2013 with up to $2.4 billion in deals. Private equity funds are expected to remain the largest buyer group in 2013. REITs are also expected to be major acquirers of core properties. Off-shore capital from Asia and the Middle East, meanwhile, will continue to target trophy properties in Manhattan as well, according to JLLH.
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.