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HB ON THE SCENE: Meet The Money Predicts Dramatic Increase In Hotel Sales

Thursday May 6th, 2010 - 5:55AM

LOS ANGELES, CA–On the second day of the Meet the Money conference here, speakers said they expected the dollar amount of hotel sales this year to almost double from last years number.

Both Jones Lang LaSalle Hotels Arthur Adler and CB Richard Ellis Daniel Lesser told attendees at the Sheraton Gateway LAX Hotel that they expect U.S. transactions volume to increase to $3.5 billion this year from less than $2 billion last year.

While positive news, the $3.5 billion number is still a far cry from the record-breaking $88 billion in property sales recorded in 2007. That number then fell to $12 billion in 2008.