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US Hotel Transactions Up 50 percent in 2013

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REITS  Hotel Investments  Arthur Adler 

US Hotel Transactions Up 50 percent in 2013

By - Monday 10 June 2013

The latest data from Jones Lang LaSalle shows that US hotel transactions were 50 percent higher in the first half of this year than the same period last year, with USD 8 billion dollars’ worth of transactions already completed.

A whopping USD 4.3 billion of the transactions were for single-asset purchases, while portfolio sales make up the remaining USD 3.7 billion. Out of the total transaction volume, resort investments represented 25 percent of sales, almost double the sector activity in 2012. 

"Hotel transactions thus far in 2013 have outpaced levels recorded during the same prior-year period, driven partly by two mega portfolio sales in excess of USD 1 billion each," said Arthur Adler, Americas chief executive of JLL's Hotels and Hospitality Group during the NYU International Hospitality Industry Investment Conference. 

"We anticipate that by year end, U.S. transaction volume will reach USD 17.5 billion, marking a 10 percent increase over 2012." 

While the likes of New York, San Diego, Washington D.C., Miami and San Francisco remained "most active" for hotel transactions, the remainder of the top 10 hotel investment spots in 2013 went to previously unranked locations, the firm reports.  

Atlanta enters the list for the first time at number two with a deal volume of USD 400 million, driven by foreign capital. Number three New Orleans had a volume of USD 345 million with REITs accounting for 80 percent of the transactions, and Houston also entered the chart with USD 155 million worth of hotel transactions so far this year. 

The USD 100 million plus transactions were dominated by private equity investors, who were responsible for 35 percent of the total transaction volume, while public REITs and sovereign wealth funds made up 21 percent of all transactions and were dominant in the 60-100 million dollar band, particularly in gateway and secondary markets according to JLL.

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