Hotel Sales Soar
The volume of U.S. hotel transactions through June set a record at $21.8 billion, surpassing the total volume of 2005 of $21.0 billion, according to a new report from Jones Lang LaSalle Hotels. In the first half of the year, 135 transactions of $10 million or more were completed.
Given this pace, the firm forecasts a full-year transaction volume of $30 billion or more. Globally, the volume of full-service hotel sales is set to exceed $60 billion, a 33-percent increase over last year. U.S. sales will account for half of the volume globally.
Four of the 10 largest single-asset transactions in the first half of the year each topped the $300-million mark. Leading the pack was the $500-million-plus sale of the Four Seasons Hualalai in Hawaii.
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