Hotel sales down 76%, says JLL

  Global hotel sales have tumbled 76% from the record levels seen in the first half of 2007, according to a report by Jones Lang LaSalle.   The highest decline was recorded in the Americas at -81%, followed by Asia Pacific at -67% and EMEA at -59%.   The Americas remain the most liquid region, accounting for more than $6bn (£3.03bn) of transactions in the first half of 2008, out of a total of $13.9bn (£7.01bn) of global transactions.   The report also found that 84% of hotel transactions undertaken globally have been less than $100m (£50.5m), reflecting the reduced availability of debt.   A significant proportion of hotel acquisitions in 2008 have been undertaken by hotel and serviced apartment operators in contrast to previous years.   The report also noted increasing investor interest in emerging markets including Thailand, Vietnam and emerging countries, such as Russia and Turkey.   Arthur de Haast, global CEO of Jones Lang LaSalle Hotels, said: “While transaction activity has shown a marked decline from the historical highs achieved over the last two years, we are still cautiously optimistic about the future of hotel investments over the medium term.”   annabel.dixon@rbi.co.uk