New York City sees record hotel transactions
The volume of hotel transactions in New York reached an all-time record high last year, largely driven by Real Estate Investment Trusts (REITS).
According to the Jones Lang LaSalle Hotels Hotel Intelligence New York Report, the volume is expected to climb higher in 2012.
"During 2011, Manhattan was the most liquid city for hotel transactions across the globe, and grabbed the attention of investors due to its strong track record of resilience," says the report.
"New York transaction activity in 2011 was driven by the perfect combination of strong operating fundamentals, quality product being brought to market and unprecedented REIT appetite," said Arthur Adler, managing director and Americas CEO of Jones Lang LaSalle Hotels.
"During 2012, REITs have been less acquisitive since their share prices declined in mid-2011, but are continuing to look for opportunities to upgrade their portfolios."
The report said REITs now own approximately 20% of the room stock in New York and, as such, are among the top three hotel owners in the City, along with owner/operators and private equity funds.
The report also revealed:
—New York’s hotel transaction volume last year represented more than one-fifth of the total US transaction market.
—Eighteen transactions that made up nearly US$3.5 billion in assets traded were a 150% increase over 2010 volume, according to preliminary numbers.
—About half of the city’s acquisition volume was driven by REITS last year.
By David Wilkening
David
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