Jones Lang LaSalle Hotels : New York’s Hotel Real Estate Investment Transactions to Double in 2011 (États-Unis)
|
|
Jones Lang LaSalle Hotels : New York’s Hotel Real Estate Investment Transactions to Double in 2011 (États-Unis)
|
Catégorie : Amérique du Nord et Antilles - États-Unis - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 17-02-2011
All eyes will be on New York as deal volume is on pace to increase up to 130 percent to $2.4 billion
Jones Lang LaSalle Hotels today released its Hotel Intelligence New York report that cites hotel deal volume in Manhattan is expected to range from $1.9 billion to $2.4 billion in 2011. Manhattan is the most active hotel transaction market in the U.S.
“Hotel transaction levels in Manhattan totaled nearly $12 billion over the past decade, exceeding $1 billion in 2010 alone. In 2011, we expect hotel deal volume to increase by 90 to 130 percent over last year’s levels,” said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels.
The firm’s projection is comprised of the estimated transaction value of properties currently on the market that are expected to transact during the course of the year. This is Jones Lang LaSalle Hotels’ fourth in-depth market analysis in its series of U.S. hotel market reports, which provide an analysis of the driving trends in the hotel investment market.
The significant increase in transaction volume will be driven by the dramatic recovery in RevPAR, continued improvement in the debt markets, investors’ intention to sell assets before the 2007-2012 loan terms expire, and currency movements.
“REITs will continue to be active buyers because their cost of capital is very competitive relative to buyers who rely on leverage. Foreign investors, particularly investors from the Middle East and Asia will also likely be active, seeking to establish a foothold in the market. Brands are also apt to make selective investments in 2011 and beyond to establish or increase their presence or to reposition their properties,” said Adler.
Active sellers in 2011 will include institutional funds seeking liquidity, brands in cases where they can improve their assets and retain management contracts and investors seeking to exploit the dramatically improving transactions market and low cap rates.
Market fundamentals are playing a big role in the pick up in hotel transactions. Manhattan hotels posted the highest growth rates of any major U.S. market in 2010. “Benefiting from increased demand, supply absorption and a healthier economic environment, upper upscale and luxury hotels in Manhattan are expected to achieve RevPAR growth of 10-12 percent in 2011 over 2010 levels. Since occupancy rates are at or near their peak levels, the RevPAR increase will be driven by ADR growth,” said Jeffrey Davis, executive vice president for Jones Lang LaSalle Hotels.
During 2010, approximately 27 new hotels (across all grades) opened in Manhattan, spanning nearly 5,600 rooms—well above long-term average annual increases, as a backlog of inventory that had been conceptualized during the peak years came online. Notwithstanding the dramatic increase in supply, occupancy rates increased during 2010, indicating that all of the new supply was quickly absorbed in to the market.
The city’s supply pipeline is now shrinking. “The number of hotel openings in 2011 is expected to decrease to 13 properties, encompassing approximately 2,900 rooms. For 2012, our analysis identified an additional seven properties due to open spanning 1,200 rooms,” said Davis.
New York’s market dynamics bode well for the near- and long-term outlook for industry fundamentals, particularly as higher-rated corporate and corporate group demand returns. Manhattan will remain the top U.S. hotel investment market, attracting significant attention from domestic and off-shore buyers who want to have a foothold in this key gateway market.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2010, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on $4.1 billion worth of transactions globally. In addition, advisory and valuation services were provided on over 1,000 assignments. The global team comprises over 210 hotel specialists, operating from 37 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 70 publications in 2010 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL).
|
|
