In recent weeks a flurry of UK hotel deals with an aggregate value in excess of £300 million- all of which were confirmed despite the difficulties in the credit markets.
Jones Lang LaSalle Hotels acting for a variety of clients including private investors, high net worth individuals, major hotel operators and private equity investors, have secured five significant transactions in Scotland and England selling 19 hotels with a combined total of over 2,500 bedrooms.
The deals included the sale of ‘morethanhotels' portfolio of 11 Express by Holiday Inns, 5 hotels previously operated by Marriott under their Marriott and Renaissance brands, London's Bonnington Hotel in WC1, the Hythe Imperial Hotel in Folkestone (to be operated by Accor Hotels) and the forward sale of one of Heathrow Airport's new Travelodge properties.
Graham Dodd, Senior Vice President at Jones Lang LaSalle Hotels comments, "Whilst the credit crisis is a real issue facing all sectors of the real estate market, these five deals illustrate the confidence of investors, operators and especially their lenders in continuing to execute hotel-related transactions. Despite clear softening in secondary investment yields, operating conditions for hotels across the UK remain stable and hotels will continue to be sought-after by investors."
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