ACCOMMODATION - Asian hotel sales hit record US$10.8 billion

Traveldailyasia.com, 1/22/2008

Hotel transaction activity in Asia reached US$10.8 billion last year, more than double the previous high of US$5 billion recorded in 2006.
During 2007, the Asian hotel market witnessed 83 major (valued above US$5 million) transactions. Japan recorded the highest transaction activity totalling US$6.8 billion; including four out of the five largest transactions including the IHG / ANA portfolio sold by Jones Lang LaSalle Hotels.
"Asia's hotel markets continue to perform well, driven by strong local economies and expanding leisure markets," said Scott Hetherington, Managing Director Asia, Jones Lang LaSalle Hotels.
On average, investors paid approximately US$225,000 per room for hotels across Asia.

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