Hotel Sales Continue to Close in Months Following Credit Crunch
JANUARY 7, 2008. In the aftermath of the of the credit crunch, which hit last August, Jones Lang LaSalle Hotels reports that fundamentals remain sound and transactions continue to close. Since August 1, Jones Lang LaSalle Hotels reports closing 24 transactions valued at more than $1.4 billion in the United States and Mexico, leading the industry in both volume and number of transactions.
"Four of our top five deals for 2007 closed after August 1," said Arthur Adler, managing director and CEO for Jones Lang LaSalle Hotels. The Fairmont Acapulco Princess and the Pierre Marquez, the Laguna Cliffs Marriott Resort & Spa, the Fairmont Hamilton Princess and the Woodlands Waterway Marriott transactions have closed since the credit crunch began taking effect.
According to the December 2007 Hotel Investor Sentiment Survey released by Jones Lang LaSalle Hotels earlier this month, investors still have positive trading expectations for the large majority of American markets in both the short and medium term. In addition, "buy" remains the dominant investment strategy for 21 out of the 29 markets surveyed across the Americas, with 37.6% of investors indicating "buy" as their dominant hotel investment strategy; 14.3% intending to build; 33.3% intending to hold, and 14.8% intending to sell in the short term.
"The critical factor in closing transactions in this environment is the ability to source the most efficient equity and debt capital, regardless of where in the world that capital originates," said Adler. "With a long standing history in advising hotel investors, and eight years operating on a fully integrated global platform, Jones Lang LaSalle Hotels is committed to providing clients with superb investment advisory, asset management, financing, research and transaction expertise."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
