Global hotel deals hits $70b

The value of global hotel deals are set to hit $70b (£35.6b) this year, according to new statistics from property agents Jones Lang LaSalle.

The figures mark a 38% rise on last year's total, making 2006 the strongest year on record.

Jones Lang LaSalle said the overall appetite for hotel real estate remains strong, with an estimated three buyers to each seller.

In the firm's 13th Hotel Investor Sentiment Survey, enthusiasm for deals in Asia Pacific and Western Europe, especially Paris and London, remains high. Mid-term, investors expect the Eastern European market to become much stronger.

Arthur de Haast, global chief executive at Jones Lang LaSalle, said: "It is clear that some investors remain confident of even better times ahead as they continue to hold their asset in this strong seller's market."

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Jones Lang LaSalle website >>

By Chris Druce

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