Jones Lang LaSalle Hotels, advisor in the recent largest single-asset real estate transaction ever recorded in Spain, says investor faith in the European hotel sector is strong, despite declining occupancy and room rates in many sectors of the industry.

The reported E285m sale of the Hotel Arts Barcelona was completed last month, representing Europe's largest single-asset hotel transaction last year.

London-based Deutsche Bank AG's Real Estate Private Equity group, together with Patron Capital Partners and a number of undisclosed co-investors, acquired the Hotel Arts complex from a Dutch-based holding company.

The complex includes a 455-room grand deluxe hotel, a casino, a vacant plot zoned for office and/or hotel uses and an underground car park.

The price achieved and the strong interest generated in the hotel underpins investor confidence in quality European hotel assets, commented Mr Marsh, executive vice president at Jones Lang LaSalle Hotels, who concluded the deal.

Since 11 September several major hotel transactions have been concluded across Europe, including the Berners Hotel in London E81.4m; Barsey Hotel Mayfair, Brussels E22.3m; the Holiday Inn Bonn E25m and the Villa Magna in Madrid E80m.