Value of hotel property to fall in 2010
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Value of hotel property to fall in 2010

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Hotel operators could see millions shaved off the value of their property portfolios during 2010, according to a report by Jones Lang LaSalle Hotels (JLLH).

The real estate firm said the fall in property prices will result in the market "correcting itself" after a period of perceived stability spurred by lack of stock and few sales, which have resulted in prices staying roughly at 2007 levels.

Hotel transaction volumes across the globe continued to fall during 2009, with the UK particularly hit by lack of activity.

JLLH said the total value of hotel deals completed in the UK during 2009 was £353m - a massive decline from the £1.81bn seen in 2008 and the 2007 peak of £7bn.

Mark Wynne-Smith, a spokesperson for JLLH, added that the main reason for the stability achieved in pricing during 2009 was a lack of stock.

"Only a few assets became available while some markets still experienced healthy investor demand," he said.

"Even in a smaller buyer pool, investors found themselves in a competitive position when attempting to acquire an asset and this positively impacted transaction prices.

"Moreover, vendors continued to have relatively high price expectations. If buyers typically refused to meet these expectations, the asset was removed from the market, enabling vendors to avoid an actual realisation of the drop in capital value."

Looking ahead to 2010, Wynne-Smith expects prices to reflect market conditions more closely and realise the falls in value expected during 2009.

Growing stock is expected to reach the market, including cities and regions across Europe with established high investor demand. This dynamic, combined with an increase in the number of distressed sales, could have an adverse effect on pricing as competition for each asset weakens.

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Hotel operators could see millions shaved off the value of their property portfolios during 2010, according to a report by Jones Lang LaSalle Hotels (JLLH).
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