HOTEL TRANSACTION ACTIVITY SLOWS, CAP （酒店交易活动放缓,帽）.pdf

JANUARY 2012 HOTEL TRANSACTION ACTIVITY SLOWS, CAP RATES RISE Suzanne Mellen, MAI Senior Managing Director HVS Consulting and Valuation 100 Bush Street, Suite 750, San Francisco, CA 94104 USA Hotel Transaction Activity Slows, Cap Rates Rise Major hotel sales activity was robust during the first half of 2011, as investors jumped in to reap the rewards of rebounding NOI in the aftermath of the Great Recession. The US debt ceiling debacle and bond rating downgrade, followed by the European financial crisis put the brakes on many transactions during the summer and fall of 2011. Major hotel sales transactions activity has resumed but will continue to face headwinds in 2012 due to continuing economic and political uncertainty. Hotel Sales Transactions Market Changed Course in Mid-2011 Total transactions of sales $10 million and over, that HVS has confirmed to date, jumped 40% in 2011, following the 80% gain in 2010 over the 2009 market nadir. The average price-per-key increased by 16% from $185,000 to $214,000. MAJOR HOTEL SALES TRANSACTIONS Source: HVS Sales had come to a virtual standstill in 2009 as hotel revenues and net incomes plummeted in the aftermath of the fall 2008 US debt crisis. Once it became clear that the market had bottomed out and hotel net incomes had nowhere to go but up, hotel transactions resumed in the second quarter of 2010. With the perception of reduced risk in the lodging sector, lenders jumped in, providing the financing to lubricate the market. Sales activity steadily increased t