Nick Marsh, Executive Vice President at agency Jones Lang LaSalle Hotels,which handled the sale, said: 'The prime location of the hotel attractedtremendous investor interest. As well as the size of the hotel there arealso exciting development prospects.'
The Vienna hotel market has significantly improved in 2000 with increaseddemand levels driven by the corporate and congress sectors. The last hoteldeal to go through in the city was the Crowne Plaza sale, also handled byJones Lang LaSalle, which went for $22.75 million.
Marsh expressed optimism for the future of the hotel sector in the Austriancity. He said, 'The Viennese office market experienced a record year in2000, which is a strong indicator of the city's economy and also of thehotel market. With Austria's political isolation now over hotel performanceshould be able to develop even further.'
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