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LONDON-The hotel investment market in Europe has held up better than in the USA,a ccording to new data from Jones Lang LaSalle. By the end of 2002 JLL expects that €3 billion ($3 billion) of European hotels will have been sold, €1 billion ($1 billion) in single-asset transactions and the remainder in corporate and portfolio deals. By contrast, JLL expects to see just €2.5 billion ($2.5 billion) of hotel deals in the USA this year.

Speakijg at JLL and Deloitte & Touche’s 14th Annual European Hotel Industry Investment Conference, Jones Lang LaSalle Hotels Executive Vice President Nick Marsh said: “The last 12 months have proven fairly resilient for the European hotel investment market. Unlike the US, where the market shut down through the fourth quarter of 2001 and the first half of 2002, the European markets held their nerve and owners bringing assets to the market have found a variety of different capital sources willing to invest in the sector.”

And he forecast: “Whilst 2003 looks as if it will be tough in some markets, there are brighter spots and the amount and variety of capital available in the market today will mean the investment markets can look forward to a reasonable 2003.”

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