The first three quarters of 2013 have recorded the highest level of European hotel sales since 2007, according to the latest European Transaction Bulletin from HVS London. Total sales for the year are expected to exceed the $9 billion mark, though HVS forecasts that momentum will trail off from the strong activity in Q4 2012 and Q1 2013 due to a shortage of properties on the market.
In the first nine months of 2013, hotel sales in Europe surpassed $8.7 billion, already ahead of the 2012 total of $7.4 billion. However, a major chunk of current-year deals ($5.4 billion) closed between January and March. Notable sales in Q3 2013 included four Club Med properties bought by Assur du Credit Mutuel, Blackstone’s acquisition of the Concorde Opera Paris, and Dorchester Group’s purchase of the Hotel Eden in Rome.
