The Real Deal Miami

Hotel sales stage modest comeback

August 10, 2010 12:45PM

There were 322 hotel sales and property transfers in the first half of the year, according to hotel real estate tracking firm Lodging Econometics. The hotel market activity so far this year — encompassing individual transactions, portfolio transactions and merger and acquisition transfers — is on track to surpass 2009’s activity level, when just 506 such transactions occurred. In 2007, the peak year, 3,543 transactions and property transfers occurred. Leading the sales were “larger, well-located hotels,” the report says, with 52 of the hotels selling for more than $10 million. Of those, 29 sold for more than $20 million — “an unusually high” sale price, the report shows. The increase in sales volume is tied to a stabilization on Wall Street, according to the report, with an uptick in mortgage banking activity facilitating the rebound. TRD