The volume of global hotels changing hands, which fell 80 percent in 2008, will drop further this year to levels last seen between 2001 and 2003, according to a report on Monday from real estate services firm Jones Lang LaSalle. The group found that $23 billion worth of hotels changed ownership in 2008, down from $113 billion in 2007, as the credit crisis and the global economic slowdown took hold. With a short-term market recovery unlikely, the forecast for 2009 is for transactions worldwide to further decline to $19 billion.

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Hospitality Net Editorial
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