European Hotel Deal Volume Expected To Grow in 2021
The European hotel transactions picture was dire in 2020 as hotel firms saved cash and two of the largest deals took place before COVID-19 erupted, but deals volume could grow in 2021 as more distress hits the market.
The United Kingdom's hotel sector will show a noticeable surge in transactions outside of London as hotel-ownership balance sheets are cleaned up following the tumultuous year that was 2020, according to sources.
Speaking at the 16th New Year Hotel Investment Summit organized as a webinar by hotel consultancy Whitebridge Hospitality, director Philip Camble said 2020 was the first year in history in which oil prices were negative.
He added that, according to his firm's numbers, revenue per available room in London fell 77.2%.
The Whitebridge investment summit kicks off every year with Camble's prediction, some of which are directly related to the hotel sector while others of a more whimsical nature, such as who might win the English Premiership soccer tournament.
Camble predicted that winner, Liverpool, but not the RevPAR numbers, which he said would be +3% for the full year.
Nick Pattie, managing director, Whitebridge, said probably no one could have predicted the correct number.
