BNP Paribas Real Estate | European Hotel Market Update | March 2011

Hotel investment activity reached a floor in 2009. The recovery observed in 2010 should go on in 2011 with a number of themes expected: operators’ sale and leaseback (asset-light) strategy will continue, more distressed assets are likely to come onto the market, the bid-ask price gap will reduce and hotel operating performances will follow the upward trend established in 2010.