UK hotel market sees £1.62bn in administration and receivership sales
by Jessica Tasman-Jones | 02 Apr 2013
Britain has seen £1.62bn of hotels sold under administration or receivership between 2010 and 2013.
This year is already the most active in terms of sales by distressed companies due to the sale of the 42 Marriott portfolio.
The Abu Dhabi Investment Authority (ADIA) bought the hotels for a reported £657m.
Jones Lang LaSalle's Hotels & Hospitality Group executive vice president George Nicholas said: "The process of bank deleveraging is quickening and we are already experiencing a record year of administration led transactions in 2013, a level which is significantly higher than the total of £542m sold in 2011."
The investment firm says pricing has become more realistic as banks speed up the deleveraging process.
It predicts an increase in non-performing loan note sales as banks explore methods to balance their loan books.
Nicholas said: "Lone note sales lead the deleveraging process, however, we expect corporate and property specific administrations to continue to accelerate.
"2005 through 2007 saw approximately £17.7bn in aggregate UK hotel transaction volumes and it is the maturing of the debt which was lent on these deals that will trigger the opportunities."
Britain has seen £1.62bn of hotels sold under administration or receivership between 2010 and 2013. This year is already the most active in terms of sales by distressed companies due to the sale of the 42 Marriott portfolio. The Abu Dhabi Investment Authority (ADIA) bought the hotels for a reported £657m. Jones Lang LaSalle's Hotels & Hospitality Group executive vice president George Nicholas said: "The process of bank deleveraging is
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