'September 11 did not bring the European investment markets to a standstill as in the US' said Nick Marsh, Executive Vice President at Jones Lang LaSalle Hotels. 'In fact 38% of all single-asset investment activity recorded in 2001 took place in the final quarter.'
The largest deal in 2001 was the sale of the Hotel Arts Barcelona for approximately £178 million (£250 million) to Deutsche Bank Private Equity. The Maritime Pro Arte in Berlin and the Nikko Paris both sold for over £160 million ($230 million) and the Cumberland in London fetched £150 million ($217 million).
London saw single-asset investment volumes fall 13.4% to £219.5 million ($318 million) in 2001, as owners were reluctant to bring properties to the market against a backdrop of softening trading. 'Interest will return to the London market in 2002 and there is continuing appetite for overall product,' forecast Marsh.
And JLL expects increased activity in 2002, with the German open-ended funds likely to be the most active players. The funds have more than £6 billion ($8.7 billion) earmarked for European real estate.
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