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Chinese investors to dominate global hotel transactions, JLL says
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GLOBAL hotel transaction volumes may hit an eight-year high of between US$65 billion and US$68 billion this year with Chinese investors among the top exporters of outbound capital, according to a latest forecast by JLL Hotels and Hospitality Group.
In Asia Pacific, transaction value is expected to rise 15 percent from 2014 to around US$8.5 billion, the same pace as in the global market. Among that, a lion's share, or US$5 billion, will be spent by Chinese buyers, which will represent a five-fold increase.
"This will place Chinese investors, not featured in the top-10 list just a few years ago, among the ranks of top exporters such as the United States-based private equity funds and Middle East investors," said Scott Hetherington, chief executive officer Asia, JLL Hotels and Hospitality Group. "China’s policy change allows numerous investors to compete in international real estate for assets including hotels and we expect this heightened level of activity to become the new norm with Chinese investors gaining scale in gateway cities."
China's Ministry of Commerce has relaxed policy restrictions on big-ticket foreign investments and loosened the approval process for overseas purchases as well, enabling investors to gain easier access to key global markets such as New York, San Francisco, London, Paris and Sydney.
A continuously growing economy and appreciating currency also led to a surge in Chinese outbound capital in 2014.
Across the region, Japan will be a stand-out market, mainly due to the depreciation of its currency, the availability of stock and operating conditions. Australia, which registered a record year of transaction volume in 2014 with prime CBD hotels being extremely popular among investors, will remain a safe haven for buyers because of its stable government, transparency and growing tourism, according to JLL's forecast.
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