Jones Lang LaSalle Hotels managing director Blair Hagkull told the delegates of the third annual MEHEC conference in Abu Dhabi that there were a large number of investors in the market looking for opportunities and that 2010 could be a “vintage year”.
“What people will find hard to believe is that there are a lot of investors looking for investable assets that have positive cash flow, good branding and good location,” he said.
“Not only from Europe, but especially from Asia, Hong Kong and China, investors are coming to these shores looking for investments, they are sniffing for deals but so far not many are coming into play.”
However, Hagkull said in the investment cycle of seven to 10 years, there was a sense that “2010 will be in many respects a vintage year”.
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“We have a sister company that manages about 40 billion dollars worldwide on a discretionary basis and the sense is that by 2010 those that have to sell must and those that need to sell will be at the end of the road and there will be stronger opportunities with respect to assets that have had poor performance. So 2010 in this cycle is very much that vintage year,” he explained.
Hagkull’s comments followed a session headed by Emaar Hospitality chief Marc Dardenne and Flamingo Hotels & Golden Tulips Hotel & Resorts president and managing director Dr Amine Moukarzel, who both claimed there were opportunities for hoteliers, adding there was a need to focus on experiences rather than products.
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Dec 17, 2009 , United Arab Emirates
Vintage year... you must be kidding me.