With Twiggy Forrest paying $520m for the Waldorf Astoria, and hotels like the Intercontinental Double Bay on the market, over $2b in sales are tipped for 2023.
The InterContinental Double Bay is back on the market.
“With additional properties which will come to market over the course of the rest of the year, we anticipate transaction volumes will exceed $2bn for the 2023 calendar year,” said CBRE’s managing director of hotels, Michael Simpson. CBRE’s head of hotels research Ally McDade added that while a high inflation and interest rate environment would place upward pressure on yields and total return expectations, “improving tourism demand fundamentals and impressive performance indicators are likely to cushion any impact of higher credit-funding costs”.
Growth in average daily rates is expected to moderate this year, as around new 8,400 rooms are added to the accommodation pool this year and 2024. While last year was a strong one for hotel deals – the tally of 53 transactions valued at over $10 million was a record – a number of much large hotels and portfolio offerings have to date failed to secure buyers, having been listed for sale in early or mid-2022.
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