annual rate of decline in investment activity in the hotel real estate market in the second quarter slowed down and made up 49% compared to 2008. In the first quarter of 2009, the figure was 80%. Reducing the transaction started in the second quarter of 2008. Thus, the period of the biggest drops left behind, and now is the time when you need to concentrate on the future.

Today the market is characterized by great uncertainty, - said Mark Wynne - Smith, Chief Executive Officer for Europe, Middle East and Africa, the company Jones Lang LaSalle Hotels, - but the overall trend, with a low activity is the presence of seller's motivation and flexibility of the creditor, could lead to success. On the market there are interested investors - buyers (buyers), nominating their prices low, respectively, the market come to life when sellers agree on the best possible in these market conditions the price. Two other features of the situation - in first, the conclusions that can be obtained in the commission of a transaction, or rarely ever can be used for other transactions, and in - the second, the gap between good and bad increased.

Spain was the most active market in the first half of 2009 and approaching the volume of investment reaching 200 million euros in total, at the expense of transactions undertaken outside the top sites for placement of hotels. United Kingdom, traditionally a market with the most significant transactions that took second place, reaching 180 million euro in five of the transaction.

in the first half of the year were the dominant source of domestic investment capital, which accounted for 44% of the total volume of transactions. Nevertheless, this result is the decline in the activity of domestic investors, as compared with the first quarter of 2009. When their share in total amounted to 50%. Among the investors purchasing the dominant group remains the hotel operators - the volume of transactions made by the operators, was 36% in the first half of 2009.

Since

hotel operators - this is exactly the type of market players who are objects of hotel real estate necessary to carry out its core activities, we expect a stronger manifestation of activity on their part in the next 6 months.

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