Board

2012

Business Outlook

2011

2005

2006 2007

2008 2009 2010

Hotels

13.1

10.8

6.1

- 5.1% movement in average prices

Hotels

0.1

-18.4

-19.5

Jeremy Hill Director and Head of Hotels

“ The market dynamic in the hotel sector changed quarter-by-quarter through 2011 – from hope and increased activity early in the year to uncertainty and confusion by year-end. Significant deals did take place in a transactional market dominated by distress all across Europe, while London again led trading performance. The year to come could provide a windfall for cash buyers in an increasingly ‘ come-and-buy-me’ marketplace in which the availability of cash

in a debt-scarce environment will again be the most crucial influencing factor.”

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