Asian investors buying US hotels
Asian investors are taking a keener interest in the US hotel market. Last year Asian buyers were behind 8% of US hotel deals, a figure which is expected to hit double digits in 2011. There are several reasons for the trend. Asian businessmen are looking to capitalise on Asia’s growing outbound travel market, while also investing in foreign assets to hedge against inflation which is soaring across Asia. There is also an element of trophy hunting, as business moguls buy up iconic and prestigious hotels. Only last week Hong Kong billionaire Cheng Yu-Tung purchased five luxury properties, including Manhattan’s Carlyle, for US$570 million, reports Bloomberg.
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