Transactions worse than most predicted.

Transactions worse than most predicted.

The article focuses on the decline of hotel transaction volume, especially in the luxury segment, in the U.S. in 2008. Art Adler, chief executive officer (CEO) of Jones Lang LaSalle Hotels, reveals that their total transaction volume for the first nine months of the year was $7.2 billion compared to $36 billion in 2007. Daniel Beider, managing director of Paramount Lodging Advisors, explains that the decline is caused by the drop in portfolio sales and the decrease in taking real estate investment trusts private. According to the author, brokers in the country are hopeful that the industry could improve their performance at the end of the year.

Hanna, E. (2008, October 20). Transactions worse than most predicted. Hotel & Motel Management, 223(18), 22-22. Retrieved October 17, 2008, from Hospitality & Tourism Complete database.