Asian Investors Look into Aussie Hotels
Economic turbulence in Europe combined with poor real estate performances elsewhere in the world means Asian investors will continue to look into Australian hotels and resorts. They will skip the home loan market with about $1.1 billion worth of hotels and resorts traded in the year to date, with Asian buyers accounting for more than 90 per cent of acquisitions.
Hong Kong residents and Malaysians have been the major buyers of Australian hotels and resorts, eclipsing those from Singapore, who have held an interest in Australian hospitality assets for years. According to Craig Collins, the CEO of Jones Lang LaSalle Hotels Australasia, there’s no specific reason for the surge. “I don’t think there’s any trigger,” he said. “The market is strong, there is availability of stock and we are a transparent market, one of the world’s most transparent markets. Asian investors love Australian hotels.” Mr Collins said Asian money has been in Australia for many years.