The new director of the hotel agency team of commercial property firm, Colliers International, has said that he believes there will be a significant rise in the number of people looking to buy hotels over the next twelve months.
Julian Troup told industry site, BigHospitality, that there will be a marked turn-around next year from the falling number of transactions that 2011 has seen. He explained that many of the quality buyers have been holding out and waiting for a quality business, which he predicts will start becoming available in 2012.
"Many of the poorer-quality hotel opportunities have sold mainly as a consequence of competitive pricing," he said. "Where obvious quality is on offer we are seeing evidence of well-heeled buyers less concerned about the immediate level of return on the investment."
He also added that many of the deals next year will involve "new-to-the-trade" buyers, who will be looking to a new form of employment after being made redundant as a result of the troubled economy.
"In line with the events of the early 90s recession, professionals in the service industry who suffered in terms of employment, chose the hotel trade as a viable means of alternative employment, where they had control over their own destiny," Mr Troup added. 
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