Bloomberg News

GREATER CHINA DAYBOOK: Asia Hotel Buyers; HSBC’s Wong Interview

August 01, 2011

Aug. 2 (Bloomberg) -- High-end hotels in large U.S. cities are attracting buyers from Hong Kong, China and Singapore seeking to cater to a growing number of affluent Asians traveling abroad.

Acquisitions by Asian investors probably will climb to the “low double digits” of all U.S. hotel deals this year, said John Strauss, a managing director for investment sales at Jones Lang LaSalle Hotels in Los Angeles. They accounted for about 8 percent in 2010, according to the brokerage. The most recent deal came last week, when the family of Hong Kong billionaire Cheng Yu-Tung purchased five luxury properties, including Manhattan’s Carlyle, for $570 million.

--With assistance from Jiang Jianguo in Shanghai and Nick Mohar- Schurz. Editors: Joshua Fellman, John Liu

To contact the editor responsible for this story: Joshua Fellman at jfellman@bloomberg.net


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