• Hotel lenders show interest in Germany
• Trepp: US CMBS delinquencies edge higher in March
• Lawless: 2013 will be defining year for Jumeirah
• Singapore posts 2012 growth in tourism spend, visitors
• Pestana marks first entry into US market
The country has been an island of relative safety in Europe, which has lenders feeling more comfortable about lending. Year-to-date through February, Germany’s occupancy increased 0.3% to 59.3%; average daily rate grew by 1.3% to €93.34 ($119.81); and revenue per available room was up 1.7% to €55.40 ($71.11), according to STR Global, sister company of HotelNewsNow.com.
“Surveys show that there is still appetite for hotel investments, especially as the country is seen as … ‘real estate heaven,’” Oliver Gruss, senior director of Deutsche Pfandbriefbank, said in an email.
The delinquency rate for U.S. commercial mortgage-backed securities crept higher by 8 basis points to 9.5% during March, according to research company Trepp LLC.
Despite the increase, the rate overall has dropped by 84 basis points since it reached an all-time high of 10.34% in July 2012.
“A close examination of the data reveals that the weakening experienced in March is not nearly as worrisome as it seems,” Manus Clancy, senior managing director of Trepp, said in a news release. “The jump in the rate was caused primarily by a reversal of status of a number of floating rate hotel loans.”
A total 23 billion Singapore dollars ($18.6 billion) is estimated to have been spent last year, up 3.1% year over year. Of the 2012 total, hotels captured SG$5 billion ($4 billion), or 22% of the total spend. Hotel spending during 2011 accounted for 14% of tourism receipts.
Also, global visitor arrivals to Singapore increased as well. Singapore welcomed 14.4 million global visitors a year ago, up 9.1% from 2011. Year to date through the third quarter of 2012, the biggest percentage increase in visitors were arrivals from China, which increased by 23% to 1.5 million.
The company has combined two art deco hotels to create the 97-room Pestana South Beach Art Deco Hotel in Miami. Pestana bought the properties for $9.5 million in 2009 and invested approximately $21 million in the renovations.
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