In the first quarter of 2012, hotel investment volumes in Europe, Middle East and Africa (EMEA) totalled €1.5 billion, a 39 % decline compared to Q1 2011. However, volumes in Q1 2011 were distorted by approximately €1billion from three significant transactions (Marriott Champs Elysées, Ritz Carlton Moscow and a large Accor European portfolio), so stripping these out, volumes increased by 7% compared to the same period last year. Single asset deals accounted for 74% of transactions.
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