Asian Buyers Target U.S. Hotels as Affluence Increases Travel

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 transaction came last week, when the family of Hong Kong billionaire Cheng Yu-Tung purchased five luxury properties, including Manhattan’s Carlyle, for $570 million.