Hotel investment volumes reached â¬8.5bn (£7.3m) in Europe, the Middle East and Africa last year - a 4% decline on 2011.
According to Jones Lang LaSalle, the most liquid market was once again the UK with â¬2.3bn (£1.9bn) of hotels transacted followed by France at â¬1.7bn (£1.5bn) and Germany at â¬1.2bn (£1bn).
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