Abstract
During the 1 980s, Japanese investors set records by purchasing U.S. hotel properties and chains for ever-increasing prices. Among the noteworthy acquisitions were the Hotel Bel-Air in Los Angeles (purchased for $1.2 million per room) and Inter-Continental Hotels (at a total cost of over $1 billion). Although the great land rush of the 1 980s will probably not be repeated, the causes underlying the Japanese investment in North America still exist. The United States still offers opportunities for favorable investment returns (albeit at greater risk than in the past) for Japanese investors, who still have substantial capital. Hotels and resorts will continue to be particularly attractive targets for Japanese investors.
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