Back to reality

20.3.2026

Dear Insider,

The Iran conflict is leaving its mark every day, all over the world. MIPIM in Cannes was noticeably quieter than usual, and the Arabian Travel Market (essentially the Arab equivalent of ITB) has been rescheduled from May to October. We are keen to see how many investors, operators and other hospitality stakeholders will be attending the IHIF investment forum in Berlin from Monday. We report.

Today: Beatrix Boutonnet describes the "new" real estate sector – one that is returning to reality and discovering new opportunities: Standard financing options are a thing of the past, but there are new alternatives. The yachts in Cannes are also adjusting to the reality: They’ve become smaller, there are fewer parties, and people are being more cautious again. Amazing: Germany and the hotel asset class were viewed thoroughly positively.

The new brand Nook aims to establish itself as a "non-hotel" through crowdfunding: This is a spiritual place for like-minded people, for social gatherings and off-site events. The similarity to the former Selina concept for digital nomads is no coincidence. Behind this are German hotel chains, hostels and co-living hoteliers.

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Bye-bye boom, welcome sustainable. HI and the HITT join in.

13.3.2026

Dear Insider,

Cash flow is King. Hotel operators are the focus of credit checks - a consequence of the ongoing insolvencies in Germany. This turns the tables again: Those who scaled up the fastest in the past secured market share and did not (or no longer) care about profitability. Now, financiers are becoming more conservative again. Capital discipline is the new buzzword. Our financial expert Beatrix Boutonnet explains in detail how the screws have continued to turn. It's time to say bye-bye to the boom.

The desire for value-add and core assets may remain, but success lies in many subtleties, as the Omnam Group is also making clear to us today. The financially strong Israeli investor and developer has chosen Italy as its core market.

The Middle East will now also experience what capital discipline means - and perseverance. In their forecast for the region, the WTTC and other data analysts talk about alarming negative figures. Just one: Revenue losses are expected to stand at around $600 million per day in the current year. The Iran conflict is now even being mirrored in Switzerland and other countries. We have compiled some new examples.