HI+

Before a black hole or an open window?

27.10.2022

Dear Insiders,

I live in Augsburg, home to the world's leading robot manufacturer Kuka until 2016. A German company, typical of the nation’s Mittelstand. Then Midea arrived, a Chinese firm that offered ever more money to entice shareholders to sell. Eventually they buckled, and Angela Merkel gave her blessing to the sell-off of German expertise to China. Now Olaf Scholz is doing exactly the same with the port of Hamburg. It’s outrageous to sell even 24.9% of the port. Though Xi Jingping certainly has time: He will definitely govern longer than Scholz.

How is anybody supposed to find motivation in this permanent crisis? The Chancellor is throwing this country into a black hole. And we see a reflection of this in the hotel industry, even in our investment BAROMETER: "The subdued economic outlook" is what's putting the brakes on the hotel investment market - its impact is greater than the higher interest rates and even the Ukraine war and energy costs!

It is therefore all the more positive that the industry remains confident. The results of the HospitalityInside mood barometer, which we have carried out for years together with Union Investment and always run over the Expo Real period, can be found on our page 1 today. Subscribers receive the full evaluation in the magazine.
Perspectives come from Italy. There, 2022 could still be a record year for hotel transactions. Financing, albeit expensive, is still available, but new alternative capital providers are also emerging. Our correspondent Massimiliano Sarti has felt the new pulse.

And even in the difficult topic of ESG, which we also addressed last week, there is a future. But for this you need to learn a new vocabulary again: Madaster. A database for the material cycle. A huge topic for conversions! Who'd have thought that you can save money and even earn money with recycled scrap material. Sylvie Konzack learned more from Madaster CEO Dr Patrick Bergmann than he revealed during the Expo Real panel discussion.

In Austria, this summer outdid the 2019 numbers, but when it comes to winter forecasts, people are squirming. Will the day ski pass prices, which have shot up to €65, keep families and day trippers away? The Germans are expected to save the Austrian snow business once again, but I think it's wrong to base today's forecasts on the super numbers of winter 2021/22, when there was "only corona" and the wallet was still full. The energy monster is tearing a huge hole in that right now.

At the big chains, wallets are filling up again: Premier Inn, Accor, Hilton, IHG, Pandox, Scandic and Wyndham all made massive gains in their first half of business or Q3. Finally! Are things looking up? In spite of all the crises?

Probably not. But there are still plenty of new windows to push open, for example in the digital world, whose innovations we report to you today in our Digi News, and in our Market News, which shows that there are still many new hotels, brand transfers and changes of ownership.

Austria lost an important hotel patron last week: Dietrich Mateschitz, the man who made Red Bull big in Europe, earned billions himself, and poured many millions of that into tourism, hotel and restaurant business. Fred Fettner has shed light on the lesser-known tourist side of the late businessman.

I suggest: We all continue straight on our paths, look right and left, and search for trustworthy partners. Chancellors come and go.

Yours, Maria Pütz-Willems
editor-in-chief

Your opinion? editor@hospitalityInside.com

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