Challenging issues, changes of topic and brilliant trends

4.9.2026

Dear Insider,

Famous names such as Adlon Kempinski trigger a media storm, particularly when the planned sale of the hotel property falls through, as happened this week. Our finance and funds specialist, Beatrix Boutonnet, remains calm and continues to analyse this complex situation. Today, she is questioning the figures relating to the return on investment. And the timing of this plan, which remains rather odd. Meanwhile, Jagdfeld, the founder of the Adlon Fund, is already celebrating his second opportunity to sell.

Change of subject: Away with boring lobbies and empty workspaces! ATworld, a subsidiary of the investor Aroundtown, has turned a quiet mega-trend into a structured membership programme: At 2,500 locations (well-known hotels, hotel chains and airport lounges), traditional business travellers and digital nomads can find workspaces ranging from relaxed to professional, as well as other amenities, all bookable via the ATworld app, along with useful benefits for guests. This is more than just a matter of optimising floor space.

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The hunt for the Adlon trophy property, with or without Kempinski

28.8.2026

Dear Insider,

The holiday month of August brought little respite, neither on the motorways nor in our inboxes, and certainly not in the hotel sector. Hardly a week goes by without a bankruptcy, a scandal or some bizarre story. We immediately channelled our holiday energy into two major stories. Our (hotel) finance and investment fund specialist, Beatrix Boutonnet, takes an in-depth look at what would happen if the Adlon Kempinski were to be sold, either with or without the brand.

The bidding war over the naked real estate and the sexy brand has begun; neither the Jagdfeld family, as brand owners, nor the Fundus Fund, nor Kempinski are currently managing to sell the two together. I've also added a few provocative thoughts of my own to Beatrix's in-depth analysis. Yesterday, over 4,000 investors in the Fundus Fund voted for or against the sale of the property; the result will not be known for a few days. Whatever happens, we're sticking with it. This announcement that the property is up for sale set things in motion – and brings the matter to the public's attention.

Story 2 is really just a short story; the names 12.18., Lindner and the Berlin Dental Association’s Pension Fund (VZB) make it exciting once again. Investment Company 12.18 has filed for insolvency under self-administration on behalf of its parent company: Behind this are the associated companies. Susanne Stauss has raised the first important questions though. And her sense is that there's tension between 12.18 and the VZB.