Dear Insider,

Today, I’m making a case for conservatism. At a time when statistics for the German hotel industry show that it has the highest number of insolvencies in the economy, it was refreshing to speak to Yoram Biton of Leonardo Hotels. "Making a profit these days isn't easy at all," he notes soberly. "It's hard work." That’s why Leonardo is growing only gradually; franchising costs too much money and only the rent cover counts. This operator’s business model is ‘stay grounded and disciplined’. Yoram reviews the P&L with each area manager every month.

Some investors lack one of these qualities. This week, Deka Immobilien announced the new operator for the W Amsterdam: Corendon. The company is based in Turkey, has a background in tourism, and is now running its first luxury lifestyle hotel. But without the restaurants. Liran Wizmann will be allowed to continue running these. It’s all set out in the contract, but of course it’s confidential. So the former operator, who owes Deka Immobilien €23 million in rent, will remain a business partner? In any case, a lack of transparency in communication raises even more questions. My eight questions (inter alia, how Deka Immobilien will guarantee its investors that it will regularly receive rent) was dismissed with four sentences. Don't investors have any questions at all?

I'm quite conservative these days, indeed. I'd rather let Celine Dion take my mind off things. With her 16 concerts this autumn, the superstar is set to spend over €1.2 billion in Paris. Her "hotel partner" is Marriott, not Accor. 180 million euros will go directly to the hotels. Many Parisian hotels will welcome this windfall; at the moment, they are lacking international guests.

Premier Inn keeps me in good spirits; as I write these lines, Whitbread has answered my more detailed questions. The new 5-year plan, the second since January 2026, sets out very ambitious targets for 2031, and selling restaurants and hotels is a questionable move if the aim is to grow rapidly whilst making massive cost savings.

Today’s news is taking us on an emotional roller-coaster ride. Germany: The annual EventBarometer shows that the business travel market is currently undergoing a significant structural shift. Bankruptcies in the hotel industry are at a record high. Please be careful when checking in online for your next flight: There are new scams out there.

Take a closer look at China too: The next 15-year plan for robotics and AI has been unveiled; research will now be followed by its implementation in everyday life. This contrast is all the more striking: Learning how to make pasta from Grandma – these are the new 'experience' requests from holidaymakers.

Booking is likely to learn a great deal from the Italian competition authority: The allegation is that search results were apparently prioritised based on higher commissions. In Paris, a court has fined a landlord who converted an entire house into unregistered short-let apartments.

With every new Q1 balance sheet being released in recent weeks, one can see and feel the vulnerability caused by the Iran conflict. Hyatt, Marriott and IHG have published their results. The German operator MHP, on the other hand, has nothing but positive things to report.

New ideas? Valamar, Croatia’s largest hotel group, is also one of the most financially sound. They have invested €200 million in their latest 5-star hotel. And for the first time, the venue is also opening its doors specifically to local residents: You have access to all leisure facilities and activities! Locals and tourists come together – Valamar is now making this vision a reality. Read more on our Marketplace. Valamar is pleased to present this new approach as part of our content partnership.

From now on, all we can think about is the HITT Think Tank: On Monday and Tuesday, we will be back in Brussels to find out about the latest developments in sustainability and innovation/AI. The briefings are over, and the impulse generators are highly motivated. We look forward to some lively discussions and conversations. Next Friday we'll have the first round-up and photos. www.hitt.world.

Yours, Maria Puetz-Willems

Editor in chief