Dear Insiders,
With an abundance of information and impressions, we returned from Dubai, Abu Dhabi and Doha after two and a half weeks... When comparing these three cities, Dubai remains a magnet of superlatives with a well-developed infrastructure. Abu Dhabi is half finished, but the uncertainty about its future has doubled. In Doha, the world moves more slowly – here, sustainable plans are important and people think twice.
Various temperaments are therefore dictating the pace of development; in addition, the normal market mechanism of supply and demand is becoming effective. Since the crisis, the World Bank has been placing severe burdens on the Arabs, which ultimately hinders hotel financing.
Today, our editor in Dubai, Dania Saadi, reports about the challenges of financing, I have described the new St. Regis, Park Hyatt and Rocco Forte Hotel in Abu Dhabi as well as the dilution of the 5-star hotel industry there. Abu Dhabi is the current problem child.
However, the subject of financing has not been solved anywhere – not even in Europe. In the funds industry, the announced reverse transaction of a multi-billion SEB fund is being regarded as a final caesura in this asset class. Now, three renowned hotels are also being sold out of these funds.
The Grand Hotel Heiligendamm has finally filed for insolvency. Beatrix Boutonnet talked to the insolvency administrator.
The opening of Berlin's major airport has been postponed. This has a noticeable effect on the surrounding hotels. - The full editorial…
