Editorial

Dear Insider,

Of course, today we are reporting in detail on the takeover of Fletcher, the largest Dutch hotel group, by Sunday PropTech – the new majority shareholders behind GCH (Grand City) – and not, as some believe, on Prism. Thanks to our more in-depth questions put to Prism India, we have new information as regards the structures of this company – we'll have further details in a few days. We are happy to give them this time.

Sunday PropTech is taking over a total of 170 hotels. How long will it take "the Indians" to integrate such a massive addition? Mario Maxeiner told me yesterday: It took IHG 1.5 years to integrate 100 Novum hotels. Some people feel a bit dizzy at the sight of the figure 170, as it is close to the 178 insolvent Revo Hotels. Could the current wave of over-ambitious takeovers trigger another wave of insolvencies? Some people feel a bit dizzy at the sight of the figure 170, as it is close to the 178 insolvent Revo Hotels.

Novum Hospitality recently made the headlines itself due to hotel closures, but it does not shy away from critical questions on the matter. In two articles today, founder and CEO David Etmenan explains to Susanne Stauss how he is setting up his new owner-operator model, why he works with family offices, and that he has a pipeline of 27 new projects comprising around 5,000 rooms. Half of his portfolio is set to consist of his own properties. Etmenan provides figures, reasons and insights – including on the responsibility towards the next generation. 

Dear Insider,

Since Monday, members of the Kempinski supervisory board have been informing their staff, general managers and hotel owners, via conference calls and meetings, that CEO Barbara Muckermann is no longer with the company. As of our editorial deadline yesterday evening, there had still been no official statement. No comment is also a comment. It seems that neither the shareholders from Bahrain nor the members of the supervisory board have a plan. That reminds me of an old German saying: Ownership brings responsibility! This means that one has a great deal of responsibility towards partners and staff. I've jotted down a few more observations.

"No guarantee for guarantees" is the headline of our interview with Udo Chistée. In 2022, the Austrian hotelier sold his Amedia hotel group to what was then the HR Group (now Revo Hospitality). At the end of 2025, he filed for personal and business insolvency and is now liable for approximately €110 million. In an exclusive interview with hospitalityInside.com, the 78-year-old sets out his view of the background to the situation. Why he sees the partnership with Revo Hospitality as the catalyst, and why Revo Hospitality rejects this view. A story you simply must read.

Apart from this article, we have updated the list of new operators at the Revo Hotels taken over.

Dear Insider,

A further hearing was held at the Amsterdam court regarding the structure and transparency of Grand Metropolitan Hotels Holding B.V. (GrandMet). The court had previously removed the Smura family from management and replaced them with an independent lawyer. However, the lawyer has not yet been granted access to key documents. The financial mystery still centres on the Genisys AI software. The court had already cast doubt on its value during the hearing. Lawyers were, and still are, searching for evidence and sources of funding within this vast corporate network. Kateryna Smura was expected to provide the answers. It's all still rather bizarre, but the judges aren’t letting up.

And they are perfectly entitled to their obstinacy. The GrandMet case is being heard before a specialised Dutch commercial court which deals with commercial disputes. It is one of the most unusual courts in Europe. For example, it can suspend managing directors and members of the supervisory board, appoint independent successors, block company resolutions and place shares under temporary independent administration. In an interview today, Dutch lawyer Onno Hennis – whose firm does not represent either party – explains the extent to which the court can act in the GrandMet case.

Dear Insider,

What did you think of the atmosphere at Expo Real? We found no clear mood! Our editorial team – four women working flat out – can only draw conclusions today from the many conversations they had. The hospitality area in Hall A1 was very well attended on the two main days, Monday and Tuesday; everyone was keen to hear each other’s views. The hospitality industry did not complain; it was self-critical, honest and keen to foster greater cooperation both amongst itself and with its stakeholders.

Nevertheless, it sat there, terrified, like a rabbit caught in the headlights – "the Indians", PRISM. It's no wonder, given the rapid and harsh redundancies over the last few months. The culture clash intensified yet further when a Prism manager introduced himself to a German operator at the trade fair and, in his second sentence, asked, "Can we buy you?"

First there was the Revo shock earlier this year, and now the market is undergoing rapid change driven by new, international operators. Prism's founder and CEO, Ritesh Agarwal, sought to build trust during the conference panel and, due to time constraints, outlined only parts of the strategy. Seated next to him were the Dutch white-label operator Odyssey – which had recently undergone a thorough restructuring and was a "new entrant" to the market – as well as the two franchisors, Wyndham and Accor. Everyone wants solid business relationships.

Dear Insider,

At the Amsterdam Commercial Court yesterday, members of the Smura family were required to explain why Grand Metropolitan Hotels Holding B.V. had categorically refused to grant the lawyer – who, following a court ruling in July, had taken over the management of the holding company – any access whatsoever to documents or email correspondence. My colleague Sarah Douag was at the hearing.

Following our critical article on Kempinski last week, traffic to our website and LinkedIn impressions have soared to unprecedented record highs. A wide-ranging discussion is taking place on social media about mistakes, weaknesses and consequences. A new CFO was appointed on Wednesday – the second new appointment at corporate level within two weeks. The COO is still in office; is there a new CEO as well? It’s all very unclear.

Airbnb has recently set aside USD 250 million to help finance new apartments, on the most favourable loan terms. But the money isn’t a gift. The short-term landlord wants to be celebrated in public once again. Behind the scenes, it looks as though this is a thorn in the side of the European Commission, which wants to restrict short-term lettings.

Dear Insider,

Things are heating up again at Kempinski Hotels, but only internally, behind the scenes. All things are pointing to change after too many changes in recent months. Barbara Muckermann’s strategy does not seem to be working. The luxury hotel group has lost 19 hotels in two and a half years. On the one hand, the aim was to separate the unprofitable luxury hotels from the iconic properties, whilst at the same time transforming the company from an asset-light to an asset-heavy model. The group recruited a whole host of high-earning chief officers; 120 staff now manage 63 hotels and a meagre pipeline. To wind up the unprofitable hotels both operationally and formally, a new company (KISA II) was also quietly set up. But a KISA already exists. So why do there have to be two? 

There are still a great many unanswered questions. Kempinski Hotels is less transparent than the respected luxury hotel group has ever been. The true value of Europe’s oldest luxury hotel group lies on the floor. It is now up to the supervisory board members and the owner family from Bahrain to take the final decision. They must now decide on the future of Kempinski, not just on a CEO.

Dear Insider,

Just 16 days to go until Expo Real in Munich. It's difficult to gauge the mood on the ground; there'll certainly be plenty of discussion. A great deal can already be deduced from today's topics and market movements. Let's get straight into it: The growth of the "Collection" brands run by the major chains is not as strong as one might think – established independent hotels are holding their own (after all, which of them would want to pay expensive franchise fees?) and are entering into partnerships. Preferred Hotels is expanding by 40-50 hotels a year. The family-run business Ueberroth knows how to deal with hotel-owning families. Lead Developer Philippe Weghmann explains which tools, partners and programmes are used to turn independent hotels into long-standing members.

At a conference in the US, Booking.com’s chief financial officer described himself as the "best friend" of small hotels: Independent hotels and small groups account for a third of bookings, whilst chains account for just 10 percent, he says. The situation is different in Europe, as the latest HOTREC distribution figures show. The OTA giant remains super confident: AI won't keep Booking awake at night – because after visiting five platforms, consumers only book with one (of their) brands.

Dear Insider,

You can’t help but come across speeches and articles on the subject of Branded Residences these days. The trend, which first emerged in Miami, is now reaching its limits in Dubai, the epicentre of the boom. On the one hand because of the US-Iran conflict, and on the other because the Residence building is no longer adorned with the names of hotels, but with fashion brands and football clubs. Because customers are currently no longer keen to travel to the Middle East, sales managers are now flying out, for example to Amsterdam, to a huge shopping mall teeming with people, where holiday homes can be sold quickly (just like in the days of timesharing?). An era of "mass residences" is beginning.

Many impulse buyers pay little attention to the details of the property. And above all: They sign long-term contracts. But what happens if the hotel brand pulls out? Who will offer this service then? By how much will the brand value decrease for the owner, and by how much for the buyer/customer? In which phase of the cycle do which stakeholders actually make the big money? 

Jeff Tisdall of Accor One Living, Henk Meyknecht of the private equity firm SAH in Dubai, and Hans Peter Betz, a consultant specialising in advising property owners in the Middle East, begin by highlighting just how complex everything has become. Which is why they themselves are taking a highly critical look at the changes and the future of residence operators and brands, right here and right now. Sarah Douag has recorded everything in detail, including the stumbling blocks. A massive research project for you, dear subscribers!

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.

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.