Dear Insiders,
The Trump shock runs deep. I was in London on Wednesday morning where I looked round at 400 incredulous faces at the Deloitte Hotel Conference. The CEOs of Hyatt and Mandarin Oriental, Mark Hoplamazian and James Riley, were the first to cautiously express their dismay as well as their opinion on the consequences for tourism. Visa restrictions would be a real handicap, not only for travellers, but also for the attitude of staff. But who knows what's to come. Compared to the Trump tsunami, the British see Brexit as a tremor. A picture of the mood on Wednesday.
By contrast, the mood at the AccorHotels headquarters in Paris on Monday was the best. Champagne glasses clinked before the media with 25hours CEO Christoph Hoffmann - the new 30-percent associate. After the Luxury Division, AccorHotels CEO Sebastien Bazin is now set to found a Lifestyle Division. And in July, the company's transformation is set to continue, he told hospitalityInside in a short conversation on the fringe of the announcement.
Pan-European owner operators also discussed their expectations and results at the Expo Real. They obviously all achieve better results when they keep control of operations. This article concludes our reporting from the Expo Real hotel conference.
F&B professionals also love to take the broader picture. Internationally active hoteliers and restaurateurs today consider outsourcing, concepts, ambience and sales drivers.
Marriott CEO Arne Sorenson announced the first concrete results and top priorities after the merger with Starwood at the Q3 analyst call. Airbnb has suffered a legal setback in San Francisco; and there are also new figures on London and Amsterdam. prizeotel – in which Rezidor holds a 49%-stake – has signed its first hotel outside Germany. And the meeting and event sector will continue to grow globally.
I wish all of us a pleasant week, without any further shocks or catastrophes.

Yours, Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
Munich has a cold. Results from the hotel industry have waned this year. Terror and amok have left their mark, but these are the only things weighing on the Bavarian success story. All hotel categories suffered at the Oktoberfest. This was just the visible highpoint of the first nine months. Munich's hoteliers report. Guests are now shopping for the best hotel rates.
Resorts are now heading into a new – delicate – bloom period, even in the season-restricted Germany/Europe. A talk round at the Expo Real was encouraging: Finance is back and there are new operators and brands.
Italy, the target market for international hotel groups is slowly also breaking cover. There is certainly enough interest for projects, but the country must first scale back its bureaucracy. Certain destinations promise high prices though. Massimiliano Sarti met Italy fans and Italy sceptics.
One year after the introduction of the Macron Law in France, hoteliers have still not freed themselves from the OTAs. Booking.com is obviously still attempting to push through with its own terms - which EMEA boss Peter Verhoeven denies in a short interview with us.
The French trade unions have also struggled to overcome the tourism disasters of this year: Only a miracle can help them out of this crisis. Paris is therefore thankful for a €23 million rebound plan from 2017.
For the first time, the German real estate sector is looking for start-up ideas for the world of tomorrow, German tourism representatives have successfully secured a change to the Package Holiday bill, and Austria's popular holiday region Tyrol is happy to record strong growth in summer business. And a British private equity company has acquired the German Welcome Hotels, in future headed by CEO Christian Kettlitz.

Yours, Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
The hungry Chinese meet greedy locusts: HNA meets Hilton. The 25%-stake taken this week by the Chinese conglomerate in the world's best known hotel group could be viewed soberly as merely further proof of global consolidation, but: HNA is meanwhile spreading its tentacles in the international hotel business - and is already searching out its next targets before the first ones have even been fully digested. These deals are not yet complete, some pending before court. Jin Jiang shows a similar pattern: It puts out its feelers, ventures small investments or makes a big purchase straightaway. Why must Western companies, on the other hand, be subject to strict controls and limits in China when setting up their own businesses/participating in existing Chinese enterprises? It simply looks like the Western hotel industry has been bought up - though it has to be said, this too is of the West's own choosing. Blackstone has approved the release of its Hilton stake for consumption. Locust meets octopus.
It's the small news that often provoke the most questions, but our reports on hotel performance in Greece and Italy show that there's a lot of discussion there, too. The Greeks haven't managed to use the season to the best of its potential in 2016. And potential this very beautiful travel destination certainly has - the interest in international brands is unabated.
Another type of helplessness prevails in Italy, as it became clear at the Tourism Investment conference. As was once the case in Germany, too many family companies cling to their own brands and their own expertise. Only a few of the national operators stand out - and grow. The international brand hotel industry has a hard time in such a complex national structure.
Chains are occasionally outmanouevred even in Germany though, a market used to chains. For instance, when small budget companies show themselves to have an excellent knowledge of micro-markets, find a good location and have a punchy concept and well-conceived plans. Four such brands are Letomotel, Cocoon/Buddy and MQ, who left a good impression at the Expo Real conference - alongside the giant Plateno with its new soft brand PAI.
New York has now put Airbnb on a tight leash and keeps it in check with the threat of high penalties - when will other cities introduce similar measures? Yesterday, Airbnb surprisingly gave in. This is an issue which massively affects the markets and will keep us holding our breath. And this too: German tour operators have seen revenues fall by over a billion over the past travel year; travel flows are changing significantly. In the Alps, winter business remains much more important than summer business, even if climate change and Alp-bashing might suggest otherwise. HRS is the first OTA to design an app allowing the guest not only to book, but to pay, too.
What you don't have to pay for though is if you participate in our Investment Barometer for autumn 2016. We make it easy for you: just one click! Simply follow the description in this morning's newsletter. Participants will receive full results by mail in three weeks.

Yours, Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
Hyatt developer Peter Norman explained the cardinal error the hotel industry makes with regard to Airbnb & Co: There's a lack of excitement in the industry – it's too uniform and has become too standardised over the years. And whoever has analysed the short term rental platforms, as Hyatt has done recently, sees the next fights coming. Just how deeply P2P platforms have impacted on day-to-day business of project developers has been experienced by GBI Chairman Reiner Nittka with respect to his own serviced apartment projects. Almost everyone demanded national or municipal regulation, but the cities don't have it easy, as Munich councillor Christian Mueller explained. Read today the second and final instalment on the exciting Expo Real talk round on Airbnb & Co.
Meanwhile, the wave of mergers and acquisitions in the hotel industry continues unabated – a development which in my opinion will make Airbnb stronger rather than weaker. Yet the merged companies focus initially only on their own economy-of-scale, which only drives managers like David Etmenan from Novum forward in accordance with the motto "bigger, faster, better"... Industry veteran Ingo Peters from Fairmont Hotel Vier Jahreszeiten, on the other hand, sees the world with its finer differences. The Expo Real discussion on mergers revealed both positive and negative elements.
Anyone looking to test his or her own resilience might wish to oversee expansion in Africa. The continent plays by its own rules, though reveals incredibly positive results and enormous potential. There's a lack of branded hotels everywhere.
Peninsula is positioning itself exactly where there are already many luxury rivals – and it wants to be even better – which indeed the small chain often manages. COO Peter Borer and the new General Manager of The Peninsula Paris report of the group's newest projects and challenges.
Karl Lagerfeld is still challenging himself at the age of 83: Let's see how extravagant his own hotel group will then be. In comparison, Deutsche Hospitality performs only a little brand cosmetics on its Intercity Hotels, as was announced yesterday at a press conference. In Austria, it's snowing new hotels, exactly on time for winter, and in Spain a new brand for "quiet" hotels is to be established.
Our Investment Barometer in collaboration with Union Investment is still running. Have you already taken part? We would be very pleased if you do as the opinion of market participants is important - especially this time where we ask about your yield and risk expectations. Log in here!

Yours, Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
Across the globe, the hotel industry suffers much less as a result of Airbnb than the housing market! That is the core statement from a long discussion at the Expo Real Hotel Conference last week in Munich. The panel was made up of distinguished speakers, including Airbnb critic and activist Murray Cox from New York as well as representatives from academia, from project development, from the cities affected as well as from the hotel industry. Facts presented by researchers refuted the story as put forward by Airbnb and showed just how significantly the giant had penetrated the most popular tourist destinations – and also how it is biting at the heals of the hotel industry. We have prepared the first instalment of our report on this issue for you today. Part 2 will follow next Friday. Once you have read both, dear hoteliers, you will certainly stop your lamenting over Airbnb!
Airbnb and Wimdu were both invited to the discussion, but neither responded. Since last week, we know what Wimdu's reason is: The former number 2 among the holiday home providers has been acquired by former number 3, 9flats. Roman Bach, the new Managing Director of the merged company, spoke with me on the background to the deal.
Data analyst STR based in London delivered facts and figures on the European hotel market in a keynote speech at the Expo Real Conference. James Parsons also had some words on Brexit.
Drawing on our conversations with hotel groups at the Expo Real, we have also summarised the news, inter alia from IHG, der Patrizia, Moxy, Zoku, TUI, Motel One and The Student Hotels. Further, real estate consultants and brokers presented their current transaction figures for Germany at the end of the trade fair. Even institutional investors are moving in on projects now!
On his return from a hotel conference in London at the end of September, Macy Marvel returned will lots of figures on the Spanish hotel market: Things are on their way up there!
The good thing about trade fairs and conferences is this: You feel the pulse of the market. As reported last Friday, the Expo Real was once again a bubbling hive of activity so that exhibitors at our stand "World of Hospitality" all returned home happy. We have produced two videos for you: Impressions from the Joint Stand and from our networking event "BRICKS & BRAINS". Take a look at our Page 1!
Trade fair statistics for the Expo Real revealed the following: 39,100 participants attended, 11,300 of these were interested in hotel/restaurant real estate – just as many as last year. This shows: The high participation of hotel exhibitors has consolidated this trend. We are therefore already looking forward to 2017. After the trade fair is before the trade fair after all!
And last but not least: Save the date! From 28-30 October, the German chapter of the Cornell Hotel Society will meet in Frankfurt. External guests are also welcome to attend the Saturday morning programme. Further information here.

Yours, Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
Business was hectic at the Expo Real Munich, which came to an end yesterday with visitor and exhibitor numbers up. Happy faces had again just made their investments, whereas others were looking concerned about the disproportionately high prices and lease charges currently being demanded. One consultant spoke of wildwest methods. The mood among real estate and investment experts is at tipping point.
We also report today on the recently published Investment Ranking and the assessment of the German market by Treugast experts as well as from Steigenberger's corporate name change and we summed up the first smaller news. More comprehensive reports, including summaries from the hotel conference and more news, will then be provided next week. There was no mega news this time.
Baerbel Schwertfeger's interview with a Stanford Professor this week should be read with a little smile - not only in view of the many managers attending yesterday's pulsating trade fair halls. Title: The boss must be horrible. All belief in leadership with competence fails here.
Sarah Douag looks once again at the cruise industry: In contrast to the hotel industry, the cruise industry speaks with one voice, adjusts its products rapidly and flexibly to rapidly changing markets. Growth figures have wow character. There's a segment moving forward in seven-league boots!
Further articles today take a look at the broader picture: The International Hotel Association of Executives is working on a career management centre as well as for globally valid pension scheme for dismissed managers. More employers support long-distance study and highly digitalised companies generate better results. - An edition to learn from!

Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
Just thinking about how much information has come in this week regarding the upcoming Expo Real in Munich, this trade fair has become tremendously important with respect to the hotel industry. We have already managed to touch on some of this information, and further content will follow in our next issues.
Expo Real itself will be much about funds, financing, and ringing tills. A consultant says: This bubble has to burst! We've gathered several opinions on the latest buzz words – a little teaser to get you in the mood for the trade fair.
Dirk Iserlohe, Head of E&P, uses the context of this trade fair in order to introduce his new HONESTIS AG. Under this roof, he will newly align the current company structure and straighten the close relations between Dorint Hotels and the E&P funds. The difficult restructuring process of Dorint Hotels, which started back in 2009, thus enters a new phase with new investors. Four weeks ago, we had a long, intense talk with Dirk Iserlohe. Our fund specialist, Beatrix Boutonnet, had asked the questions. The result is a very extensive interview full of figures and statements by a thoroughly self-critical fund manager.
In Austria, there is an official website for tourist professionals interested in crowd funding or crowd investing. It worked with the Harry's Home hotel group, for example.
The future will show whether the Carehotels concept will work or not. Anyway, Karina-Anna Doerschel is venturing out on a tightrope walk between hotel and care services. Her goal: "Families nursing their relatives at home should be able to go hiking while securely leaving their patients behind at the hotel." This concept is not easy, but it fully hits a seminal niche with high demand.
Absolutely well-covered by the media, AccorHotels introduced its new "Jo&Joe" concept: super sexy in its wording full of Anglicisms. Once again, a few marketing freaks have newly discovered the world. But the message behind it is really simple: AccorHotels is entering the low-budget segment. Full-stop.
The German Novum Group signed an MDA with IHG for the purpose of quick expansion in Europe. Messe Berlin, the Berlin trade fair company, is advertising its ITB premiere in China next May, and TUI is happy about a good fiscal year.
Right on time for the start of the trade fair, we have finished our new special issue, the high-class EXPO REAL SPECIAL. You'll find it on our website but also at our booth and in Munich trade fair hotels!
Moreover, we'll be restarting our "Investment Barometer" together with Union Investment today! What are your yield and risk strategies? Take part either online or at our survey terminal at the "World of Hospitality" at Expo Real.
Our entire team will be present at Expo Real in Munich as well as several correspondents of hospitalityInside.com. We're all looking forward to seeing you and having a chat!

Yours, Maria Puetz-Willems
Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
The OTAs are gradually moving into every niche that has ever provided the hotel industry with a small income. Now, it's the turn of excursions and events. A multi-billion euro business there for the taking. Booking.com and Google presented "Booking Experiences" and "Google Trips" this week, and Airbnb even bought a start-up in this field this week. TripAdvisor is also moving in on the game – as is AccorHotels. Sarah Douag summarises what these portals, tools and apps offer at first glance.
The budget market is also moving into new territory: Yesterday, the Berlin-based project developer MQ Real Estate revealed its first hotel room, a wooden module on the roof of a Berlin parking garage: The start-up will build hotels from wooden modular units on the upper storeys of car parks. Hotel chains have already shown an interest, as what hotelier doesn't want the top floor in a premium location?
IBB Hotels is focusing on another niche, namely B and C locations. The Spanish company is currently in the process of conducting an intense analysis of the German market and is already in the process of building its next five hotels. In Poland it focuses on A locations. CEO Vladimir Saal on the plan to double the size of the hotel portfolio by 2021.
In France, the government has approved an emergency fund for tourism; after regulatory approval in China for the Marriott/Starwood merger, there's now the internal matter of personnel; and the EU has once again let the hotel industry down with regard to liability for WiFi use.
Here at hospitalityInside, we are in the final sprint for the Expo Real in Munich on 4 October. If you're planning on visiting the trade fair for property and investment and would like to make appointments with exhibitors at the "World of Hospitality, you can find the contact data in the individual portraits of the hotel operators, funds, financiers and consultants. These can be found as of today on our Page 1.

Yours, Maria Puetz-Willems
Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
If AccorHotels can entice third-party hotels on to its booking platform, then Plateno can do it too. China's largest hotel group now offers all individual hotels as well as smaller hotel groups its help it placing their offers in Chinese distribution and social media channels, as well as providing translation, cultural training and a Chinese website. On hospitalityInside.com, Roland Paar, Regional VP Europe, and his eCommerce Manager Tomasz Janczak for first time present "Plateno Connect" – including concrete packages and prices, which are not yet online.
But it's not only worth reading hospitalityInside.com for that. Europe's fittest tourism companies are in Austria, and they are currently having a heated debate on digitalisation in tourism, and are once again hitting nails on the head. Slow progress in discussions at the EU level has provided an opportunity for rivals - for instance Korea. Korea is certainly no snail in terms of the speed of development.
We take a look at the broader picture, also in Almere in the Netherlands today. There, Carnival Cruises has opened its first hotel, together with a training academy for its own staff. With this impressive project, the cruise travel giant takes over 20,000 overnight stays away from the hotel industry in one fell swoop. An interview with Captain Hans Hederstrom and hotel manager Jan Hein Roersma.
NH Hotels has confirmed that its shareholder HNA has now launched court proceedings against the hotel group. The Chinese want to get back on board. A really strange story: A major shareholder sues his own company. The Chinese are marking out their claims.
Their interest in keeping a foothold in a European hotel company is justified. The majority of Chinese nationals are becoming increasingly willing to travel, are spending more and are also looking to Europe. By contrast, business travellers are becoming more cautious in light of terror scares; and they have little time for hotels without free internet access. These were the findings of two surveys.
In Switzerland, Airbnb has substantially expanded its presence. In the German market, the brands of the recently merged Deutsche Hotel & Resort Holding is making larger steps than it has taken up to now.

Yours, Maria Puetz-Willems, Editor in Chief
Your opinion? maria@hospitalityInside.com

Dear Insiders,
Four weeks ago, the Chinese government stipulated another 60 days to examine the merger of Marriott/Starwood in its country. The outcome is still open. The expected economic benefits for this year are slowly melting away... Will China protect its own hotel chains? Sarah Douag has assembled expert opinions. However, in the end, we were outmanoeuvred, too: The international law firms we interviewed on that matter in China withdrew their answers and prohibited us to use any of their comments – not even anonymously. A global power exerts pressure. I don't want to imagine how CEO Arne Sorenson feels right now. He has my sympathy.
Roeland Vos, CEO of Belmond, and I are sharing our passion for the real and honest. On Wednesday in Munich, he presented the new strategy of Belmond: luxury as an understatement is in, realised by "genuine people serving genuine people". The hotels, house boats, ships, and trains of Belmond will become "authentic escapes". This mixture will top all luxury master brands. By 2020, he wants to double the portfolio. Roeland presents himself in top form – just as he did at Starwood once.
Authenticity during holidays is also sought after in the budget segment, but with comfort, please! Therefore, glamping is booming. Unbelievable what is available in this segment: Tents with wooden floors, safari tents in trees, round wood lodges – and an endless variety of mobile homes. In Germany, Croatia, Austria, and France, simple camping sites turn into multifaceted holiday resorts, which are also taking away guests from hotels.
French hoteliers have real reason for concern: The hotel association GNI presented alarming figures for the summer season and is urging the government to limit the damage. Steve Joyce, CEO of Choice, recently contemplated on various topics such as rock bottom rates, loyalty and OTAs. TrustYou publishes an ebook with advice for the perfect guest questionnaire.
And I would like to briefly present to you the topics of the "Hospitality Industry Dialogue", the hotel conference at Expo Real, which takes place on October 4. In the meantime, the preparations for Expo Real are keeping us moving. The holidays are over, the final spurt has started!

Yours, Maria Puetz-Willems
Editor in Chief
Your opinion? maria@hospitalityInside.com