Expo Real in view: A market caught between a lack of transparency and credibility

18.9.2026

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.

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Laws and penalties. And Branded Residences under the magnifying glass.

11.9.2026

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!