Dear Insider,

Falkensteiner Hotels and the holding company FMTG are now taking off: In Italy, the hotel group announced details of its new Crowdinvest platform: Family offices and private equity have already quietly jumped on board, and now CEO Otmar Michaeler and FMTG Invest head Anne Aubrunner are sharpening the expansion of hotels in combination with (branded) residences. They’re raising the capital for this themselves. They already have practice: €102 million were raised from 5,000 active investors in 14 crowdfundings. Everything that comes next is bigger, more expensive, ROI-driven. Clever: FMTG takes the municipalities on board. Otmar Michaeler will also talk about this form of alternative financing at "Hotels Tomorrow" (HOT), see below.

In these stressful, nebulous times, plain language is needed. This is what Vince Limpens from the EPEA (Environmental Protection Encouragement Agency) is doing today: In a building that lives for 40 years, only 9% of the costs are allocated to construction and energy. The remaining 90% of the costs are in operations; it takes the upsides with it. The developer must therefore build a "healthy" hotel. "Healthy buildings are not expensive; unhealthy ones are just cheap, killing your brand, your people and the bottom line," he says coolly.

The US government is currently only creating downsides. According to the forecast, international visitor spending in tourism will shrink from $181 billion to $169 billion this year. This would make the USA the only country among the 184 economies analysed with a decline this year. According to an index of global cities, New York is still maintaining its economic strength, but India and the like are closing in faster.

This week many Europeans are on their Whitsun break again, so what is a tour operator thinking about? Mark Tantz, COO for DERTOUR Central Europe, gives examples in a background interview: Package tours are changing, legally flawlessly, into individual trips, whereas cancellation fees are still controversial, but at the same time customers are demanding more and more security.

MHP, Munich Hotel Partners, is pleased with a "premium" financial year despite the costs. In Italy, hoteliers are pleased about a ruling that once again affects Airbnb. In other news, we report that most happiness hormones are produced, not by kissing and hugging, but by music festivals.

Unusually, Germany abolishes a law for gastronomy, and you'd be surprised: During the economic crisis, more young Germans are suddenly becoming self-employed. That's right: Take your future into your own hands! Register now for www.hotelstomorrow.eu! We, the three founders with the "M", want to use the premier in two weeks' time to hear your ideas and questions about the hotels of tomorrow. We want to develop the topics of the future with you, not dictate them: 30 June/1 July at the Pullman Tour Eiffel, Paris!

Yours, Maria Pütz-Willems
Editor-in-Chief