Occasional fog, in front and behind the scenes

27.2.2026

Dear Insider,

Imagine that you, as a hotel owner, do not receive any rent for three years. Around one million euros are lost every month. This is what happened to Deka Immobilien, the tenant was/is Liran Wizman's Sircle Collection. The hotel: the W Amsterdam. This week, the court ordered the Sircle Collection to vacate the hotel 15 days after the judgment was signed. But that probably won't happen. A curious story with an open end. And I ask the question again - in the mist of the Revo insolvency: Why do owners/investors put up with this?

The next story won't save the industry's reputation either. Imagine you have bought an apartment in the Austrian Alps. Is this your main, secondary, work or leisure residence? This may just be a tax issue. However, the locals see this as "cold beds" and reject investments in tourism real estate. This is precisely where the residential market collides with the tourist market, where hoteliers would also like to build more apartments. "Buy2let" is the name of this Austrian specialty that nobody likes anymore. Fred Fettner provides the details.

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Dear Insider,

The logic of Revo Hospitality in the last press release two weeks ago was not quite clear to me: The original 125 insolvencies under self-administration suddenly jumped to 175. Our inquiry was answered properly.

At the same time, I asked the Berlin insolvency law firm Anchor - which has no hospitality clients - whether the (Revo) procedure, which now involves five experts (lawyers), is justified and whether the measures are proportionate. Real estate expert Nicole Riedemann has shed light on a number of points.

And I can offer you even more transparency today: We have an up-to-date list of about 150 Revo companies affected, which we are publishing today. In addition, Wyndham made its first public statement about the Revo insolvency as part of its 2025 balance sheet presentation. The world's largest franchisor has invested $160 million in Revo. Was that all key money?

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