The hunt for the Adlon trophy property, with or without Kempinski

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.

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An industry under pressure

31.7.2026

Dear Insider,

This scorching summer has the potential to cause a major upheaval in the hotel industry. We are therefore kicking off today’s edition with a rather unusual call into the woods: "RevPAR is falling!" Dirk Iserlohe could only shake his head when he heard that hotels on the Baltic Sea were cutting their prices. Rates and RevPAR shouldn’t be going down – they should be going up!! By €20 to €30! The Executive Board of Honestis AG (Dorint Hotels) is speaking plainly, because it is intolerable that the price war is hindering quality and value creation.

The industry is facing massive change. The German hotel market is under pressure – partly due to the Revo Hospitality insolvency and the lack of transparency surrounding it. Owners are learning the name of their new operator from the press, whilst interested bidders are complaining about a chaotic data room and “communication bans” between the owners and the bidders. A confidential document shows us how insolvency lawyers can put pressure on landlords.

In general, we are seeing how individual operators in various countries are transforming themselves into European platforms (just as Ruslan Husry had planned). Operators bear the full operational and financial risk, whilst franchisors receive remuneration. The balance isn’t quite right anymore. Business models must be resilient.