News & Stories
The wave of insolvencies in the German hotel sector is rolling forward. In mid-August, the controversy spread to another part of the large Lindner business family, specifically 12.18. Investment Management GmbH. The main investor, the Pension Fund of the Berlin-Brandenburg Dental Association (VZB), has expressed criticism. 12.18. disputes this.
Fattal Hotel Group has walked away from its £ 920.9 million (€ 1.08 billion) cash offer for PPHE Hotel Group following fierce opposition from the company's largest shareholder. Shares in the London-listed, Amsterdam-headquartered hotel operator plummeted nearly 19% on June 19, 2026, and dropped another 8% on July 1. PPHE terminated its strategic review with no deliverable bid on the table.
On Monday, Mubadala Capital, Abu Dhabi's sovereign wealth fund investment arm, launched a fully financed buyout offer for Pierre & Vacances-Center Parcs (PVCP), one of the Europe’s biggest providers of holiday accommodation, which values the group at 1 - 1.1 billion euros.
The rise in insolvencies in Germany continued into the first half of 2026. The service sector, including the hotel and catering industries, remains particularly hard hit. Lenders should expect an increase in defaults.
German Volksbanken's bad bank took on a record amount of non-performing loans in 2025. This safeguard system is working. It could also help the German hotel industry in these worrying times.
Deka Immobilien no longer wishes to discuss the 23 million euros in rent arrears owed by the (former) operator, Sircle Group – headed by Liran Wizman. This week, it introduced an unnamed, tourism-focused operator from Turkey. Wizman is nevertheless permitted to continue running the W restaurants. Deka Immobilien did not provide any explanation for this.
Insolvencies in Germany are on the rise: the catering, hospitality and property sectors are particularly hard hit. The record figures are hitting the federal states of Berlin and Bavaria especially hard.
The memorandum of understanding was signed yesterday, 1 April 2026: Accor has sold its 30.56% stake in Essendi to Blackstone and Colony IM – for 975 million euros.
The European Court of Justice (ECJ) has settled the dispute over hotel taxation in Germany: the reduced VAT rate of 7% continues to apply only to the accommodation. All other services are subject to the standard rate. The administrative burden on businesses remains high.
Capital discipline is the new buzzword. Until now, speed was more important to the hotel industry than profitability. That's over now. The hotel market is once again in a phase of structural realignment. The pressure from the market is great. Operators are the focus of the credit check.
