News & Stories

Munich. The national implementation of the European Directive on Alternative Investment Fund Managers could have a fundamentally negative effect on the German real estate and financial industry. The industry associations are fighting against this draft as not all funds are as bad as consumer protectors and politicians think they are. Many of them, among them hotel funds, paid off well for the investors. Even banks do not understand why open-ended funds should be prohibited. An interim result with respect to the AIFM Directive, and the associations' and consumer protectors' major points of criticism.

Cologne. The Public Prosecutor's Office in Cologne has filed proceedings against Anno August Jagdfeld from Fundus before the Regional Court in Aachen for embezzlement. If convicted, he could face a maximum sentence of 5 years.

Munich. The question as to the direction of the transaction and investment market for hotels is of crucial importance for the hotel sector. On the one hand, investment volume recorded in 2012 is still not really good. On the other, many hoteliers are looking for successors, particularly in Germany. Many of these are positioned in the midscale segment. According to those that know the market, current framework conditions and economic rationale will largely favour the budget hotels. The next crisis is then likely to hit the midscale segment hardest. An analysis of the German situation.

Brussels. What a development! Last Friday, the German Federal Ministry of Finance presented the long-awaited draft for the implementation of the European Directive on Alternative Investment Fund Managers. The draft caused much concern among both open and closed-ended funds last week, which in the past have often provided hotel finance. The fund industry has reached a turning point. The draft, if it were to be approved, would prohibit the inception of new open-ended real estate funds. To date, though, not all points covered by the draft are clear. Many points appear ill-tailored. The draft will therefore need considerable reshaping. And much is likely to be lost along the way. After all, it not only seeks to regulate the managers, but also the products themselves.

Adenau/Eifel. Following the insolvency application of the Nuerburgring GmbH on Wednesday, the future of the race track and its new leisure park hangs in the balance. With this, the resident hotel operators Lindner and Dorint wait with mixed feelings.

Heiligendamm. The unending story of the Grand Hotel Heiligendamm continues: Now, the hotel is to give up 80 beds. There are also administrative threats. And some investors have even pressed criminal charges.

New York. The unconventional cabin hotel brand Yotel hit the headlines this week in the US: On the one hand, Yotel announced to issue a 250-million-dollar fund with three partners; in the next five years, the group plans to expand in North America. On the other hand, Yotel's first robotic luggage concierge led to chuckles all round. He works in New York.

Frankfurt/M. Another fund heavyweight falls as CS Euroreal is liquidated. The decision has been taken and a clear signal has been sent to the entire industry.

Dubai. The hotel investment climate in the Middle East and North Africa maybe improving, but the financial crisis in Europe, anemic appetite of MENA lenders to dabble in property financing and lack of transparency over hotel transactions is deterring genuine pickup. While sentiment to hotel investments has improved with the stellar performance in cities such as Dubai and Riyadh, banks have not been quick to complement the rosier outlook, said speakers at the "Arabian Hotel Investment Conference" that recently took place in Dubai.

Heiligendamm/Berlin. Insolvency proceedings have been opened; a suitable buyer for the Grand Hotel Heiligendamm has not yet been found and more and more investors have taken recourse to the courts.