Code of the week
Dear Insiders,
This week's code is REVO. These 4 letters have been worrying many people since last Friday; they fuel emotions, and people are waiting for positive signals or at least some information. Exactly one week ago, the largest German and pan-European hotel operator, Revo Hospitality, filed for self-administered insolvency. The telephones were ringing nonstop (no e-mails!) as I heard from nearly all conversation partners this week. However, no information from Revo.
This week, we were able to collect only a few facts, and we can publish only a little. However, it is more important to prevent bashing of the entire hospitality industry right now. In our article, Hotour asks the market to remain calm and patient. The restructuring of the 140 affected companies could take until fall or even winter, as it can only start on April 1, after the current "pre-insolvency phase" of three months. In addition, we talked to the Napp Group (R+V) about rental and lease guarantees.
The Revo story hasn't been transparent; it is rather complex and chaotic. But everyone is entitled to learn from mistakes. Therefore, hospitalityInside will question this large insolvency and the behaviour of other stakeholders step by step in the coming weeks. This disaster is a great opportunity to confront the industry with itself. Please share your Revo story or your reflections on the industry with me. ... More
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