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

Maria Pütz-Willems
Maria Pütz-Willems

Dear Insider,

Famous names such as Adlon Kempinski trigger a media storm, particularly when the planned sale of the hotel property falls through, as happened this week. Our finance and funds specialist, Beatrix Boutonnet, remains calm and continues to analyse this complex situation. Today, she is questioning the figures relating to the return on investment. And the timing of this plan, which remains rather odd. Meanwhile, Jagdfeld, the founder of the Adlon Fund, is already celebrating his second opportunity to sell.

Change of subject: Away with boring lobbies and empty workspaces! ATworld, a subsidiary of the investor Aroundtown, has turned a quiet mega-trend into a structured membership programme: At 2,500 locations (well-known hotels, hotel chains and airport lounges), traditional business travellers and digital nomads can find workspaces ranging from relaxed to professional, as well as other amenities, all bookable via the ATworld app, along with useful benefits for guests. This is more than just a matter of optimising floor space. ... More

Magazine

Down with boring lobbies and empty workspaces

HI+Down with boring lobbies and empty workspaces

ATworld arranges 2,500 locations for business travellers and digital nomads

It is a specialised form of space optimisation through which ATworld, a subsidiary of Aroundtown, integrates well-known hotel chains and airport lounges. Digital nomads and business travellers are breathing new life into dreary lobbies and empty workspaces. Via an app and a subscription, with a social twist and extra services. There are 2,500 locations available to book.

Why wasn’t a shareholder majority sufficient?

HI+Why wasn’t a shareholder majority sufficient?

Approval for the sale of the Adlon fell through – questions remain for the fund

It has been clear since Tuesday of this week: Approval for the sale of the Adlon failed to secure the required majority of shareholders. And, of all people, it was due to those secondary market investors to whom fund initiator Anno August Jagdfeld had promised "outstanding returns". Did they not want to sell? Or are there other reasons?

Tirol's path to balanced occupancy

HI+Tirol's path to balanced occupancy

The tourism hotspot brings hoteliers and DMOs together

Tirol accounts for around a third of Austrian tourism. How do you structure this influx and develop it into year-round tourism? Balance is required. Hotels, destinations, and a "Future Lab" are working on the solution.

A bare property and a sexy brand

HI+A bare property and a sexy brand

Adlon sale: a game of poker involving Jagdfeld, Fundus and Kempinski

Over 4,000 investors in Fundus-Fonds 31 have voted for or against the sale of the Adlon Berlin. The result is still pending. After almost 30 years, this could mean a change of ownership. With or without the Kempinski brand? What will the price be, how high will the commissions be, and what investments are on the cards? Questions upon questions.

The 12.18. Insolvency raises questions

HI+The 12.18. Insolvency raises questions

Parent company affected – Discrepancies with the VZB pension fund?

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.

HI+

Hilton Hotels amidst sanctions drama

Hilton Hotels amidst sanctions drama
4.9.2026

The Hilton Frankfurt Gravenbruch has now closed completely following reports of sanctions and termination plans, as well as the operator's insolvency. A court extended the freeze on the accounts this week. It remains unclear what will happen next with the Hilton Frankfurt City Centre.

GCH Hotel Group in "Partnerschaft" mit Sunday PropTech

HI+GCH Hotel Group in "Partnerschaft" mit Sunday PropTech

Through its asset and investment platform, Sunday PropTech, the Indian company PRISM has now acquired a majority stake in the GCH Hotel Group (Grand City). Officially, it is a partnership.

Honestis Group launches new white-label operator

HI+Honestis Group launches new white-label operator

Deutsche Hotel Operations GmbH (DHO) is a new white-label operator for hotel properties within the DACH region. Its shareholders are the Honestis Group and Björn Weidner, who most recently worked for Revo. The company has already secured the first hotel.

Sustainability News from 4.9.2026

HI+Sustainability News from 4.9.2026

New EmpCo Directive comes into force / Radisson Blu expands its "Verified Net Zero" portfolio / Water management project in Mallorca / FMTG sustainability report / RIU invests in social and sustainable projects / a&o reduces its CO2e footprint

VIP News from 4.9.2026

HI+VIP News from 4.9.2026

Dominic Dragisich / Artur Gerber, Louise Bates, Bernd Mäser / Sabina Wyss di Corrado / Vanessa Uccello / Christoph Flaggl / Gerhard Bosse / Jason Marques / Henning A. Schaub, Friedhelm Doesel, René Zeise / Christiane Kirchenbauer, Till Westheuser / Franziska Bug, Lara Kannengiesser / Karim Esch, Michael Bütter, Gerald Kremer, Henrike Waldburg

News Mix from 4.9.2026

HI+News Mix from 4.9.2026

1912 Hotels/Marbella, B&B/Memmingen, BWH/Sutri, Demire/Frankfurt, Ennismore/Bangkok, Lerch Genusswelten/Lindau, LVG/Alagna Valsesia, Marriott/Genoa, Motel One/Salzburg, Odyssey Hotels/Münster, Premier Inn/Halle, Radisson/Berlin, RD Unique Places/Andernach, SLH/Crete, Stayery/Basel, Venice/Ai Cavalieri, Verkehrsbüro Hospitality/Bad Reichenhall, Vorreiter AG/Stuttgart, Wyndham/Frankfurt

Even fewer portfolio transactions in Europe

HI+Even fewer portfolio transactions in Europe

Transaction activity in the European hotel sector slowed in the first six months of 2026, falling 10% below the figure for the first half of 2025.

Growth through rebranding

HI+Growth through rebranding

The global hotel construction pipeline has reached a new record high of 15,976 projects, representing 2,433,948 rooms, particularly in brand conversions.

One in every four planned rooms is a serviced apartment

HI+One in every four planned rooms is a serviced apartment

The Serviced Apartment market in Germany has grown by an average of 9.2% annually over the past six years. The key figures reflect an increasingly competitive market environment, according to a recent market study on serviced apartments in Germany.

Fake ad for the sale of luxury hotel in Luzern

HI+Fake ad for the sale of luxury hotel in Luzern

A week ago, an advertisement for the sale of one of Switzerland’s iconic luxury hotels appeared online, which, according to the photo, was none other than the Lucerne Mandarin Oriental Palace. It was a fake.

German compliance culture is strong but inconsistent

HI+German compliance culture is strong but inconsistent

According to a compliance study, German organisations outperform many international competitors in areas such as trust and ethical leadership. However, implementation in practice is inconsistent.

Expo Real 2026

Networking at the FreiSchwimmer Bar!

Networking at the FreiSchwimmer Bar!

For the 18th time, the motto is "Hospitality meets Real Estate". BRICKS & BRAINS looks forward to welcoming its guests after the first day of the Expo Real trade fair, high above the roofs of Munich – at the Cocoon Hotel Am Sendlinger Tor. Time to dive in on the rooftop!

Expo Real Hotel Conference: The market in turmoil

Expo Real Hotel Conference: The market in turmoil

The market is in turmoil; insolvencies and scandals have dominated the first half of the year, particularly in Germany. This will be the focus of the next Hospitality Industry Dialogue (HID) at Expo Real on 5 October. All conference panels will centre on the consequences and lessons learnt. In addition, new international operators will be introducing themselves.

Content Partner

Say Hello to new markets

Say Hello to new markets

Sometimes, the best answers to the challenges facing the hospitality industry lie outside the sector itself. This is exactly where Markus Milz comes in. The highly sought-after coach will open the QR "Redebedarf" event on 22 October 2026 with a keynote speech. He brings a dual perspective to the stage.

Integrated charging sockets for hotel rooms

Integrated charging sockets for hotel rooms

For many hotel guests, smartphones, tablets and laptops are an essential part of their travel kit. It is therefore important to have easily accessible sockets that cater for different power requirements whilst being intuitive to use. With the PD 60 USB charger and SCHUKO® sockets featuring an integrated USB-C port, JUNG combines convenient charging with a consistent design for the electrical installation.

New markets for the hotel industry

New markets for the hotel industry

The German hotel market is undergoing profound change. Whilst traditional business travel segments are suffering because of economic developments, new opportunities are simultaneously emerging in international source markets.

Business & Leisure with great potential

Business & Leisure with great potential

In the first half of 2026, the German online distribution specialist QR Quality Reservations secured 19 new partner hotels and increased its business travel turnover by 26.6 percent. The first hotels are already implementing the new AI agent in their day-to-day operations. 

Quality over Speed

Quality over Speed

The topic of AI dominates today's media. How is AI changing our society, the economy, education, healthcare, and our jobs? Where does its use make sense? Will AI solve everything? Is it taking away jobs or creating new ones? The race is on …

Timeless switch design

Timeless switch design

Stylish and long-lasting hotel interiors are created through design concepts that stand the test of time. Timeless design is particularly valuable for permanently visible elements such as switches and sockets.

News Mix overview

News Mix from 4.9.2026

HI+News Mix from 4.9.2026

1912 Hotels/Marbella, B&B/Memmingen, BWH/Sutri, Demire/Frankfurt, Ennismore/Bangkok, Lerch Genusswelten/Lindau, LVG/Alagna Valsesia, Marriott/Genoa, Motel One/Salzburg, Odyssey Hotels/Münster, Premier Inn/Halle, Radisson/Berlin, RD Unique Places/Andernach, SLH/Crete, Stayery/Basel, Venice/Ai Cavalieri, Verkehrsbüro Hospitality/Bad Reichenhall, Vorreiter AG/Stuttgart, Wyndham/Frankfurt

News Mix from 28.8.2026

HI+News Mix from 28.8.2026

Accor/Gothenburg, Apulia/Fasano, B&B/Rüsselsheim, BWH/Camogli, CRC Investment/Valea Doftanei, DQuadrat Living/Bonn, Dorint/Mannheim, Essendi/Madrid, First Sponsor Group/Amsterdam, Four Seasons/Venice, Grupo Inversor Hesperia/Málaga, Habyt/Vienna, Hilton/Rome, Hyatt/Comporta, IHG/Riyadh, Kaya/Barcelona, Leonardo/Baden-Baden, LFPI/Strasbourg, Mandarin Oriental/Punta Negra, Mangia’s/Costa Ragusa, Marriott/Rome, Meininger/Cologne, Minor/Barcelona, Motel One/Koblenz, Novum/Schönefeld, Numa/Basel, Odyssey/Berlin, Palace Berlin/Berlin, Palais Coburg, Vienna, Palladium/Barcelona, Pandox/Bodø, Pestana/Paris, Radisson/Sinaia, Ravenna/Cipriani, Red Sea Global/Triple Bay, Schlosshotel Berlin/ Berlin, Signo/Mannheim, SLH/London, Toskana/Montecatini, Una Italian Hospitality/Loano, University College Birmingham/Birmingham, Veneto Valpolicella, Wyndham/The Hague

News Mix from 31.7.2026

HI+News Mix from 31.7.2026

Azora Group/Milan, Center Parcs/Ribnitz-Damgarten, Charterhouse Property Group/Birmingham, Coolroom Hotels/Porto, Covivio/Brussels, Crédit Mutuel Arkéa/Paris, Extendam/Paris, Four Seasons/Gstaad, Hilton/Akureyri, Homaris/Berlin, Kryalos/Rome, Le Rucher d’Evolène/Evolène, Marriott/Marseillan, MHL/Dublin, Nobu/Monte Rei, Novum/Rüsselsheim, Room00/Rom, Somerset Capital Partners/Eindhoven, TUI Blue/Seville, Umbria/La Rosetta, Vabali Spa/Olching

News Mix from 24.7.2026

HI+News Mix from 24.7.2026

Anima/Acquisition, Brera/Berlin, COTP/Kassel, Four Seasons/Mykonos, Gambino/Munich, Heimatquartier/Westerland, Hilton/Frankfurt, Hotel Krefelder Hof/Krefeld, Hyatt/Leipzig, IHG/Turin, JP Immobilien/Vienna, Marriott/Riyadh, Minor/Çakabey, Monte Mulini/Rovinj, Numa/Basel, Sicily/tuna fishing operation, Tin Inn/Iserlohn

Marketplace

EU: ChatGPT falls under the Digital Services Act

EU: ChatGPT falls under the Digital Services Act
4.9.2026

ChatGPT will soon be subject to stricter regulations in the European Union. On Monday, the European Commission classified the well-known chatbot as a "Very Large Online Search Engine" (VLOSE). The provider now has four months to comply with the requirements of the Digital Services Act (DSA).

This is where German holidaymakers spend their money

This is where German holidaymakers spend their money
4.9.2026

An analysis of the data reveals which visitors contribute most significantly to local turnover in restaurants and hotels abroad. In Austria and Italy, the hospitality sector benefits particularly from German travellers.

Practical tips on the AI Act for the travel industry

Practical tips on the AI Act for the travel industry
28.8.2026

A new practical paper offers guidance on the transparency obligations for AI-generated and AI-edited content—applicable to tour operators, hotels, intermediaries, and other tourism businesses since 2 August 2026—with specific guidance on images, video, text, and chatbots.

Mews secures Europe's first e-money

Mews secures Europe's first e-money
28.8.2026

The e-money license gives Mews the regulated standing to process payments on its own infrastructure, giving hotels more control over how their money flows within the system they already run on.

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HospitalityInside Think Tank HITT, edition 9

Photos from the HITT Think Tank in Brussels


Financial Results

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Refinancing tailwinds

Aroundtown H1 2026: The investment company has disclosed its interim consolidated financial results for the first six months of 2026, delivering an operational performance that aligns with its full-year guidance.

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Believing in the international business

H World Group Q2 2026: The Chinese company demonstrated a continued expansion driven by its operations, alongside regional headwinds in international markets.

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USA and China offset Middle East

IHG H1 2026: InterContinental Hotels Group (IHG) recorded solid business performance in the first half of 2026, supported by picking up demand in the USA and sustained growth in China. Despite geopolitical pressures in the Middle East, global RevPAR rose noticeably.

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Europe & the Americas mitigate risks

Minor Hotels Q2 & H1 2026: The Thai hotel group delivered a resilient financial performance for the second quarter and first half of 2026, driven by sustained travel demand in Europe & Americas and a strategic pivot toward asset-light expansion in the Middle East.

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Operational progress and reducing costs

Choice Int. Q2 2026: The US franchisor has released its financial results for the second quarter and first six months ended June 30, 2026. The lodging company demonstrated growth in revenues and operational metrics, though net income experienced a decline compared to the prior-year period.

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Resilient, but saying goodbye to Cuba

Meliá Hotels Int. Q2/HY 1 2026: The reporting period was heavily impacted by a major structural shift: the group's subsidiary, Ilha Bela, completely discontinued all business and operations in Cuba.

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Further growth expected despite the crises

Marriott Int. Q2 2026: The RevPAR* increased 3.4 percent worldwide, with 5.0 percent growth in the U.S. & Canada and a 0.5 percent decline in international markets.

Balance sheets
at a glance



Berechne...


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Oktoberfest: Coffee cocktails in a mug instead of beer

Millions of people will soon be flocking to Munich once again for the world's biggest folk festival, the Oktoberfest. Whilst most visitors there compete to see who can lift the heaviest beer mug, there are also drinks you might not necessarily expect to find at the Wiesn.

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To the vineyards by camper van or taxi

Whether it's taking an Uber to a wine tasting or parking your camper van right at the vineyard and staying overnight: around the city of Frankfurt, there are new initiatives to boost wine tourism.

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A ride through Munich in a robotaxi

The first robotaxis are set to hit the roads in Munich in the coming weeks. However, the service won't be available in time for this year's Oktoberfest; it won't launch until the end of the year.

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Sky and Sea: Why the colour blue makes us happy

For many people, a holiday means both the beach and the sea. But why does the sea fascinate us so much that so many people want to return there time and again?

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