Dear Insider,
Things are really heating up in the industry at the moment. Sircle Group and Revo Hospitality are finding themselves increasingly mired in negative headlines, and their misconduct is no longer an isolated incident. No, their behaviour is becoming the norm – and not just in Germany, but across Europe and internationally. Property owners and landlords are facing empty coffers. The only recourse left is the courts, which Deka Immobilien and Pandox are now also turning to. Everyone wants their rent arrears, in some cases amounting to millions.
As my colleague Sarah Douag has noted, the Sircle case – involving over €30 million in lost rent – is the largest to date, the longest-running and the most structurally complex. Revo's debts are not yet known.
Gradually, a picture is emerging of a chain that begins with a complex web of holding companies, through which subsidiaries apparently pass on fees and other revenue through so many layers that, by the time it reaches the owner at the end of the chain, no money remains. Insiders are familiar with such "intercompany structures", which are often set up for the purpose of money laundering. Landlords will therefore be under greater pressure than ever before to monitor the tenant and their behaviour. Furthermore, the so-called 'good old' sale-and-leaseback process needs to be redefined; at present, when misapplied, it is one of the root causes of the problem. Dive right into this fascinating article. ... More
In the wake of the Iran conflict, the property market and Europe remain weak. The deterioration in credit conditions points to a significant decline in investment appetite in the coming quarters. In the construction sector, rising costs are set to become the biggest challenge.
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New Mews research across 500+ properties shows AI is now standard in hotel operations, while human interaction remains critical for high-value guest moments.
IHG Hotels & Resorts is becoming a partner of the U.S. Air Force: The chain has signed a 50-year (!) contract with the Air Force - five decades to act as a hotel and management operator.
Travelling by train from Germany to Spain – and the train is late for your connection? That can prove costly for travellers. The EU wants to strengthen their rights and make rail travel more attractive.
The German hotel industry continued to recover in 2025, without fully reaching pre-crisis levels. Overnight stays are on the rise, as are insolvencies. Details from the new industry report.
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Impressions from the HITT Think Tank in Brussels
The Federal Association of the German Tourism Industry (BTW) has just made a move with its Tourism Summit 2026. But not into a new world, just into new formats. Yet the more pointed speeches and crisis-related topics have been followed by nothing: no budget, no destination strategy, no political will to implement.
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