🔔 Big news in the hospitality world! Revo Hospitality, the largest third-party hotel operator in Europe, is facing a financial shakeup. This giant, managing over 260 hotels across 12 countries, including popular brands like Hilton, Marriott, and Holiday Inn, has filed for insolvency.
The plan? A major reshuffle under self-administration, aiming to get back on track by summer. The good news? Their 125 hotels across Germany and Austria will stay open for business, keeping their 5,500 staff employed. The not-so-good news? The fate of over 130 other locations remains uncertain. 😟
The group attributes this move to the current economic crisis, highlighting issues like increased wage costs, booming rent prices, and soaring bills for energy and food. Additionally, growing too fast in recent years seems to have caused some internal chaos.
Gordon Geiser of GT Restructuring, now at the helm, assures that they’re already strategizing to stabilise and revitalise operations, with salary pre-financing applications in place to support staff through March 2026.
As the situation unfolds, what does this mean for travellers and employees alike? Time will tell if the restructuring plan can steer Revo Hospitality back to stability. Stay tuned for updates on this unfolding story! 💼🏨