European hotel operator files for bankruptcy
One of Europe’s largest franchisor hotel operators has filed for bankruptcy.
Germany based Revo Hospitality Group manages 260 hotels in 12 European countries.
It runs hotels for major multi-brand hotel companies like Hilton, Marriott, Accor, Wyndham, and IHG.
Revo also has a portfolio of own branded hotels including Hyperion and Aedenlife.
Revo said the 125 hotels in Austria and Germany and their employees will not be impacted.
These hotels will continue operating as normal.
The company cites ‘the economic crisis, a sharp rise in minimum wages and added rental costs’ as factors in its ‘difficulties.’
Revo’s rapid expansion in the past five years led to ‘integration problems and structures.’
Revo Hospitality Group was formed in 2008 with the opening of its first hotel in Leipzig, Germany.
Since 2020, its portfolio has grown five-fold.
Revo has 40 days in which to seek new investment before insolvency proceedings begin, according to German law.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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