Two wholly-owned subsidiaries of the insolvent FTI Group have filed for bankruptcy. These are Meeting Point Hotelmanagement Holding GmbH and Meeting Point International GmbH. This was announced by FTI Group on Monday. The local court of Munich granted the application. Meeting Point Hotelmanagement Holding GmbH, based in Munich and with five employees, is the holding company for all hotel activities of the FTI Group. The portfolio includes the five brands Labranda Hotels & Resorts, Design Plus Hotels, Kairaba Hotels & Resorts, Lemon & Soul Hotels and MP Hotels. This equates to approximately 50 hotels with approximately 7,000 employees in eight countries. The bankruptcy of Hotelmanagement Holding has no direct impact on the hotels’ day-to-day business, FTI says. “The individual hotel companies in Italy, Croatia, Morocco, Egypt, the Canary Islands, Malta and Turkey have a positive operating cash flow, which means that they are currently able to continue their ongoing business operations with all employees without restrictions and that their guests’ accommodation for the coming summer months is guaranteed.” An exception is the hotel business in Greece, which has already had to file for bankruptcy. However, the hotel companies in the other seven countries have high debts and need to restructure the liabilities side of their balance sheets. In order to secure the long-term future of the hotel companies, the provisional receiver Oliver Schartl maintains close contacts with all local managers in the individual countries. He has already started a structured sales process, which should be completed quickly. “We will do everything we can to safeguard the existing values of the hotel companies and preserve as many local jobs as possible.” Meeting Point International GmbH, which is also insolvent and has three employees, is an intermediate holding company for destination management companies (DMCs), which provide local tourism services such as excursions and transfers for the professional travel industry in the destination countries. The company has about 49 agencies in 17 countries worldwide.
