The insolvency application of the parent company FTI Touristik GmbH has led to subsequent insolvencies within the FTI GROUP: the two wholly-owned subsidiaries Meeting Point Hotelmanagement Holding GmbH and Meeting Point International GmbH have filed for insolvency at Munich Local Court. The insolvency court granted the applications and ordered provisional insolvency proceedings for both companies on Monday, 24 June 2024.
The restructuring expert and lawyer Oliver Schartl from the law firm Müller-Heydenreich Bierbach & Kollegen (Munich) has been appointed provisional insolvency administrator for both companies.
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 comprises the five brands Labranda Hotels & Resorts, Design Plus Hotels, Kairaba Hotels & Resorts, Lemon & Soul Hotels and MP Hotels. This includes around 50 hotels with around 7,000 employees in eight countries.
The insolvency of Hotelmanagement Holding has no direct impact on the ongoing business of the hotels. The individual hotel companies in Italy, Croatia, Morocco, Egypt, the Canary Islands, Malta and Turkey have a positive operating cash flow, meaning that they are currently able to continue their ongoing business operations with all employees without any restrictions and their guests’ accommodation is guaranteed for the coming summer months. The exception is the hotel company in Greece, which has already had to file for insolvency. However, the hotel companies in the other seven countries have high liabilities 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 insolvency administrator Oliver Schartl is liaising closely with all local managers in the individual countries. He has already initiated a structured sales process, which is to be completed quickly. “We will do everything in our power to secure the existing values of the hotel companies and preserve as many local jobs as possible,” says Schartl.
Meeting Point International GmbH, which is also insolvent and has three employees, is an intermediate holding company for destination management companies (DMCs), which offer local tourism services such as excursions and transfers for the professional travel industry in the destination countries. The company has around 49 agencies in 17 countries worldwide.
