Arcona Hotels: Insolvenzpläne genehmigt – Aufatmen nach sieben Monaten

Arcona Hotel Group emerges from insolvency: Creditors approve

After about seven months since filing for insolvency, the Arcona Hotel Group, operating in several federal states, can breathe a sigh of relief. The creditors unanimously approved the insolvency plans of the affected hotel operating companies in all proceedings, as announced by the company in Rostock on Thursday. „We are grateful that our partners have remained loyal to us during this challenging phase, allowing us to move forward with self-administration,“ said Alexander Winter, Managing Director of arcona Hotels & Resorts. The Rostock District Court convened a meeting of creditors on Wednesday.

Arcona operates luxury hotels in various locations such as Weimar (Thuringia), Sylt (Schleswig-Holstein), and several hotels in Rügen and Usedom. They also have properties in Austria (Kitzbühel) and Mallorca. The company filed for insolvency in self-administration for all its German operations. In the restructuring phase, Arcona divested from three properties in Rügen (arcona Living First Sellin), Thuringia (Romantik Hotel Auf der Wartburg), and Austria (Triforêt). According to Winter, this move significantly contributed to securing the company’s economic viability. The approved plans entail payments to creditors, including future profit-sharing. This ensures a much higher satisfaction for creditors compared to liquidating the company.

The hotel group, which operates the Barefoot Hotel in Mallorca (a brand by Till Schweiger), has reduced its portfolio to eight properties. The company still employs over 300 staff members. Established in 2008, the company cited reasons for insolvency last November, attributing it to investment decisions made during the ongoing pandemic and the rapid expansion encountering unforeseeable external factors like the war in Ukraine, energy supply shortages, and high inflation. This led to a general reluctance among guests to make purchases, resulting in significant revenue losses, especially in the hotel restaurants.

The successful emergence from insolvency signifies a new chapter for the Arcona Hotel Group, allowing them to continue providing exceptional hospitality services and maintaining their position in the hospitality industry.