In the wake of the bankruptcy of Germany based tour operator FTI Group, German hotel chain achat hotels has filed for bankruptcy, according to the tourism industry news radio station Tourism FM.The bankruptcy process will initially take place under self-administration so that the management can work independently to restructure and economically stabilize the company with the support of a court-appointed administrator.GBK Beteiligungen AG, which announced the bankruptcy filing, has held an indirect stake of just under 10 percent in Achat Hotel- und Immobilienbetriebsgesellschaft mbH since 2016. In a difficult market environment, the company has recently failed to adequately fulfill its obligations, the shareholder's mandatory notification said.The Achat hotel chain, which operates 50 three- and four-star hotels in Germany with a total of more than 5,800 rooms and one hotel in Budapest, together with B&B Hotels, opened 14 new hotels in 2023, making it the fastest growing hotel chain in Germany.In addition to the main brand, Germany-based Achat Hotels, which employs around 1,000 people, also offers a second brand, Loginn Hotels targeting young guests in particular. A hotel in Mönchengladbach was scheduled to open next summer.
