The famous hotel chain has officially gone bankrupt.

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Achat Hotels, one of the most well-known hotel chains in Germany, has officially filed for bankruptcy. GBK Beteiligungen AG, which announced the bankruptcy filing, had held an indirect stake of about 10% in Achat Hotel since 2016.

"UNABLE TO MEET OBLIGATIONS IN A CHALLENGING MARKET ENVIRONMENT"

In the mandatory notification made by the shareholder, it was stated, "The company has not been able to sufficiently meet its obligations in a challenging market environment." According to reports from Artı49, the company noted that it accounted for its investments at a zero fair value in its 2023 financial statements.

HAS OPENED 14 NEW HOTELS

The famous hotel chain managed 50 three and four-star hotels with more than 5,800 rooms in Germany. Last year, Achat, one of the fastest-growing hotel chains in Germany, opened 14 new hotels in 2023.

The company also includes the Loginn Hotels brand, which targets young guests. There are ongoing uncertainties about how Achat Hotels, which currently employs about a thousand people, will proceed in the restructuring process.