Grand Hotel Vienna in the crisis: Insolvency proceedings open!

Grand Hotel Vienna in the crisis: Insolvency proceedings open!

In the Vienna hotel landscape, there are currently shocking news: the "Grand Hotel Gesellschaft M.B.H.", the operator of the renowned "Grand Hotel Vienna", is insolvent. As the business trips KSV 1870 and Creditreform confirm, bankruptcy proceedings on the company's assets were opened on June 26. This is a heavy setback for the traditional house, which is one of the most famous hotels in the city. Meinverzirk reports that the exact cause of the bankruptcy is currently being erected.

media had already reported on the bankruptcy of the hotel on May 12, but this message turned out to be false information. The "Erste Wiener Hotel-AG", with which the hotel is connected and which is assigned to the Saudi Arabian sheikh Mohamed bin Issa al Jaber, is considered the main actor on this matter. The AG is also responsible for the "Grand Palais Shopping Mall", formerly known as "ring road galleries".

unclear causes and further steps

Although the bankruptcy is now officially confirmed, there are still many open questions. At the moment, no information about the number of creditors concerned or the amount of the debts is available. This is a challenge that is important for hotel management and creditors. The insolvency administrator, lawyer Ulla Reisch, will now examine the situation and coordinate the next steps. Creditors can register their claims by August 19, and the reporting and examination day statute is scheduled for September 2nd.

The bankruptcy of the "Grand Hotel Wien" is part of a worrying trend: according to Statistics Austria Quarter 2021 rose again. The data show that the economic situation is challenging for many companies, which has been reflected in an increasing number of bankruptcies in recent years. These statistical surveys are based on judicial bankruptcy proceedings and are evaluated regularly.

The spokeswoman for the hotel assures that the company will continue. This could possibly bring hope for employees and guests who appreciate the traditional house. The next few weeks will be crucial to see how the situation develops and whether the hotel can open its doors in the long term.

It remains to be hoped that "Grand Hotel Wien" will overcome this difficult phase and soon shine again in old splendor.