Hilton Worldwide

The luxury hotel Frankfurt Gravenbruch has been closed since mid‑August after Hilton terminated the management contract. The reason are EU and US sanctions against co‑owner Ali Ansari, which led to company assets being frozen and payments allowed only with authority approval. The ownership companies are insolvent; the provisional insolvency administrator can act only in a limited way and is seeking a buyer whose approval depends on the authorities. The situation poses significant short‑term risks for the 140 employees and regional suppliers. » More on handelsblatt.com

The Hotel Frankfurt Gravenbruch has been vacant since mid‑August after Hilton terminated the operator contract. Co‑owner Ali Ansari is subject to EU and US sanctions, the companies behind the hotel are insolvent and their assets have been frozen. The future of the workforce and the hotel’s operations will now be decided by authorities, not the market. » More on handelsblatt.com

The Hilton Hotel Gravenbruch is currently unable to accept guests because EU sanctions against Iranian co-owner Ali Ansari have frozen accounts and funds. Insolvency administrator Joachim Kühne can therefore not legally pay ongoing expenses such as food or repairs. Hilton has already prepared to terminate the management agreement because of the sanctions. Employees and trainees are worried about their jobs, and without rapid authorizations a complete shutdown of the property is threatened. » More on t-online.de