The vast majority of the For Friends’ workforce will be jettisoned, a skeleton staff retained only to manage a building which would not be best served being left empty and, at the mercy of those with malevolent intent. Maintaining the hotel’s structural integrity will potentially enable liquidators to secure the best possible price for an edifice high on clean lines and modernity, if somewhat lacking in alpine charm and character. Whilst construction costs overran by an incredible €7 million, the true extent of the hotel’s liabilities is set to top €15 million – Tirol Hypo Bank facing the greatest exposure of creditors who’ve so far shown their hands. The mystifying assertion that an overspend of such magnitude was only uncovered on completion of the build will presumably form a central plank of ongoing investigations, preliminary inquiries that have already unearthed a labyrinthine management structure involving Czech and Ukrainian interests in the ailing hotel could be a mere prelude to the full narrative that the appointed insolvency administrator might face an uphill struggle to bring to light.
A cautionary tale of an unchecked vanity project clouding investor judgment could be an overly simplistic interpretation of events but regardless of the causes, the For Friends Hotel is a rare example of financial collapse the Tirolean tourism industry is anything but predicated on. The fate of the decaying Hotel Schneeweiss in nearby Seefeld does though show that the failure of the For Friends is not without local precedent. The fear though will be that the Moesern hotel will follow the same material deterioration without a swift reversal of its fortunes that has already accounted for the jobs of fifty three of its workforce.
Further reading on this matter can be viewed at: