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Holiday Inn parent IHG Hotels takes over a hundred German hotels

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Holiday Inn parent IHG Hotels takes over a hundred German hotels

This marks the end of a rapid growth story for the Novum Group. This started with David Etmenan’s father Nader, who once immigrated from Iran and fulfilled his dream of self-employment in Hamburg with the Hotel Oldenburg am Steindamm. After a few years of moderate growth, he handed Novum over to his sons David and Mortesa in 2004, who now sits on the board and supervisory board.

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For David in particular, his father’s course was too leisurely. When the financial crisis in 2008 left many houses in need, he sensed his opportunity. First, he took over competitors in more or less good city locations that no one else wanted. Because they either didn’t have enough rooms or the owners were reluctant to make the necessary renovations, the rent was low. And when low interest rates made conversions cheap from 2009 onwards and the economy picked up, the business became worthwhile. Thanks to its success, Novum received more and more offers and Etmenan was soon able to shed his image as a leftover hotelier. Renowned chains such as Accor and Intercontinental also asked whether the Etmenans would like to run hotels from brands such as Holiday Inn for them. Novum later launched two new brands with the four-star chain Select and the Niu, which focused on design at affordable prices in the style of Motel One.

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