Having invested 80 million euros so far, the Tyrolean hotel legend Karl Reiter is currently investing another 20 million euros in his hotel operation Burgenland in Bad Tatzmannsdorf. Rooms become luxury suites and there are also elegant sauna landscapes.
“There is nothing left, the house must not grow old. At the same time, we were debt-free,” sighs Karl Reiter, explaining why he is currently investing another 20 million euros in the renovation of his two 5-star hotels in Bad Tatzmannsdorf, Burgenland. The 74-year-old has already invested 80 million euros in the 125 acre complex with golf courses, horse stables etc.
In the top hotel “Supreme”, the 90 rooms have even been reduced to about 40 large suites, “at a level of quality that cannot be matched anywhere else in Austria”, adds his wife Nikola Reiter. The guests would simply be looking for more luxurious privacy. For example, a new panorama sauna was built in the neighboring house “Family”, and founder Karl Reiter is also planning a Japanese sauna landscape.
The Tyrolean native is already considered a pioneer of wellness in Austria. In 1982, at the family’s main house, the Posthotel am Achensee, he “relied generously on my credo, which is mindfulness” and was ridiculed by many. While this hotel is now owned by his eldest son Karl jun. heard, the senior now concentrates on Burgenland.
Own farm with Angus cattle
“Actually, I was looking for something in Florida or Vietnam, but then I prefer to do something at home.” A few years ago he then bought the then-crisis spa hotel “Allegria” in Stegersbach from the state , which is cheaper and now makes a profit. In total, the Reiters-Reserve Group with 370 employees generates a turnover of approximately 25 million euros. In addition, the family owns a winery with 20 hectares, star winemaker Hans Schwarz mainly makes red wines and keeps about 200 Angus cattle on their own farm, which are sold for the hotels.
If anything, the million-dollar plans are audacious. Due to renovations, the occupancy rate will probably only be around 50 percent this year and Reiter thinks that a ceiling has probably been reached for room rates.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
