The German tourism sector is experiencing high demand, yet hotels, catering businesses and leisure facilities are simultaneously facing considerable investment requirements. Necessary measures include renovations, energy-efficient modernisations, the implementation of digital processes and the development of new guest concepts. The capital needed for these endeavours is not fully accessible to every company through traditional credit financing.
The digital financing platform CONDA Capital Market sees a growing relevance for financing models that complement bank loans, equity and funding programmes. The need for such approaches also arises from the specific nature of many tourism businesses: they possess an established, loyal and recurring customer community. Dirk Littig, Co-Managing Director of CONDA Capital Market, points out that the quality of the tourism sector depends on continuous investment. He emphasises the necessity of broader financing options in this economically relevant industry, as the traditional bank loan is not always the sole solution.
Economic Relevance and Challenges
The economic significance of tourism is underscored by current figures: in 2025, accommodation establishments in Germany registered 497.4 million guest overnight stays, an increase of 0.3 per cent compared to the previous year. Despite this high demand, the overall situation remains strained. Factors contributing to this include significantly increased labour costs and a 25.8 per cent year-on-year rise in insolvency proceedings within the hospitality sector. The persistently high demand, contrary to some assumptions, continues to necessitate investment to ensure the competitiveness of hotels and tourist businesses and to continually develop their offerings.
Case Studies of Community Funding
An example of the successful implementation of community funding is the Familux hotel group from Tyrol. In 2025, the company mobilised EUR 5 million within four days via the CONDA platform, primarily from its own guest and community base. Investors could choose between financial interest and a higher-yielding in-kind interest in the form of holiday vouchers. A large proportion of investors opted for the vouchers, meaning the interest was reinvested within the company. Twelve months later, a further capital raising of EUR 5 million for the existing resorts was carried out using the same approach.
This model is also relevant for the German market, as Familux Resorts operates two properties in Germany: the Familux Resort Oberjoch in Allgäu and The Grand Green in Thuringia. The group registers over 650,000 overnight stays per year group-wide and a rebooking rate of approximately 65 per cent. Another example is nook society, a company founded in Munich in 2023 that develops nature-based hospitality locations. Financing via a participation certificate enables expansion to further locations, the establishment of a membership concept, team expansion and the further development of the digital platform. This illustrates that community funding is suitable not only for established hotel groups but also for young hospitality concepts that wish to combine growth with guest loyalty.
CONDA sees the potential of well-known tourism brands in these successes. Individuals who know and appreciate a hotel or a brand can transition from being guests to capital providers. Dirk Littig highlights that the relationship between companies and customers in tourism is often particularly strong. This emotional connection can represent a significant financing advantage, provided that the implementation is professional, transparent and regulatorily correct.
