A luxury hotel in Liechtenstein's capital has to reinvent itself after the principality abandoned banking secrecy.
Liechtenstein was roiled more than 10 years ago when Germany weekly «Der Spiegel» (in German) reported that LGT Bank had been hit by a data theft. A former employee had taken confidential client data and passed it on to several foreign authorities.
The scandal led to the shock arrest of ex-Deutsche Post boss Klaus Zumwinkel, who remains one of the most high-profile tax dodgers to hide money in Liechtenstein. The affair threw Liechtenstein's financial center into crisis – as well as the Real family, which has owned and operated the Park Hotel Sonnenhof (pictured below) in Vaduz for the past 57 years.
The hotel had done prodigious business with the scores of Germans who sought out Liechtenstein as a money haven. «We lost at least 40 percent of our revenue from one day to the next», proprietor Hubertus Real (pictured below) told finews.asia.
Zwischen Nachhaltigkeit und Fintech
The hotel is emblematic of how the hospitality and other industries relied on offshore finance – and were entirely unprepared for the shift away from banking secrecy when Liechtenstein ultimately bowed to international pressure. Since then, the principality has sought a reinvention in pockets of finance including crypto and sustainability, and continues to maintain a flourishing (and much-criticized) foundation industry.
Facing a similar existential crisis, Hubertus Real decided to invest in the hotel in order to attract a new segment of clients. In 2011, he hired Enzo Enea, who designed the hotel park's terraced garden in the shape of an eagle's nest sheltered by a canopy of trees.
Real then refurbished the hotel's 29 rooms in individualized styles including, Armani (lead image), Norwegian cottage, Parisien chic and «Wedding». The hotel had hosted the 1993 wedding of Alois, the hereditary prince of Liechtenstein, to Sophie, a Bavarian duchess. As head chef, Real also led the hotel restaurant to a Michelin star as well as three Gault Millau points.
This January, the 53-year-old marked the 300th anniversary of Liechtenstein by refurbishing hotel restaurant Marée under Liechtenstein designer Guenther Thoeny, who refurbished Zurich's Carlton Elite, beloved among bankers. Thoeny leant heavily on tailor-made pieces out of bronze, leather, and walnut wood as well as a new lighting concept.
The Sonnenhof now targets weekend getaway clientele rather than the business crowd. Visitors now are more likely Swiss, American, and increasingly Asian, rather than solidly German. Liechtenstein's royal family also frequents the Sonnenhof, attracting foreign notables with them.
