This story has had so much press coverage all over Italy, and it does sound serious. The Danieli is so far behind in paying its mortgage with multiple banks, and the owner was found to be opening up 5 star hotels in several other places without adequate cash while the banks in Venice were demanding their money for over a year. The owner is now no longer responding to authorities or inquiries. It is actually a Starwood property, but they haven't said much, it's a franchise for them. When several banks take over and run a hotel, I doubt the bankers will be investing in services and quality. I don't know that I would change my plans in someone else's place, and I'll probably be able to find out more when I go back in ten days, but right now, I would say this has a risk of affecting quality, although I don't see the doors being shuttered.


BTW, I wouldn't say that bankruptcy is what applies here. The property has been impounded, or seized by the banks, in lieu of mortgage payments that the owner almost certainly won't be able to make. If that goes through, I don't see the five banks who hold mortgages are going to invest in replacing worn rugs, refurbishing rooms, and will probably be cutting staffing to minimal levels. The banks will probably be running it that way until they can find a buyer. It's a little opaque, but such things always affect morale of the staff.