The Starhotels group closed 2023 by exceeding a €300 million euro turnover for the first time.
A further 15% increase is expected this year
The €304 million turnover was 25% more than 2023, and 28 % higher than the pre-Covid 2019. Gross operating margins grew, rising to €105 million, an increase of 31% over 2022 and 67% compared to 2019, while the growth trend is predicted to continue this year. President and CEO Elisabetta Fabri told Il Sole 24 Ore that she expected a further 15% increase in 2024.
Starhotels has 30 properties, of which 28 are owned
As already announced, Starhotel’s expansion plans continue, now aiming to go beyond direct acquisitions to also explore asset-light strategies, including franchising affiliations. The company currently operates a total of 30 properties, of which 28 are owned. Elisabetta Fabri would like to add a dozen more hotels to the portfolio in the next couple of years. The group is chiefly interested in leisure destinations, in particular Forte dei Marmi and Capri, as well as Sicily and Puglia. Mountainous locations are not excluded either, with an eye on Cortina, home of the next Winter Olympics.
The Michelangelo in New York will be repositioned after renovations
For the present there are no further developments in the pipeline abroad, but The Michelangelo in New York will be repositioned after renovations, while further investments are expected for the Castille Paris. Fabrizio Gaggio has joined Starhotels as co-CEO of the group alongside Elisabetta Fabri.
