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The hotel investment market in Italy is in a state of flux since the abrupt slowdown in the last quarter of 2022 that closed below the previous year's level (€1.4 billion according to the Pambianco Observatory. Ed.). High inflation rates and financing costs seem to be stalling capital which is waiting for better times despite the boom in tourism arrivals.  Soaring occupancy and average room rates are failing to completely win the hearts of investors who, with their long-term logic, are baulking at the high prices and even more at the excessively high interest rates. 

A recent analysis by Thrends' hoteltransactions.it platform showed that in the first quarter of 2023 there were only eleven traceable hotel transactions in Italy for €116.1 million, compared to 31 transactions for €288.2 million in the same quarter last year.  The average room remained stable, rising from €155,000 to €157,000. Yet auctions hit record numbers, doubling between January and March 2023 over the same quarter in 2022: 18 auctions for €50.1 million, compared to nine for €20 million in 2022.  

One of the most important transactions in the first quarter of this year was the sale of the Wyndham Rome Midas, a 4-star hotel with 349 rooms, to real estate developer and asset manager Zeitgeist Asset Management. Followed by the 127-room 4-star Principe di Lazise Hotel & Spa on Lake Garda which was sold by Bain Capital to the Fattal Hotel Group for €25 million.

Massimiliano SartiMassimiliano Sarti
Journalist

Published in Editorial

Five Bluserena resorts are involved in a series of restyling works costing €55 million.

The company was taken over by a Spanish fund in 2021

The Bluserena resorts undergoing restyling are the Calasarena in Sardinia, Serenè in Calabria, Serenusa in Sicily, and GranSerena Hotel and Torreserena in Puglia, following the acquisition of the company by the Spanish fund Azora European Hotel & Leisure at the end of 2021. The operator has a new logo, consisting of a B that echoes the waves of the sea where the company's 12 hotels and resorts are located, and the curves of the ski slopes of the Vialattea ski area, the location of Bluserena’s mountain hotel.

Bluserena Marcello CicalòMarcello Cicalò CEO Bluserena

An advertising campaign featuring the resorts

“We are beginning a new chapter in the history of Bluserena, – says CEO Marcello Cicalò  - We are pleased to start the rebranding of the company, with an important restyling of some of tge Bluserena resorts. We are also launching a new and more modern logo, and our first advertising campaign that showcases the unforgettable moments that guests can experience during a stay in our properties and which can be treasured and taken home once the holiday is over."

Published in Hospitality

The Muraless Art Hotel, the first European hotel dedicated to street art, has opened in Verona. 

The façade is by the US artist Mr Brainwash

With 94 keys and public areas the Muraless Art Hotel has been created by over 50 street artists from Italy and beyond. The Muraless Art Hotel’s façade is by Mr Brainwash, and is the American artist’s debut masonry work in Italy.


"Years of construction, fifty artists and a major economic investment have allowed an unusual territorial redevelopment and the creation of a unique work," says owner Gianmaria Villa.

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Styles from figurative, to abstract, to hyperrealism

The operation has given new life to the former Cristallo Hotel, through expressive characteristics of art: a journey from spray paint to stencils and freehand painting, with different styles and forms of expression, from lettering to 3D modelling, graphics to digital photography and comics to illustration. And they feature various modern artistic expressions from figurative to abstract and from hyperrealism to anamorphosis.

For a business and bleisure clientele

The Muraless Art Hotel Verona is a 4-star art hotel, aimed at a business and bleisure clientele. Its proximity to the motorway, the Verona fairgrounds and the city’s historic centre make it the ideal choice for business travellers who want to extend their stay and take time to visit Verona.

Published in Hospitality

Ho Collection, which has a new trulli luxury concept in the pipeline, starts 2023 with the wind in its sails. 

The residence is aimed at corporate groups and families

At the end of 2022 Ho Collection acquired Borgo Barzae in the trulli area of Barsento in Puglia. Consisting of 20 units, and on over five hectares of land, the property has a cummersa, a typical house with a sloping roof dating back to 1300 AD.

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Ho Collection hotels


“We expect to open in 2025. The residence is aimed mainly at corporate groups, groups of friends or families of up to 14 people”, says Ho Collection’s managing director Mattia De Gennaro. The idea is to develop a "luxury concept inside the trulli which often, due to their smaller size compared to farmhouses, are less used for this type of clientele, despite being even more authentic. As this is a historic, listed property we must pay particular attention to preserving its beauty and history."

 

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Patria Palace Hotel Lecce

A total of six hotels and 905 keys 

In 2022 Ho Collection generated a turnover of over €20 million; the Patria Palace Hotel in Lecce posted an ADR 120% higher than in the pre-Covid 2019 and there are now plans to add a spa, which is scheduled to open in 2024.


“These are numbers and figures that represent a clear sign of recovery and the beginning of the post-Covid era. With a total of six Ho Collection hotels and 905 keys and a total of 166,516 bookings in 2022 for 2023 the outlook is positive. “We expect an increase in average rates of a further 10% and a 12% increase in turnover.”

 

Published in Hospitality

La Roqqa, in the municipality of Monte Argentario, will be the name of Swedish entrepreneur Conni Jonsson’s debut structure in Porto Ercole.

The hotel, built by Erqole, will open in summer and will have 55 rooms and suites, as well as a private beach club, panoramic terrace, restaurant and cocktail bar.

La Roqqa

“The hotel is in an old factory near Porto Ercole’s docks”

“The story of Erqole begins a few years ago – says managing director, Flavio Bucciarelli – when, looking for a summer residence the Jonsson family discovered and fell in love with Monte Argentario. Inspired by the beauty of the area and wanting to give something back they bought the abandoned ex-Cirio factory close to the Porto Ercole docks which was integrated with other nearby premises. The opening of La Roqqa, previously the Don Pedro Hotel, will turn this little town into a unique destination where visitors can rediscover the authenticity of the Maremma area.”

An authentic experience for guests

“In response to the specific request of the client to regenerate the space, we renovated not only the building but also the experience for the guests who will stay here at La Roqqa,” say Ludovica and Roberto Palomba, of the Palomba Serafini Associati studio who were called in to follow the project.

Published in Hospitality

Rocco Forte is expanding in Sardinia, managing the former Le Palme Hotel in Porto Cervo.

After redevelopment the resort will open in 2024

Thanks to an agreement with Sixth Street, Rocco Forte will take over the management of the former Le Palme hotel in Liscia di Vacca, Porto Cervo. Completely redeveloped by the Italian-English group, the resort will feature 64 rooms and suites, a spa, three restaurants, a panoramic rooftop bar, and spaces for meetings and events. It is scheduled to open in 2024.

The project uses natural materials and local craftsmanship 

Sixth Street acquired the property in January 2022, jointly with Eidos Hotel Capital Partners as the operating asset manager. With interior design by Patricia Urquiola, the project uses natural materials and local craftsmanship.  The Porto Cervo resort will join Rocco Forte's Italian properties in Rome, Florence, Sicily and Puglia, as well as The Carlton Milan and the Rocco Forte House Milan which is scheduled to open in 2024.

Published in Hospitality

Minor Hotels takes aim at Portopiccolo's tourism business management, in the port complex near Trieste.

The Minor Hotels interest is based on rumours 

It could be the Minor Hotels group (we still don't know which brand) to take over the management of the tourist activities of the Portopiccolo complex, in Sistiana, near Trieste. This is according to rumours published by Trieste’s daily newspaper Il Piccolo. They emerged after the city’s civil court rejected the appeal by the company Trieste 2040, the new name of Ppn Hospitality which was managing the 58-room five-star hotel Falisia Luxury Collection Resort & Spa, as well as 203 luxury flats, 110 berths and the nearby Castelreggio public beach.

Falisia Luxury Collection Resort & Spa was taken over for €36 million

Trieste 2040 is in financial difficulties and, due to defaults has received an executive eviction from Portopiccolo's owners, Hig Realty Partners and Rilke. Hig Realty Partners, the real estate investment division of the international fund Hig Capital, took over the tourist complex in 2020 for €150 million, of which around €36 million for the five-star property. This was in collaboration with the asset management company InvestiRe. Rilke, a subsidiary of the Rizzani de Eccher group which sold, but retained a minority stake.

Published in Business

HNH Hospitality's turnover for the 2021-22 financial year was €71.4 million, with a 5% profit, nearly double the €34.8 million of the previous year. 

HNH has the largest number of managed properties in Veneto

“In 2022 we consolidated the strong rebound of 2021, but with continuity in sales that covered almost every month, and which made it possible to achieve and largely exceed the growth objectives,” says HNH’s managing director Luca Boccato. City hotels performed well, going from 31% in 2021 to 47% in 2022, while corporate and MICE hotels were stable going from 27 % to 28% and resorts dropped from 42% to 25%. The highest revenues, of €41 million, were posted by the hotels in the Veneto region, where HNH also has the largest number of managed properties.

“Our 2023 revenue forecasts are €98 million”

HNH’s position was further strengthened with the 2022 opening of the Almar Giardino di Costanza Resort & Spa, and the reopening of the Venice Mestre – The Quid at the end of its rebranding process. “Our 2023 revenue forecasts are €98 million, well above pre-pandemic levels, with an occupancy rate of 70%.”

Published in Business

The Cyrano, a 4-star hotel with 42 rooms in Saronno in Lombardy, is a new entry for the Italian group Easy Hotel. 

There is interest in Italian secondary locations

“Reviving an inactive hotel on the outskirts of Milan was a challenge for us, – says Emilia Siani, general manager of Easy Hotel Group. - We have taken over a property with great potential". “We are happy to have completed this successful operation in just over a month, together with the Easy Hotel Group – adds Cristina Gentile, senior real estate consultant hospitality at WCG. - This deal confirms the interest in Italian secondary locations, both by investors and by Italian and international hotel chains. The choice of smaller towns that are well connected to primary cities is advantageous for budgetary results thanks to the lower rents."

Easy Hotel Group will open a hotel on Pantelleria in May 

Easy Hotel Group currently has six hotels and two restaurants in its portfolio. These are in Rimini, Milan, Verona and Saronno, for a total of 370 keys and 26 apartments. The company plans to open another property in May,  the 4-star Hotel Kirani on the island of Pantelleria.

Published in Hospitality

Baia Silvella Group, owner of the Baia Camping Village, has issued a second, €10 million bond. 

Investing in improvements and water parks

The €10 million issue is to fund the company's investment programme (about 35 million from 2023 to 2026). The six-year bond is completely unsecured and will allow the group to improve and  modernize its managed accommodation facilities, adding further facilities and water parks. 

The Baia Silvella Group, headquartered in Sal in the province of Brescia, will close the 2022 fiscal year with consolidated revenues exceeding €50 million (+30% over 2021) and gross operating margins of some €22 million, more than doubling the previous year. 

Eleven camping villages around Italy

The group currently manages 11 camping villages in Sardinia, Veneto, Rome, Lake Garda, Trieste, Puglia, and Croatia.



“We are planning to further improve the quality of our services,-  says group manging director Valerio Vezzola. - We believe that the numerous improvements we will make, as well as the exclusivity of our locations, will give us a significant competitive advantage. We are satisfied with the 2022 results and are certain that the choices we are making are the right ones.”

 

Published in Business
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