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Analysis of Hotel Transactions in Q1 2023

According to a recent analysis by Thrends’ Hoteltransactions.it platform, fewer hotel transactions were recorded in the first quarter of this year than in the first quarter of 2022. As for sales, transactions in this first quarter in the year there were in fact 11, for a volume of Euro 116.1 million, against 31 transactions recorded in the first quarter of 2022, and a volume of Euro 288.2 million. As regards the average key price, the latter remained stable, going from Euro 155 thousand in Q1 2022 to Euro 157 thousand in Q1 2023. On the other hand, in this first quarter of the year, the number of auctions registered was double compared to the first quarter of last year (18 vs. 9), the volume of transactions stood at Euro 50.1 million, a value of approx. 150% higher than the volumes recorded in the first quarter of 2022. As regards the average price per key, the latter decreased, going from Euro 55 thousand in Q1 2022 to Euro 46 thousand in Q1 2023. Among the most important hotel transactions to worth mentioning in this quarter that has just ended are the sale of Wyndham Rome Midas (4* from 349 keys) and Principe di Lazise Hotel & SPA (4* from 127 keys), and the auction of the Hotel Mondial in Rome (4* from 84 keys). In January, Wyndham Rome Midas was taken over by the developer and real estate asset manager Zeitgeist Asset Management, headquartered in Prague and already active in Germany and Central-Eastern Europe, through the company Zeitgeist Asset Management Italia, from Varde Partners. A renovation is planned for the property which will be financed by a fund managed by Incanto Sgr.

Principe di Lazise Wellness & SPA Hotel was instead recently sold by Bain Capital to Fattal Hotel Group, for Euro 25 million (approx. Euro 197,000 per key). The Hotel Mondial was auctioned off on 7 March: the base price was set at Euro 15 million. As regards the type of hotel, city hotels were the structures that recorded the highest price transacted per key in Q1 2022, equal to 263 thousand euros, while in Q1 2023, city hotels were the type of hotel there were fewer transactions in absolute terms and the lowest price per key was recorded, equal to Euro 83 thousand per key. Overall, the decrease in hotel transactions in this first quarter of the year compared to Q1 2022 (not affected by the Russian-Ukrainian conflict), both in absolute terms and in overall volume, confirms the general climate of uncertainty caused by the macroeconomic difficulties we are facing. going through: inflation, rising interest rates and the precarious geopolitical situation in Europe.

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