Global Asset Solutions has just published its Italian Hotel Market Outlook for 2023. The report outlines how Italy as a destination is undoubtedly popular amongst international travellers, with the number of nights spent by foreign visitors consistently amongst the top three EU countries. In 2022, it ranked second only after Spain. Post-pandemic, following the remarkable rebound in hotel investments in 2021 where the volume of transactions increased 92% YOY2, last year the country saw exceptional resilience in its hotel industry’s performance as shown below.
The market’s ADR and RevPAR in 2022 grew strongly above 2019 level. This was led by the major cities (+41% ADR, +21% RevPAR) and the resort market (+22% ADR, +22% RevPAR), contributed mainly by the 5-star luxury segment. Thanks to these positive impacts, hotels in the country’s primary markets reported rising profitability levels despite wage inflation and higher energy costs.
Consequently, these incredible results continue to attract the attention of global brands and investors. At the GRI Club’s meeting earlier this year, hotels were recommended strongly as an attractive option for investment and development in Italy, especially in the luxury segment.
For more information and to download the report for free visit Global Asset Solutions