Italy Hotel Market gets US$2.8bn

Italy’s mature hotel market continues to thrive with numerous high-end projects underway, either converting or refurbishing existing properties, according to the latest data from THP. There are at least 109 premium developments currently ongoing, with 15,288 keys.

Most investments are for existing sites, with 40 refurbishments, 35 conversions, and two extensions, compared to 32 new builds. Rome has 21 developments underway, followed by Milan with 11 and Venice with eight. Luxury and upscale sites are evenly proportioned with 48% of the high-end pipeline consisting of five-star properties and 52% of four-star quality.

Nearly 33% of developments are due to complete by the end of 2022, and 30% in 2024. Marriott International leads the major group stakes with 11 projects, followed by Accor with eight and Hilton Worldwide with six.

The Social Hub, Marriott’s W Hotels and Edition Hotels, Rosewood Hotel Group’s Rosewood Hotels & Resorts, Accor’s Orient Express Hotels, and Four Seasons Hotels & Resorts are among the notable brands. The Langham, Venice, and Collegio alla Querce Auberge Resorts Collection in Florence are among the significant developments underway.

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