pubblicato nel numero 2019 anno 4

Emilio Valdameri
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The Italian accommodation system is unparalleled in quality "intrinsic and potential" quality and its versality. Italy is in fact the country in the world that boasts the most diversification in offer both by type and price range, it is the leader in number of beds in Europe and is characterized by the largest number of luxury hotels. Nevertheless, until 2018 the number of hotels bought and sold in Italy was irrelevant to the existing assets for various reasons: little transparency, preponderance of small structures, little concentration in Hotel gouos. In 2019, with transactions of more than USD. 3 billion, the sector has been one of the best performing asset classes mainly thanks to foreign capital (75% of the total invested in the last 3 years) that have started to acquire higher quality hotels: 4 and 5-star hotels have accounted for more than two- thirds of past properties), preferring portfolios (i.e. the block purchase of some hotels), but then he inevitably had to deal with the Covid-19 emergency. After the lockdown, at the end of May 20220, for Federalberghi was active only 40% of the hotels that will double in August but at least 20% will not reopen until September and many will remain permanently closed. Some estimates say that in Europe we will return to the results of 2019 only in 2023: will the same result be achieved in Italy? Will it be possible to do better? Launching into predictions today is at least presumptuous because there are many variables at stake, but having a clear picture of the situation before Covid 19 can help to better understand the future evolution of the hotel real estate market.