Luxury Hospitality as an Asset Class: What Changes for the Private Investor

Investment in Italy's hospitality sector reached €2.25 billion in 2025, up from €1.8 billion in 2024 and €1.11 billion in 2023, according to data from Scenari Immobiliari and AssocRics. Hospitality is now the third-largest real estate asset class by volume after retail and offices, with over 120 deals closed in 2025 alone.

Why capital is shifting toward hospitality. The fundamental behind the trend is tourism-driven before it's real-estate-driven: in 2024, Italy recorded 139.6 million arrivals and 466.2 million overnight stays in accommodation facilities, an all-time record. As Francesca Zirnstein, General Director of Scenari Immobiliari, observes, the market is "approaching the record levels of 2019." Gabriele Fiumara of AssocRics confirms that deals are concentrated in Rome, Milan, Venice, Florence, Genoa and Turin — the same cities already driving the prime residential market.

The difference from a residential investment. A hotel isn't a property you "live in": it's a business that generates operating revenue, requires a manager, and is valued on return metrics (RevPAR, occupancy, management contract) rather than price per square meter. For a private investor used to ultra-prime residential, the trickiest step isn't finding capital, but choosing the right structure: a direct purchase with management handed to an operator, or a stake in a structured vehicle.