Hospitality
Hospitality assets and hotel transactions, from the single property to the portfolio. We work on both sides: those who must dispose and those seeking entry.
The transaction
A recurring transaction: a historic hotel in the centre of an Italian art city, owned by the same family for three generations. The management is tired, RevPAR sits below the comparable set, capital expenditure has been deferred for years. The current generation does not intend to continue, but will not see the property on a portal or sell it cheaply to the first local operator who appears. On the other side, an international hotel group is looking for its first Italian asset outside the primary cities, and cannot tell a genuine opportunity from a property nobody has managed to sell.
How we work
We separate the property from the business, because they are two different things and are valued differently. We analyse the asset (condition, compliance, restrictions, capacity) and the operation (P&L, contracts, staff, positioning), and from there define the perimeter of the transaction: sale of the property with a management agreement, sale of the business, sale and leaseback, or both to different parties.
Where hotel use is no longer the right one, we say so: a hotel in a secondary location may be worth more as senior living or student accommodation, and conversion is part of our work. We identify suitable operators and investors from the institutional network, present the asset in anonymised form, conduct the negotiation and assist through to closing.
For those acquiring, the work mirrors this: search mandate, origination across the network, verification of asset and operation before the offer, assistance through to closing and, where needed, into the entry phase.
What it includes
- Separate analysis of property and business: asset, P&L, contracts, positioning
- Definition of the perimeter: property, business, sale and leaseback, management
- Feasibility of conversion, where hotel use no longer holds
- Identification of operators and investors from the institutional network
- Anonymised presentation, confidential process, conduct of the negotiation
- Coordination of due diligence and assistance through to closing
Who it is for
- Family owners with a historic hotel to dispose of without exposure
- Asset managers and funds with hospitality assets in portfolio or in exit
- Operators and chains entering or expanding in the Italian market
- Investors seeking hospitality in secondary cities
Frequently asked questions
Is it the property or the business that is sold?
It depends on who buys and on what is worth more. Often the answer is both, to different parties: the property to an investor, the operation to an operator, with a contract linking them. Defining the perimeter is the first thing we do, not the last.
Do you work with international operators?
Yes, both as buyers and as operators. Part of our work is translating the practices of a foreign operator into how the Italian market actually functions, and vice versa.
The hotel no longer performs: is it over?
Not necessarily. If the location is good and the use is wrong, conversion may be worth more than a sale as a hotel. We verify this before proposing anything.
First contact