Hospitality Investments, 2025, Growing Strongly

2025 confirmed hospitality as one of the most attractive segments for real estate investors in Italy, with a significant acceleration compared to 2024. According to analysis by Dils's Research Team, investments in the sector reached almost 2.4 billion euros (+30%), with around 450 million in the fourth quarter alone. Let's look at the signs to be seen for the tourism and hospitality sector for 2026 and the new opportunities for valorization, which range from higher standards, efficiency, and the ability to generate performance over time.

Several reports were compared.

Depending on what is included in the counts (only hotels already operating or also other hospitality-related assets, conversion projects, acquisitions through corporate shares, and interventions under development), some reports may indicate slightly different values. For example, Colliers estimates hotel investments of around €2.2 billion for 2025, while still confirming around €450 million in the fourth quarter and double-digit year-on-year growth.
Beyond the methodological differences, the message is the same: in 2025, hospitality strengthened its ability to attract capital and investor attention. This leads to repercussions for all operators, from large groups to independent hotels.

The overall picture: more capital in real estate and hospitality.

The hospitality data should be read in a broader context: in 2025, according to Dils, investments in the Italian real estate reached approximately 12.4 billion euros, the highest level in the last six years, with a particularly strong fourth quarter.
In this scenario, hospitality is second in the asset class in terms of capital attraction, behind a large-scale retail (commercial real estate)-3.4 billion according to Dils, and ahead of other traditional sectors. In 2026, the Italian hospitality sector is expected to continue offering overall solid tourism demand and opportunities for development for owners, managers, and investors.
For tourism and hospitality operators, the message is clear: the hotel sector has once again become central to investment strategies, but within a market that is rewarding quality, potential, and asset transformation capabilities.

Where you invest.

The Dils report highlights Rome in a prominent position (over 650 million invested), with direct flows also to established seaside and mountain destinations.
On the other hand, Colliers' report adds a useful reading for understanding the geography of 2025: Rome accounts for around 20% of investments in the hotel sector, Milan is gaining ground again (just under €350 million, around 16%), and some "leisure-premium" squares like Como and Venice are also becoming very visible (both just under 12%).
Note the case of Capri, which exceeds 200 million in three operations (almost 10% of the hotel volume), a sign of a very selective but decisive interest in high-level destinations and strong international positioning.
These numbers confirm some important indications for accommodation facilities: when capital focuses on cities and sought-after destinations, competitive pressure on product and service standards grows. In secondary destinations, however, space can open up for niche strategies (boutique hotels, advanced outdoor, spa tourism, cycle tourism, and experiential hospitality), but solid numbers and storytelling are needed to attract and justify investments.

What investors are looking for: iconic assets, luxuries, and (most importantly) repositioning.

The most interesting thread of 2025 is not just how much investment was made, but what: interest focused on iconic structures and assets with potential for high-end repositioning, with five trades above $100 million according to Dils (and, for Colliers, five strategic trades between $100 million and $170 million, which alone concentrated a significant portion of the volumes).
This orientation is consistent with what much market research has been recording for months: in the European landscape, there is growing attention for central locations and assets capable of sustaining the cycle thanks to higher ADRs (Average Daily Rate), a mix of international demand, and the possibility of valorization through redevelopment investments. Then there is another often underestimated element: in 2025, chains or ownership/management groups played a very active role, with over 28% of the market and approximately 700 million investments generated. It's a sign of operational confidence: it affects not only financial capital, but also a significant share of industry players betting on growth and consolidation.

The link with demand: tourism 2025 is growing, and foreign spending is increasing.

Investment in the hotel sector closely follows the trend in tourism demand, which showed overall favorable signs in 2025. The available data indicate a growth in attendance, supported above all by the international component, with particularly interesting performances in some types of destination (such as mountain areas).
At the same time, spending by foreign travelers in Italy has increased, with a positive effect on the country's tourism balance. In short, more flows, more foreign demand, and spending capacity make hospitality an even more attractive asset class.
As the international component grows, it increases the convenience (for investors and operators) to focus on quality, services, and positioning (experiences, food, wellness, design, sustainability) that support pricing policies and reputation.

What changes for hoteliers and properties: opportunities (and new demands).
Increased investment has practical repercussions on at least four fronts:
Asset value and strategic options. If the market rewards repositionings and iconic assets, many structures may face a crossroads: invest to move up a category or evaluate partnerships (operators, brands, funds) to finance transformations that alone would be difficult.

Redevelopment as a competitive lever. In 2025, capital sought valuable opportunities: restructuring or redevelopment isn't enough; a plan with numbers, phases, expected returns, and market consistency (segment, demand, seasonality, pricing) is needed. This is where hotel asset management becomes decisive.
Efficiency and ESG standards (environmental, social, and good business management criteria)
While not the only element of evaluation, today's investors are increasingly looking at how efficient and well-managed a facility is: energy consumption, the state and modernity of the facilities, and the ability to monitor and document data such as consumption, maintenance, and operational results.
More competition on the most sought-after destinations. The examples of Rome, Venice, Como, and Capri offer useful insights: where capital arrives, new brands and products often arrive. For independent hotels, the answer is not to pursue luxury at all costs, but to defend a distinctive positioning (identity, experience, service, reputation, synergies with the territory).

In short, the current trend reveals an opportunity to strengthen and relaunch structures, but also higher expectations: it becomes crucial to be able to demonstrate management solidity, quality of supply, and clear direction, so as not to fall behind a rapidly evolving market.

The strategic directions for investments in the accommodation sector.

If a structure is considering a growth path, restructuring, or capital entry, it is essential today to arrive prepared even before engaging with an investor (or before planning "own" investments).
The first step is to have a clear market positioning, that is, to know precisely how the structure intends to present itself and stand out from the competition, who you are targeting, which channels really bring bookings, how seasonality affects, and who the real competitors are you are facing on rates and accommodation offer.
This must be accompanied by a solid base of numbers, because those who invest want to see a credible and measurable story. They typically have at least 24-36 months of data on employment and economic performance, and read through some standard indicators: ADR (i.e., average daily rate), RevPAR (Revenue per Available Room, i.e., revenue per available room, which combines rate and employment), and the mix of demand across segments and markets. A "normalized" reading is also important, that is, one that is purified of exceptional events that may have altered the outcome (for example, a major event in the city, a construction site, a partial closure, an abnormal season).
Another decisive element is to present a clear and realistic investment plan. CAPEX (Capital Expenditure) is often discussed, that is, structural and renovation investments in the property: from room renovations to interventions on the systems and common areas. A progressive approach can be useful: distinguish what can rapidly improve supply (rapid and targeted interventions) from what requires more important work, indicating priorities, timelines, and expected results.

Then there's the topic of perceived value: reputation and product must explain why the hotel can incur a certain rate over time. This includes aspects such as quality of spaces, design, catering (F&B), wellness services, the ability to host events and meetings, local experiences, and sustainability choices based on concrete elements.
The most technical, yet highly relevant, part of the evaluation process should not be overlooked: the property's maintenance status, detailed documentation, required certifications and adjustments, any critical issues already mapped, and estimated costs to resolve them. In practice, the more a facility demonstrates that it knows its weaknesses (and has a plan to manage them), the more it reduces uncertainty and increases credibility.

Finally, it is useful to clarify which management model is intended to be adopted, because both operational control and the stability of results change. You can remain independent, join a franchise (a brand with standards and support, but management in the hands of the property), choose a management contract (management entrusted to a specialized operator), or a lease (rent: the manager pays a rent to the property and assumes the operational risk). Each formula has different implications for cash flow, risk, and decision-making freedom.

Looking ahead to 2026: from the recovery in investment to hotel operating choices

In 2025, there was a marked return of investments, which mainly rewarded the most solid destinations and projects capable of transforming assets, raising the bar for competition in the most dynamic squares. It's a trajectory that could become a concrete opportunity in 2026, but only for those who move methodically.
For companies considering new investments or the entry of capital, 2026 is the right time to present a clear plan to the market, demonstrating where they want to go, what results can be generated, and with what levers (residence, management, efficiency, reputation).
Likewise, independent hotels that aren't looking for outside investors also have one more reason to accelerate: investing today in experience quality, organization, cost control, and brand identity means defending profitability and remaining competitive, while offering updates rapidly in the most sought-after destinations.
2026, therefore, presents itself as a favorable year to make accommodation facilities stronger, more recognizable, and more economically sustainable over time.

Article From INFOHOTEL.IT