ITALY & Chains Report 2020

Hotels & Chains in Italy 2020 – The Report © All rights reserved 2020

Authors: Giorgio Ribaudo, Alessio Franzese – Horwath HTL

Main contributors: Piero Coretti – Horwath HTL Maddalena Terraneo – Horwath HTL Alessandro Casolla – University of Bologna

Graphics & design: Gianluca Franzese

Edited in January 2020 by Horwath HTL, in partnership with Cassa Depositi e Prestiti and Associazione Italiana Confindustria Alberghi. Printed on February 2020 in Rome by Associazione Italiana Confindustria Alberghi, Roma. All data on chains as of December 31 st , 2019. 7th edition.

Scanning and photocopying prohibited – Please, ask us for extracts from this Report or the previous editions at [email protected] This version of the Report is distributed for free. We have tried our best to correctly report information and data on hotel chains and have directly contacted hotel chains’ responsible persons prior to distribution for data check, in order to improve accuracy. Nevertheless, involuntary omissions and minor errors may occur as for any census. The 2019 census was made even more accurate and reliable thanks to the gentle support provided by development analysts, managers and directors of:

9 Hotel Collection Duetorrihotels Minihotel A&O Hotels & Hostels Fabilia Hotels & Resorts Mira Hotels & Resorts Acampora Hotels Fattal Mondorotondo Viaggi Accor Ferienverein Monrif Hotels Adler Spa Resorts FMTG Mythos Hotels Aeroviaggi Four Seasons NH Hotels Allegroitalia Hotel & Condo Garda Hotels Palladium Hotel Group Alliance Alberghi Garibaldi Hotels Piazza Hotels & Residences Alpitour Gallerini Hotels Planetaria Hotels Amapa Group Gb Thermae Hotels Plateno Group Ars Hotels Geniesser Prim AS Hotels Generator Hostels Radisson Hotel Group Aurum Hotels Greenblu Hotels & Resort Residence Hotels B&B Hotels Gruppo Ferretti Hotels RH Hotel Group Barcelo' Hotels Gruppo Mirage Rizzante Hotels Belmond Gruppo Studio Vacanze Roberto Naldi Collection Best Quality Hotel H 10 Hotels Bianchi Hotels Hilton Rosewood Hotels & Resorts Bianconi HNH Hospitality Royal Group Hotels & Resorts Blu Hotels HRE SHG (Salute Hospitality Group) Bluserena Hyatt Shaner BWH Hotel Group I Grandi Viaggi Sina Hotels C.P. Hotels Verona IH Hotels Starhotels Caroli Hotels INC Hotels Group Stayincortina CDSHotels Italiana Hotels & Resorts Sunstar Cerini Hotels ITI Hotels TH Resorts Choice Hotels JSH Hotels & Resorts The Family Coppola Hideways Cimino Hotels LDC Hotel & Resorts The Student Hotel Club Esse LHP Hotels Trianon Group Club Family Hotel Louvre Hotels Group Tridente Collection Color Holiday Lungarno Collection TUI Compagnie Des Hotels Mandarin Oriental Hotel Group Uvet Hotel Company Continental Hotels & Residences Veratour DimHotels Meininger Hotels Vip Hotels Dorchester Collection Melia Hotels International

Thank you All!

Introducing 7Introducing the 09KyHpeig nteUprU.&Lxr ir25 Happenings Key in tier Upper Up. the Luxury & 2019 h oe nutycniust rwi tl 9 hotel industry The continues to in Italy grow Uncertainty reduced through accurate and through Uncertainty reduced o 0Bad ybsns oe n21 38 by Brands business Top 20 model in 2019 HOTEL INDUSTRY IN IN EUROPE INDUSTRY HOTEL AND ITALY tig oko rmte22 dto 14 Edition from 2020 the know to things 5 o 0dmsi nentoa his37 international domestic & Top 20 Chains oescnrbto oIaineooy20 contribution Hotels Italian to economy tla oe hiseovdsne21 13 Italian hotel chains evolved since 2012 ieie ebadn n etntos45 Pipeline, re-branding and destinations th oe eadi uoeadIay18 demand Hotel and in Europe Italy dto fHtl hisi tl 8 Edition of Chains Hotels in & Italy o rnsb etnto ye42 by Brands Top destination 5 type hi oesb ubradsz 26 and size Chain by Hotels number Table Contents of o 0Can rnsi 0936 Brands Chains Top in 2019 &30 hisb yeo etnto 30 Chains by of type destination e om no21 ess33 census rooms New into 2019 o rnsb cl n21 40 Top by Brands scale in 2019 hisgot n uoe22 Chains and growth Europe oesi uoeadIay16 in Hotels and Europe Italy e vdne rm21 24 evidences Key from 2019 rns onr foii 46 Country Brands’ of origin continuous continuous data analysis HOTEL CHAINS HOTEL IN ITALY hi oesb cl 28 Chain by Hotels scale oeodb D 10 by CDP Foreword his otrn 32 Chains’ footprint uiesmdl 34 Business models ieieb cl 44 Pipeline by scale ehdlg 48 Methodology eed 49 Legenda bu 51 About 12

Hotels & Chains in Italy 2020 © - 7th edition 8 Hotels & Chains in Italy 2020 © - 7th edition eirPrnr&Mngn ietrHrahHTL Horwath Director Managing & Partner Senior BačićZoran an be to research sector. this the in enabled operators all has by source internati that appreciated and Itali Italian information both of Associazione chains, hotel supply the the t thank want to of we want whom we support partners University, Bocconi the foun of not contribution Spa, had we SGR if vain been Investimenti have would efforts Hot the these of However, publication the to led qu has in that both process chains, cognitive Horwath hotel a that of development purposes the these of for phenomenon and the context this within is It bes and knowledge countries. spread competing major to Horwa energies and and attention efforts requires dedicating relevance such of apparatus An in especially year potential, 60 untapped has for still grow destination, to a continued has demand r foreign market addition, of In degree lesser a to us rang exposes a This the with Europe. of and Central 51% competitors, European evident: with also compared if is share market our of portfolio diversification our The only, sector hotel star 5 and offer). 4 the to of regard With fundamentals the destination. and Italian indicators the for demand advantage competitive and supply the All indust ranking. world hotel top Italian the in the destination of Italian competitiveness the increase structure to typological various their in networks, managem Business by characterized much too th still know is dev to present, managerial at the that, for need strategic sector, considers HTL poi Horwath the main that in and operating only the private, as and itself established has Associazio research the This contribut the of and support Spa SGR the Investimenti CDP with with of partnership developed edition 7th has the HTL present we Horwath that enthusiasm great with is It Readers,Dear Introducing the 7 th Edition of Hotels & Chains in Italyin HotelsChains & h South. the ,rpeetteto htcncnrbt tmost at contribute can that tool the represent s, yadpooetebs oiinn o the for positioning best the promote and ry n ta niiuladfml level. family and individual an at ent l&Can nIayrsac o er now. years 7 for research Italy in Chains & el lpeto u optlt ytm sector a system, hospitality our of elopment o fBcoiUniversity. Bocconi of ion to eeec o hs h,bt public both who, those for reference of nt nl o h fetv,cntn n timely and constant effective, the for onal, fluctuation. minor a to and isk h Htl hisi tl"rsac that research Italy" in Chains & "Hotels the eadi nentoa,avr significant very a international, is demand T a eiae t ou ounderstand to focus its dedicated has HTL rcie,a led xeine across experienced already as practices, t amytakhr.Wt qa warmth equal With here. thank warmly o frgoso rgnn ogrfcsdon focused longer no origin of regions of e taCG f25,soigta tl,as Italy, that showing 2,5%, of CAGR a at s hHLwnst episdvlpetby development its help to wants HTL th niaieadqaiaietrs starting terms, qualitative and antitative ossec n vlto fasector a of evolution and consistency e xed ,0 oes(0 ftetotal the of (20% hotels 6,400 exceeds h osn faprnrsc sCDP as such partner a of consent the d n ofnuti legiadthe and Alberghi Confindustria ana eIain ofnuti legi in Alberghi, Confindustria Italiana ne h tla oe nutyhglgta highlight industry hotel Italian the nraigypnta,udtdand updated punctual, increasingly iePeietAscain tlaaCnidsraAlber Confindustria Italiana Associazione President Vice Colaiacovo Carmela Maria valu economy. restore domestic to the able to be will redeveloped, regeneratio if urban areas, from run-down th companies deriving those opportunities all those a future, seize and near the landscape In its territory. for varied also known historically country, be Our towards destinations "resort" focusing but Milan on as keep well as operators Florence Rome, hotel the 5.3%) (+ by rooms and Investments 7%) (+ hotels conf of number as the operators, in the hotel both increase 158 the of (+ to billion favor referring 3.3 in share € significant investments reached industry push the to within investments help data important p good These a and Italy in Januar 6.5%) period (+ accommodation. the billion 42 During € year. exceeded last av foreigners the 4% Italy, by of quan Bank increased to from traveler data addition latest In the presences). to of according added: 51.3% tha and more 2019 represents in today arrivals and in grown results: continuously these has to demand contribution significant a makes Italy th addresses that borderin demand international countries the the of that 41% appeal represent strong the confir to arrivals, thanks international also rec million America while 742.3 3.7% with + a Europe, Europe 4.2%, + a Africa 4.6%, Mi + the a macro-regions: area all characterized co has sign tenth positive A the ar as international leads out 2018. which turning in bil 3.8%), than close 1.4 (+ of growth a record further to the marks draw After arrivals. 2019 tourist seen international just have We The hotel industry continues togrow in Italy ghi sisl stemi ol ors destination, tourist world main the as itself ms initrainlarvl e n21,ls year last 2018, in set arrivals international lion u onr,tefrincmoeto tourist of component foreign the country, our r h eut fterpr hthglgtan highlight that report the of results the irm Pacific the and Asian 7.6%, + a marks East ddle ttruhago netetwl eal to able be will investment good a through at otelclcmuiyadmr generally more and community local the to e ,tercvr ftebidn eiaeand heritage building the of recovery the n, i ob rca,though. crucial, be to gin h eierna e ae hc alone which have, Sea Mediterranean the g cietrlbate,cnit farc and rich a of consists beauties, rchitectural oprdt 08 atya,wt very a with year, last 2018) to compared % ar –region. macro e rg e aiaepniueo h foreign the of expenditure capita per erage iast ec . ilo,5 ilo more million 54 billion, 1.5 reach to rivals iaiegot,qaiaiegot salso is growth qualitative growth, titative -oebr21,tettlepne of expenses total the 2019, y-November rino hs oe 0)wsseton spent was 60%) (over these of ortion eogn ohtlchains. hotel to belonging 2%. lowest a ords afo h vrl ead(09 of (50.9% demand overall the of half n h ortpmressc sVenice, as such markets top four the oe oprmn.Tevlm of volume The compartment. hotel sctv ero rwhin growth of year nsecutive

9 Hotels & Chains in Italy 2020 © - 7th edition Hotels & Chains in Italy 2020 © - 7th edition eie ntrso rc e omi h otepniect ( city expensive most the 55% Milan. is and the room Florence per Rome, for price accounting of Firenze terms in and Venice, Milano asset Roma, trophy to Venice, directed with still is investors of attention The t of by Taormina). 40% hotels in cover Belmond resorts that the of segment, acquisition stars inv the 5 foreign (e.g. and transactions by luxury completed the were on was 2019 focus in transactions of 83% The Ital in intern attracting sector competitiveness tourism more estate and real more the gaining transpare is how on the view and clear liquidity a the give boosting opportunistic/high- strategy, an core from and shifting now are investors The 2018). vs (+70% €700m ca. Italia at an increased to (domestic (core/core+), years investors institutional recent by the made in transactions interest more with i the looking environment, been rates interest record-low current the In positi the confirming 2 and It class, in in asset sector interesting investments hotel most that estate the showing real year, previous Italian the to all glo respect of from reports 27% latest for record-b the a accounted to to according climbed year-on-year, Italy in 158% investments estate real Hotel Foreword byCDP nhsoia ulig ftemi tla cities, Italian main the of buildings historical in s etedo h tla ors sector. tourism Italian the of trend ve nentoa) ihafcso esdassets leased on focus a with international), d siuinlivsossacigfryed have yields for searching investors nstitutional VHado azr aaeadAlni Bay Atlantis and Palace Mazzarò of and LVMH toa players. ational l ssilprevdb h netr soeof one as investors the by perceived still is aly il praht oemtr long-term mature more a to approach yield c ftehsiaiymre.Teeresults These market. hospitality the of ncy ekn 33ni h 09 nices of increase an 2019, the in €3.3bn reaking optlt akt n21,tevleof value the 2019, In market. hospitality n sbcmn oepoesoaie n it and professionalized more becoming is y a elett dios oe investment Hotel advisors. estate real bal 40 e omo vrg) olwdby followed average), on room per €430k 1.Ti eutmrsasrn increase strong a marks result This 019. sos(s4%i 08.Teinvestors’ The 2018). in 45% (vs estors evlm,as u osm portfolio some to due also volume, he fttlivse oue.Moreover volumes. invested total of eea aae D netmniSRSpa SGR Investimenti CDP Manager General SangiorgioMarco I operator the national and of chains quality hotel the of growth improving the and supporting sector tourism investors, Italian institutional financia the total international the and increasing domestic at mana from aims the CDP of properties. co-investment the the with inc of assets, resorts, the and of properties upgrade hotel and inve of the 2019, acquisitions of for end inves the €160m of anchor As and €250m. sponsor of financial commitment financial main the currently is i CDP estate real attract hospitality and Italian the invest of to upgrade mission and renewal the with Fon - SGR, “FIT Investimenti called Cdp platform investment estate industr real a tourism launched the recognizing manageme hotel Institution, from mo Promotional ownership business estate real their of of separation evolution the cons the the with promoting are combined we companies, (CDP), Prestiti e Depositi rat Cassa 2018) As vs (+5% REVPAR and Florence. 2018) and Milan vs Venice, (+3% ADR observ the are in Italy increases in sector tourism of performances Positive nodrt teghntecmeiieesof competitiveness the strengthen to order in sakypr ftentoa cnm,has economy, national the of part key a as y nfrastructure. beas ntehtlmngmn ie with side, management hotel the on also able eore hnst diinlfnsraised funds additional to thanks resources l uigfnnilrsucsfrrefurbishment for resources financial luding s. oIvsiet e lTrso,mngdby managed Turismo”, il per Investimenti do ldto n rwho oe management hotel of growth and olidation ainhsiaiyra saeinfrastructure estate real hospitality talian o fteivsmn ltomFT iha with FIT, platform investment the of tor oetcadfrinivsmnsfrthe for investments foreign and domestic toeain.CP nisrl fNational of role its in CDP, operations. nt e oa astlgtsrtg” through strategy”, “asset-light an to del tetpafr I a led invested already has FIT platform stment eetcmaisa ogtr tenants long-term as companies gement s seilyi h anmresof markets main the in especially es,

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Hotels & Chains in Italy 2020 © - 7th edition 13 Hotels & Chains in Italy 2020 © - 7th edition tig toknow fromEdition the 2020 things 5 management contracts of chain hotelsofchainunder average, average, each year average, each year New international brands brands accounted 2019 2019 roomschain chain rooms,onchain chain hotels,onchain +6,164 penetration 16.6% since2013 +45 +65 8% share, a significant increase over the previous yea share,a previousincrease the over significant 2019 in but diffused,thedemonstratedbe topoorly ofthe contrcensus, management the beginningSince have grownroomsby +6,164 year. every 9,000 2018 roomsthe over On average,d portfolio. year the This censusrecorded approx.181,000 chain by portfoliohasItaly reduced its (overall)hotels year,+30% to equal every 7-year Asthe in period. balance The stock netin the since ofchain hotels year andprevious athe overgrowth of25% since th therate is thelast in ever recorded highestThis In 2019 totalratethe penetration ofchain rooms in only 6 6 only years. in 2019 are they 106, 2013 in while they accountedfor continueInternationalbe tobrandstoeager expand over -138 -138 over year. perunits 7 7 years andis a it growthnet of 5% 2013 2013 is ofan average +65 units r (5%). gotcloser 17%. to opposite, during the same periodthe during opposite, uring the last the uring7 years,chain e census e started(2013). just 61, an increase of45 brands y have peaked 8% y have ofmarket in the theCountry.of in Atend rooms, an increaserooms, greater than act Country in the agreements Hotel Industry in Europe and Italy 16 Hotels & Chains in Italy 2020 © - 7th edition CG 11) hsteaeaesz e oe scntnl g constantly is hotel per size average consider the period thus the +1.1%), in (CAGR that, confirms data (hot Europe Eurostat whole Indeed, the w for markets, evident big not is among path common common a quite France, is trend negative this While si appro hotels’ by respective reduced Their has hotels. -1,070 Germany cat by years Italy hotel 10 hotels, certain last the of in power size, competing bigger reduced to due c Possibly supply, overall nu EU28 portfolio. by hotel markets steady EU28 10 overall top a the concentrated: to highly 20 is up Since competition hotels). summed portfo thousand portfolios hotel (19.7 major biggest Spain the and hotels) l for the thousand accounts to according Italy rooms, 2018), mln 1.1 covering and hotels thousand 32.9 With keep Italy year. wh this hotels. all, for their at Europe reduced in growth even no have reported (-1%) have Austria and stocks country hote the 10 (2018) first statistics The available of year last the During Hotels in Europe and Italy h akt h obnto ftetoted stems like most the is trends i two greater the of more combination and the more market, the the are projects hotel whether 2018): 199.000 200.000 201.000 202.000 203.000 204.000 205.000 206.000 204.609 6.145.057 0921 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Aggregate Hotels & Rooms in EU28, &EU28, HotelsAggregate Rooms in 2009-2018; source Hotels eb om a rw nprle,indeed. parallel, in grown has rooms by ze Rooms d h om otoi nErp expanded Europe in portfolio rooms the ed, i nErp,floe yGray(32.4 Germany by followed Europe, in lio bro oesacutfroe 0 fthe of 70% over for account hotels of mber oig(rm30 (from rowing yexplanation. ly otoi nErp a o increased. not has Europe in portfolio l 2 h eydfeetptsfloe by followed paths different very the 12, ieo ml oesaepsil exiting possibly are hotels small or size n iaey-,8 oes uti y-1,640 by Austria hotels, -3,380 ximately l’got AR=0%). = CAGR growth els’ gre obndwt e rjcsof projects new with combined egories s vial aafo uott(2019, Eurostat from data available ast h oeo h is oe portfolio hotel first the of role the s t eaieecpinfrSanand Spain for exception relative a ith oet 0 huadhtl.The hotels. thousand 201 to lose l emn -%,Fac (-2%) France (-1%), Germany ile : Eurostat: 2019 1 om n20 o3. in 33.6 to 2009 in rooms 6.771.021 201.676 5.800.000 5.900.000 6.000.000 6.100.000 6.200.000 6.300.000 6.400.000 6.500.000 6.600.000 6.700.000 6.800.000 6.900.000 10 15 20 25 30 35 40 0 5 +0.5%Rooms +0.2%Hotels 0, 204,7 204,6 Hotels and rooms portfolio CAGR CAGR forroomsand HotelsItaly, Germany, portfolio 0921 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Hotels portfolio (in thous.) in Italy, Italy, SpaGermany,thous.) in (in portfolioHotels ITALY 203,3 +0.8%Rooms +0.7%Hotels GERMANY 202,0 202,8 in, Francein, EU28, and 2009-2018; source: Eurostat20 Spain andSpain France,2009-2018; source: Eurostat2019 SPAIN 201,1 202,8 FRANCE +0.6%Rooms -1.1% Hotels 202,0 -0.4% Hotels 0.0%Rooms 201,5 EU28 19 201,7 17 Hotels & Chains in Italy 2020 © - 7th edition Hotels & Chains in Italy 2020 © - 7th edition ftehtldsiainwt h ihs rwho h er( year the of growth highest the with destination compared hotel 1.5%) the grow and of The +1.7% 2018. (respectively in all modest at resulted growth has no ml Portug recorded 145 has opposite, 2017, As at in market. peaked +12.4% mature hotels a German for to growth arrivals significant rec total (2018) 2018 data yearly In recent year. most destinations 7 top the For Germ slo flows. extra-European grows by – demand fueled is Domestic arrivals which +2.2%. +5%) of (CAGR CAGR demand at terms grown E has of in hotels 73% approx. markets for representing – 7 Portugal now top and Netherlands the just Considering health. good in is Europe in hotels for fo Demand hotel of sh terms market In EU28 Spain. Spain. the to and of marke second France 7 12,4% Germany, top a EU after keeps 2018, Italy ranking In year. shape. previous good the in on is Europe in demand Hotel Europe in and ItalyHotel demand l h a eotdasrrsn rwhof growth surprising a reported has who al, oehrwt ehrad,3.8%). Netherlands, with together r rwho oa 24 nteprevious the on +2.4% total of growth a ord owa ercre nIay(32) one (+3.2%), Italy in recorded we what to 2 oue,i h at1 er demand years 10 last the in volumes, U28 hrcre ySanadFac n2018 in France and Spain by recorded th ,rcrig+.%o rvosya,a year, previous on +3.2% recording n, e CG 32)ta international than +3.2%) (CAGR wer n,Fac,San tl,Austria, Italy, Spain, France, any, eg riasisapa sonly is appeal its arrivals reign r ntrso oe arrivals, hotel of terms in are srcre 24 growth +2.4% a recorded ts 100 120 140 160 10% 20% 30% 40% 50% 60% 70% 20 40 60 80 0% 0 GERMANY Market share Market onEU28 of totalto arrivals H volumes GERMANY 0921 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 2010 2009 0921 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Total arrivals in Hotels for the top 7 fortopTotal7 Hotelsthe arrivals in destinations FRANCE FRANCE SPAIN SPAIN source:Eurostat 2019 ITALY ITALY otels for the top 7 destinations in Europe fortop2009-2017 otels the in destinations AUSTRIA in Europe2009-2018; in source:Eurostat 2019 AUSTRIA NETHERLANDS NETHERLANDS PORTUGAL PORTUGAL 8; 19 Hotels & Chains in Italy 2020 © - 7th edition 20 Hotels & Chains in Italy 2020 © - 7th edition proportional growth on 2017, equal to to 3%. on 2017, equal growth proportional tla D stemr n oerelevant. tour more and the more of the is weight GDP relative Italian the industr while restaurants demand, and cha lodging international no The 30%. almost by recorded grown have have stays hotels mor in be stays would domestic which Indeed, demand, res domestic and offset lodging that the that consumption explains clearly analysis chart GDP hospitali of The path Country, modest the followed the partially only of has and crisis industries Euro of billion 118.8 rest approximately the to Compared hscnrbto sgoiga utie aesne2013. since pace Eur sustained a bln at 119 growing approx. is of contribution impact This an have restaurants and Lodging Hotels contribution toItalian economy 1 siae:ITTdt aebe icoe o 08a “ 2018 for as disclosed been ISTAT Estimated:data have Comparison of trends for the period 2009-2018:ofComparisontrendsthe forperiod Lodg overnight stays in hotels, Italian staysGDP Italian in hotels,overnightvalues (real 0921 0121 0321 0521 072018 2017 2016 2015 2014 2013 2012 2011 2010 2009 100% 96.443 Italian GDPItalian Euro Lodging sales (mln Restaurants and value Total

98.492

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118.797 nancial 100% 112% 130% Hotel Chains in Italy 22 Hotels & Chains in Italy 2020 © - 7th edition eerto 3%,wieams 0 ftero tc nTeN The in stock room the of 60% almost while (34%), penetration onre o oa foe . ilo om.Sanwssti was Spain rooms. billion col 2.2 HTL over Horwath of Europe, total in a Hotels for Chain countries of Census 2018 the For Europe and growth Chains Chain Chain hotels Numberofchains’chainsandhotels by penetration Chain Chain hotels 3,885 185 22% 21% Chain Chain hotels Chain Chain hotels 3,610 2,488 11% 34% Chain Chain hotels HTL Italy HTL Italy otherandEuropean offices 663 19% Chain Chain hotels 1,695 hotel in selected European Countries (2019); Countriesselected European(2019); in hotel source Chain Chain hotels 312 5.2% 7% Chain Chain hotels 2,217 11% ltefrtcutyb oe chains hotel by country first the ll telnswsbranded. was etherlands etddt rm2 European 22 from data lected Chain Chain hotels 51 Chain Chain hotels 366 22% Chain Chain hotels 14% 159 Chain Chain hotels Chain Chain hotels : Horwath 15% 186 12 2% 26% Number of Chain hotels andrahotelsNumberof penetrationand Chain rooms source:Horwath HTL Italy otherandofficeEuropean source:Horwath HTL Italy otherandofficeEuropean Number of brands in selected European,2018;Number ofin brandsselected te; NumberofEuropeanbrands; countries,selected s 2018s s 23 Hotels & Chains in Italy 2020 © - 7th edition 24 Hotels & Chains in Italy 2020 © - 7th edition Business modelsBusiness Top 10 originChains Brands sizeAverage roomsChain hotelsChain Key evidences ofthe last evidences 7 Key years • trends: Key international of interest unrested the chains. domestic are evident most ho about The truths interesting several confirms Census 7th The from 2019 Evidences Key • • • hisHtl ,0 ,3 ,6 ,2 ,8 ,8 1,695 15.0% 1,584 14.5% 1,488 13.7% 1,424 13.3% 13.2% 1,360 1,330 by % Keys Chain penetration 1,308 supply) Stock Hotels Italian(overall Hotels Chains rnhsn hr 5 2 4 3 0 0 9 50 -24.0% -5.0% 19% 34% 20% 38% 20% 39% 23% 40% 24% 41% 22% 106 42% 148 25% 97 1,154 39% 616 143 1,102 90 254 558 1,034 137 113,8 974 80 240 523 107,881 127 68,9 share % Franchising 102,904 share % Ownership 65,965 890 90,637 227 515 86 110 64,597 90,809 total Rooms 882 66,042 207 537 88,231 Top 10 (byGroups Rooms)Chain 98 72 total Hotels 62,945 32 860 Top 10 (byGroups Hotels)Chain 196 515 64,260 87 61 Keys IDC 32.9 Chains Domestic 170 516 Keys IDC Chains International 32.9 IDC Hotels Chains Domestic 148 IDC Hotels Chains International 32.8 180,954 Brands International 32.7 171,845 Brands 164,196 Domestic 4.8 158,043 brands of 32.4 number Total 148,963 4.5% 144,956 Average Size per rooms Hotel in 143,968 4.3% Rooms Hotel inAverage Size per Chain 4.1% 4.0% supply) Stock RoomsItalian (overall 3.9% Rooms Chains by % Hotels Chain penetration lot1htlprmnh uldb nrae blt fdome of ability increased by fueled ho chain month, agreements; 111 per of hotel hotel growth 1 chain net almost 17%; a recorded: to ever closer increase gets greatest rooms by penetration Chains’ mn h uiesmdl,onrhp(4)lae t domin n its 19% to leaves 2013 in (34%) 25% (from fall reac ownership to years continues models, share 7 franchising last business the the in Among hotels) (by groups 10 consolidating; top of growth gr The fertile a is whi Italy indicating figure brands; Europe, a of 254, highest recorded, the ever among brands of number highest The (Horwath HTL Italy) HTL Italy) (Horwath census ,9,8 ,8,7 ,9,0 ,9,6 ,9,6 ,8,1 1,091,180 1,086,910 1,091,061 1,091,569 1,090,300 1,089,770 1,093,286 0321 0521 0721 2019 2018 2017 2016 2015 2014 2013 3086,6 2886,7 6626,1 69,131 67,610 66,662 66,475 62,848 61,964 63,078 32,896 32,988 33,166 33,199 33,290 33,316 33,728 1. 0. 1. 1. 1. 0. 106.8 108.5 110.0 111.0 110.0 109.0 110.0 8 8 2 2 2 5 584 551 525 520 523 487 488 udfrsatn pcan rintroducing or chains up starting for ound e hisi Italy. in chains tel ow). r rwn at 09rcrsthe records 2019 fast. growing are s es(6i 08,rfetn aeof pace a reflecting 2018), in (96 tels hi uhcmaal oSanand Spain to comparable much is ch tccan oepn hog lease through expand to chains stic rnsadtegoigsz of size growing the and brands e 2% h nutyi further is industry the +20%: hes n oet es 3%,while (39%), lease to role ant 58 16.6% 15.8% 8117,681 73,79648 61 933.2 .9 5.2% % Growth 2019 2019 vs 2018 1.%-12.8% -10.5% 04 19.4% 10.4% 16 -2.9% -1.6% -2.5% -0.3% .%25.6% 4.9% .%9.6% 2.2% -0.2% 0.4% 29.6% 7.0% .%19.7% 6.0% .%2.4% 0.7% .%34.2% 4.7% 73.8% 70.1%9.3% 71.6%3.5% 5.8% 25.7% 5.3% 32.1% 7.3% .%33.4% 14.8%3.4% 7.0% % Growth 2019 2019 vs 2013 % lin lbClbi lin lbRsrs34Villapian 324 Resorts Club Aldiana Calabria Club Aldiana oc ot os oc ot oeLatium Rome Apulia Latiu 5 Diso Apulia S Rome D. A. Cannigione Rocco Forte 23 Fasano 25 Trentino 23 Renon Hotels The Pavilions 40 Hotels Blu Tuscany Cdshotels 40 Rocco ForteHouse Rocco Forte Lucca The FirstRoma Dolce Spa Resorts Adler Hotel Boutique Sandalia Latium 60 Hotel Suite Vene Marenea Barber TorreMaizza Masseria Rome 50 Veneto Venice LodgeRitten Adler & Como Hotels Resorts Shaner Lombard Imperiali 109 ForiRoma Collection Venice Nh 64 Blevi ComoCastello Del Nero Milan Latium Anthology Rocco Forte The Dedica Monforte 169 Corso Milan Indigo Hotel Latium 77 154 GrandHotel Universe Rome Anthology The Dedica Oriental Mandarin Grand Dei Dogi Hotel St Regis Rome Lake Como Oriental Mandarin 238 Roma De La Ville Anthology 297 The Dedica 167 Palazzo Matteotti G. Hotels Cosmopolitan RadissonBlu GrandSalsomaggiore Hotel StVenezia Regis Palazzo Naiadi Rome Ghr Radisson Blu Hotels entered in the Census in 2019 Census2019 the in in enteredHotels the U Upper in the e to for used deals as frequent limited most the been are has branding” and projects bran “relaunch greenfield or up of starting amount chains for The year prolific very a been has It Key2019 Happenings in the Upper & Up. Luxury tier oe rn esLcto einProject Type Region Location Keys Brand Hotel hCleto 2Rm Latium Rome 42 Nh Collection nio5 ia Lombardy Milan 51 Indigo pscale & tierLuxury Salsomaggiore T. ignwrosi h ihs tier. highest the in rooms new ding n .Tuscany T. ino Lombardy o .Calabria S. a pn noti scale. this Into xpand rvosyas ebadn or Re-branding years. previous Emilia-R. ardinia m to A.A. y Relaunch and brand.and Relaunch brand.and Relaunch Relaunch and brand.and Relaunch Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-opening Brownfield Brownfield Greenfield Greenfield Branding 25 Hotels & Chains in Italy 2020 © - 7th edition 26 Hotels & Chains in Italy 2020 © - 7th edition ae n rne ya nentoa o eyrrl domest rarely very (or international 4% an by Today, branded properties. and 75 label at stable very is wi hotels market generally operated Italian the label" is in prevail to resorts continue chains and Domestic hotels of rooms). 120 (approx. size a brands international big the of tier development Upscale greenfield and through relevant especially is Internati segment developments. segment new Economy and hotels the low-rates existing s in all operators in bigger domestic ap are is vs hotels Italy chains in International hotels years. chain 3 of last size average overall the Today, (w hotels room operators. lifestyle 106.8 domestic of to of share growth drop increased ongoing has and the hotels chain confirms of This size ago. average the 2019 In and size Chain hotels bynumber Internationalchains,2017-2019; Horwath HTL 2019 Domestic International Overall Overall chains International Domestic

104,2 andDomesticsize among overall Hotels 103,2 average HotelsandDomestic size amongInternationa 2017 Economy Midscale Upscale Upper LuxuryUp. & Upper Upscale Midscale Economy 101,6 36,0 87

182,7 124,1

2018 120,4 117,4 Domestic

110,3 2019 68,1 108,5 76 106,8 93,7 International get.Tedfeec nsz finternational of size in difference The egments. International l chains andchains scale; by l Horwath HTL 2019 nloeaoshv prahdteEconomy the approached have operators onal h23o aktsae h ubro "white of number The share. market of 2/3 th rx 0 om.I a lgtyrdcdover reduced slightly has It rooms. 107 prox. ic fcanhtl r prtdb white a by operated are hotels chain of circa c brand. ic) Chains’ hotels distribution amongInternational, Chains’distributionhotels 64,7%

117,4 120 Domestic and Second Tiers (Int.l and Dom.c); and andDomestic Tiers (Int.l Second st,oe 8 eso vrg.I the In average. on keys 180 over ssets, Overall Overall chains 124,4 t osrc eurmnso size) on requirements strict no ith oprbebtendmsi and domestic between comparable 31,1% xlie ytedsac between distance the by explained ,wiei a 1 w years two 110 was it while s, Domestic Horwath HTL 2019 101

DC Int.lDC 89,4

3,7% 116,0 DC Dom.cDC 0,5% otne ocnetaeahg ecnaeo his each 1 chains. i of segments Upscale percentage and Midscale the high in chains a of Penetration concentrate develo lean to and continues efficient the greenfield, mass, especially its reduces requires Economy thi the in in experience portfolio m hotel unbranded seg Italian with the unexplored destination while a the travelers, is budget still Italy and is given future, Economy the the for potential 2018, for recorded As Italian hotels portfolio by scale scale 2017-2019by in portfoliohotelsItalian and Chains penetration, 2019Chains penetration, 2018Chains supply, 2018hotelItalian supply, 2017hotelItalian Residence Budget Economy Midscale Upscale Upper Up. & Upper Upscale Midscale Economy Budget Residence 2.879 Chains penetration rate (by rooms) by Chainsscale in rate the penetrationrooms) (by Economy Midscale Upscale Upper LuxuryUp. & Upper Upscale Midscale Economy Chains penetration, 2017Chains 0,9% 2.909 1,4%

2,0% 2.778

2.690

5,8%

6,0% Chains penetration, 2018Chains 5.759 chainsrate rooms;penetration by Horwath HTL 2019, 6,5% 5.611 2,0% mns h pe pcl uuymarket Luxury & Upscale Upper The pments. last 3 years ; Horwath HTL 2017-2019 jritrainlapa o on,students young, for appeal international ajor his eerto aegos hssegment This grows. rate penetration chains’ 32,1% 15.237 cesdt .%ad3%respectively. 34% and 6.5% to ncreased emn sytpo.Nvrhls,while Nevertheless, poor. yet is segment s 33,3% 15.225 etwihcuddmntaegreat demonstrate could which ment 6,5% oesi hssaei branded. is scale this in hotels 2 33,9% Chains penetration, 2019Chains

5.836

5.942 33,9% 51,1%

49,7% 499 51,5% Luxury ISTAT 2018 519 51,5% 27 Hotels & Chains in Italy 2020 © - 7th edition 28 Hotels & Chains in Italy 2020 © - 7th edition mn l cls oetcoeaoshv ihrsaeo t of share higher a have operators domestic scales, all Among rprisi oeta n scale. one morethan in properties cnm,itrainloeaoscvrams ie h r the times 3 ( almost tier 684). highest cover the operators in international though, evident, economy, less is This rooms. and ae h pcl n h uuysae atclrycrowded particularly scales to Luxury Italy the at and look Upscale world the makes the over all from brands International nteUsaete,wiehl fsc nteMdcl (104). Midscale the in such of tier. Economy half the while tier, Upscale the in Chain Chain hotels byscale 1 The overall number of brands is 258. The number of brand of 258. The number is of brands number The overall his oesadbad itiuinaogItla Int.l amongbrandsChains’andhotels distribution 73 0521 0721 2019 2018 2017 2016 2015 N. N. of brands Domestic International 153 10 8 Economy Midscale Upscale Upper LuxuryUp. & Upper Upscale Midscale Economy 80 19 19 Economy Number of brand by Numberof scale; brand Horwath HTL 2015-2019 170 83 12 71 121 104 Midscale 276 s in each scale does not sum up to total due to to duebra some up to sum total not does scale each in s 180 90 15 dDmcchains scale; by andHorwath HTL 2019nd Dom.c 77 Upscale 335 aea es n lghppoet,adthis and property, flagship one least at have ny1 rnsoeaoscmeewithin compete brands/operators 19 Only 9 brands(92 204 0 s8 oes.A poie nthe in opposite, As hotels). 84 vs 104 746 oso oetcoe 187vs (1,827 ones domestic of ooms emre ntrso ohhotels both of terms in market he Upper LuxuryUp. &Upper 195 95 16 1 .27bad r oa playing today are brands 207 ). 88 84 91 104 204 104 d operatingnds 19 91 h ihs cl eoddamds rwh ihadditional happens with growth and growth, absent agreements. modest almost are a contracts recorded franchising scale highest increase The The competition rooms). (+709 rooms). of 2,300 stock is approx. most year (8%, growth relevant last the on percentage where 39% highest of scale the increase the But is brands. this during international growth 2018), sustained on its (+4% continued category Upscale The 406 +35.5% Economy Midscale Upscale Upper LuxuryUp. & Upper Upscale Midscale Economy

2,511 2013 Chains’ rooms by Chains’ roomsscale and CAGR; Horwath HTL 2013-2

24.156 2014 38 +3.3% +3.8% 2015

2016 30.145

2017 106.328 seilytruhlaeo management or lease through especially eoddi h cnm ir ihan with tier, Economy the in recorded rooms new 4,900 additional with 2019: frosi h isaete a also was tier Midscale the in rooms of 2018 ,6 om,btti ste where tier is this but rooms, 1,165 spae ybt oetcand domestic both by played is 2019

129.249 019

13.078 +6.5% CAGR 19.049 29 Hotels & Chains in Italy 2020 © - 7th edition 30 Hotels & Chains in Italy 2020 © - 7th edition Top 10 10 Topchain in 2019; roomsby destinations Horwath Rest of Italy of Rest portfolio. ia,Foec,Blgai nhne ree eaie whi negative, A even respectively. or hotels unchanged 16 is and Bologna 61 of Florence, growth Milan, net duri a Venice and recorded Rome have in active particularly been have Chains destination of by type Chains Sicily akDsiainRos21 oes21 oes21 Hotels Hotels 2018 Hotels 2019 Rooms2019 Destination Rank Sardinia Distribution of chains’ hotels among regions;ofchains’amonghotels Distribution 0CRI ,3 73 92 424 24 26 29 31 27 2,030 CERVIA 10 UOI2191 41 266 19 16 26 6 20 26 15 23 59 12 49 19 23 15 23 62 11 127 51 19 151 23 16 21 116 58 14 55 149 20 24 16 108 23 60 14 54 168 20 25 18 115 28 59 2,149 61 175 2,314 26 116 2,446 2,887 57 181 62 BUDONI 121 3,841 GENOA 207 9 4,744 NAPLES 6,205 8 TURIN 15,737 7 BOLOGNA 22,445 6 FLORENCE 5 VENICE 4 MILAN 3 ROME 2 1 5,6% 7,3% 27% Tuscany Horwath HTL 2019 9% 11% Romagna Emilia- 14,9% Lombardy 12% 13% Veneto HTL HTL 2019 Latium akDsiainNwRosNew Hotels New Rooms Destination Rank 0CSELNT 5 2 550 CASTELLANETA 10 OON 6 2 11 1 561 581 641 1 9 159 BOLOGNA 44 800 8 RIMINI 1,000 7 1,596 PIZZO 3,345 6 5 TERRASINI 4 VENICE 3 MILAN 2 ROME 1 Top 10 10 Top fornewdestinations rooms chain in 21 oes21 oes21 Hotels 2014 Hotels 2015 Hotels 2016 2017 gtels er:teetocities two these years: 7 last the ng CALABRO ROSSANO JONICO SCANZANO eTrnhssihl nrae its increased slightly has Turin le poie h e aac for balance net the opposite, s 2019; 2019; Horwath HTL 2019 5 1 559 2 676 BOLOGNA FLORENCE VENICE MILAN ROME 4 om,floe yMln(3)adRm (108). Rome very and is pret (130) Italy Milan of a by markets followed top show rooms, the 147 among also hotels chain year, of size this The included des suited have business pretty in we prevail brands ver type international a a destina hotels, reveal Business desti Lake such really in & franchise or destinations Art manage lease, own, S&B players. who operators, in domestic and 31 international against hotels most 429 the of ranking the 2019. for lead even to Italy continue resorts S&B Domestic itiuino his oesaogDmcand Int.l Dom.c ofchains’amonghotels Distribution etnto cnm isaeUpscale Midscale Economy Destination Business 220 Art Art & 104 246 Average size size firsscale Averageofthe chains’ by hotels in ipr Business Airport 21 158 6 169 Focus 110 154 9. 138. 5283.2 147.7 100.1 109.0 65.2 127.5 144.3 87.5 97.3 113.3 61.3 52.1 361.0 390.0 169.0 87134167132130.1 108.4 133.2 112.6 136.7 121.7 103.4 69.2 78.7 66.0 International 4 ofLk Other Lake Golf 166 13 by type of destination and average size; averageand type ofsize; destinationby Horwath HT 1 59 Domestic 14 t 5 5 ; in tItaly Horwath destinations HTL 2019 iain n aea locations. gateway and tinations Leisure 88 89 ain 2 properties. 220 nations aid oon eot h ihs ieat size highest the reports Bologna varied: 161 in tiems fteinternational the of most attire tions Avg. Avg. Size ouae aeoyo hi oesin hotels chain of category populated ifrn prahaotdby adopted approach different y 15 ydmsi lvr sopposite, As flavor. domestic ty Ski Sun Sun & Ski 77 93 Upper 121 31 Beach Luxury Up. Up. & 429 Thermal 1 99 Destinantion 29 L L 2019 Avg . . 31 Hotels & Chains in Italy 2020 © - 7th edition 32 Hotels & Chains in Italy 2020 © - 7th edition nyateddie ydmsi prtr,bti pedn t dest secondary spreading to doors is the open often but this and operators, “collect branded, be and domestic to f brands” “lifestyle interest by so-called of the driven of sign diffusion clear cover trend a and a is expanding It is only 2019). Italy in in municipalities chains (520 hotel of footprint The Chains’ footprint ,5 29,933 1,059 Keys os lospoete fee ml size small even of properties allows ions” rscnaylctos hc snot is which locations, secondary or n oedsiain vr year every destinations more ing inations. Horwath HTL 2019 chains’geolocation;hotels ofItaly regionsand among ofchains’rooms Distribution nentoa rns The brands. international o rniggethtl rrsrs(lin,Rdso,CS e CDS, Radisson, (Aldiana, concentrated. growth resorts timenet or first hotels the rooms. 9,109 great for for branding census hotels 111 the of in growth net included a recorded we 2019 In census 2019 New rooms into 1 Since they grew over the threshold of 4 the4 forofhotels threshold grewthey over Since their first time in 2019.intheirfirsttime 1 n eea ao lyr xaddoeigo re- or opening expanded players major several and c) h a ihihsweethe where highlights map The tc.). Horwath HTL 2019 ofamongItaly; roomsregions ofnew chains’Distribution eea oetcgop were groups domestic Several 33 Hotels & Chains in Italy 2020 © - 7th edition 34 Hotels & Chains in Italy 2020 © - 7th edition Upper LuxuryUp. &Upper +1htl) aaeetcnrcshv rw y1 oeso hotels 10 agre by grown lease month. have ind of contracts importance and Management the lot hotels). predicted, fran (+31 as a of But, changed growth hotels. faster has 32 much a to models expected business we general, of In changes. puzzle the 2019 In Businessmodels Franchising Economy Midscale models by hotels; Horwathhotels; by HTL 2019, models IDC Upscale Percentage distribution ofbusinessPercentage distribution 5% 95 36% 641 Distribution of business models amongchain hotels models ofbusiness Distribution Lease %1%2%3%4%5%6%7%8%9%100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 21 Franchising Management Management contract 73 271 21% 366 10 38% 668 54 Lease Ownership Management Management contract 176 1 428 36 Distribution of hotels under franchising by chain by franchisingofunderhotels Distribution by scale; Horwath HTL 2019, IDC country of origin; Horwathoforigin;country HTL 2019, IDC mnshsicesdsignificantly increased has ements 10 69% USA 48 hsn hc a nedlimited indeed was which chising l,ls hn1da indper signed deal 1 than less nly, Ownership 17 ctdtewyfrfurther for way the icated 89 144 391 ITALY 2% FRANCE 18% BELGIUM 1% SPAIN 9% UK 1% 100% meigafse rwhfrti oe.I h at3yasth years 3 last much. that the varied In not has model. s model this of business each hotels for big growth new faster of a deals impeding of lack r The (157 models. bigger business are other contracts to management 201 in to continues 80 associated 2018, Hotels Lease in 85 2019, of in (95 importance number in relative increased modestly The acquisit assets lease. continued through through mostly of expanded number vast have c a who by hasn't characterized Italy still in is portfolio models Country business operating of situation The 20% 40% 60% 80% 0% 0321 0521 0721 2019 2018 2017 2016 2015 2014 2013 mo ofbusinessof percentage distributionEvolution 25% 30% 39% 120 160 6% 40 80 0 rnhsn es Management Lease Franchising Chains’ hotels average size by business model; Horwmodel; Chains’averagehotels business size by Franchising 22% 27,0% 31% 42% 101,2 5% 24,0% 41,0% Lease 8,0%

110,7 Management Management Contract 23,0% 33,0% 40,0% 4,0% dels by hotels; Horwathhotels; by HTL dels 2013-2019 oeirfmle,ec wig5t - hotels, 7-8 to 5 owning each families, hotelier contract agdta uhdrn h atya.The year. last the during much that hanged os hnteaeaesz soitdto associated size average the than ooms) c iemgtb looeo h reasons the of one also be might size uch o n nyrcnl ute rw also grown further recently only and ion ieo oes(nros soitdto associated rooms) (in hotels of size e 7). 157,2 20,4% 35,5% 39,0% 5,1% rw aaeetcnrcshave contracts Management grow. ath HTL HTL 2019ath Ownership Ownership 20,1% 36,4% 38,4% 5,1% 102,3 20,7% 37,7% 36,2% 5,4% 35 Hotels & Chains in Italy 2020 © - 7th edition 36 Hotels & Chains in Italy 2020 © - 7th edition akCanHtl Rooms Hotels Chain Rank Top 30 2019 30 Top in in Italy Chainsrooms Hotel by and % market sharemarkettotal;rooms the by overHorwath HTL 2 4 ranked r now is its and momentum great increased continue a Hotels gained but has NH ha B&B and hotels Western footprint Best of vitality: net more portfolio Marr Marriott recorded BWH, the and row reduced Accor a in Italy. slightly year in third chains the for biggest confirmed has census 2019 Brands & in 2019TopChains 30 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 U ,6 0.82% 0.80% 1,562 1,527 5 8 0.89% 0.90% 1,695 1,728 7 6 GIORGIO MAZZELLA 1.05% 1.01%DELPHINA 1.07% 2,004 1,931 TUI 2,041 13 1.07% 30 HOTELS FV 1.06% 15 2,047 RUSSOTTI 2,024 1.07% 16 G. APOGIA HOTELS 23 2,058 PARC HOTELS 10 1.38% 1.34% 1.11% CHINCHERINI HOLI. 1.09% 2,634 2,567 2,123 AURUM 12 2,086 27 15 CLUB ESSE 14 1.64% 1.65%CDSHOTELS 3,138 3,168 GRUPPO STUDIO V. 1.75% 13 12 GETURHOTELS 2.04% 3,353 IH HOTELS 3,914 30 2.09% JSH 2.39% 12 2.10% 3,999 2.37%AEROVIAGGI 4,583 26 4,023 4,535 ALPITOUR 30 42 38 BLU HOTELS 2.49%BLUSERENA 2.58% 2.54% 4,771 STARHOTELS 4,940 4,866 37 5.22%B&B HOTELS 25 4.22% 25 9,995 ITI HOTELS 8,087 80 54 IHG GRUPPO UNA 5.48% TH RESORTS 10,498 HILTON 65 6.70%NH HOTELS 12,833 ACCOR 178 INT. MARRIOTT BWH HOTEL GROUP ,1 0.79% 1,510 5 Market share

019 share by rooms over theshare overtotal;rooms by Horwath HTL 2019 30 Top 2019 Italy Brands in in rooms by and % marke akBadHtl Rooms Hotels Brand Rank 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 th VHtl ,9 0.89% 0.90% 1,695 1,728 7 6 1.01% 0.92% 1,939 1,765 6 1.01% 14 1.05% 1,931 1.07% 2,004 Hotels FV 30 13 2,041 Russotti 1.07% 15 NH Collection 1.06% 2,047 1.07%Gr. Hotels Apogia 2,024 16 2,058 Hilton 23 10 Hotels Parc 1.09% 1.11% Holiday 1.21%Chincherini 2,086 1.22% 2,123 14 Aurum 2,313 15 2,343 1.31% 14 Esse Club 14 1.32% 2,504 1.38%CDShotels 2,521 26 2,634 Vacanze Studio 7 12 Geturhotels 1.47% 1.37%Inn Holiday 2,819 2,622 8 29 IH Hotels 1.52% 1.64%Sheraton 2,903 1.75% 3,138 Best WesternPlus 1.55% 1.78% 24 3,353 13 JSH 2,972 3,413 30 1.81%Hotels Voi 18 32 2.04% Hotels-Marina 3,466 Iti 3,914 21 Premium 2.10%Starhotels 12 2.54%Aeroviaggi 4,023 3.07% 4,866 42 Hotels Blu 5,877 25 38 UNAhotels 3.85% Bluserena 7,374 B&B Hotels 103 TH Resorts NH Hotels Best Western i a akd8 ranked was (it ola,aedo HRsrs but Resorts, TH of ahead lead, to d ossok rnsrnighas ranking Brands stock. ooms itecagd hl W has BWH while changed, little s otadAcra h is 3 first the as Accor and iott th atyear). last Market share t Ran k iei 2019. in five T.Aogteitrainloeaos gi W,Marriot BWH, again operators, international the Among ITI. HTL HTL 2019 %and theshare overmarkettotal;rooms by Horwath 20 Top in 2 Italy Chainsrooms Hotel Domesticby in 4 the to jumped Starhotels dom rooms. first 4,800 the over chain with the UNA, made Gruppo development TH’s of vitality The in 2019 & International Chains TopDomestic 20 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Chains Hotel Domestic VHTL ,9 1.44% 1.47% 1,695 1,728 7 6 1.70% 1.64% 1.73% 2,004 1,931 2,041 13 1.74% 1.72% 30 HOTELS FV 15 2,047 2,024 RUSSOTTI 1.75% 16 23 G. APOGIA HOTELS 2,058 2.24% PARC HOTELS 10 2.18% 1.80% 2,634 CHINCHERINI HOL. 1.77% 2,567 2,123 12 AURUM 2,086 27 15 CLUB ESSE 14 2.67% 2.69%CDSHOTELS 3,138 3,168 GRUPPO STUDIO V. 2.85% 13 12 GETURHOTELS 3.33% 3,353 IH HOTELS 3,914 30 3.40% 3.85%JSH 12 3,999 4,535 AEROVIAGGI 26 4.05% 38 ALPITOUR 4.13% 4,771 BLU HOTELS 4,866 37 BLUSERENA 25 STARHOTELS ITI HOTELS GRUPPO UNA TH RESORTS oesRooms Hotels Market share 019 019

Horwath HTL 2019 2019 %and theshare overmarkettotal;rooms by 20 TopItaly in Chainsrooms InternationalHotel by Ran k 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 MG7520.80% 592 7 0.85% 629 1.02% 1.02% 2 754 752 1.02% 751 4 4 2 FMTG 1.09% 1.23% 1.40%HOTELS A&O 804 907 1035 THE STUDENT HOT. 1.49% 1.37% 6 6 WYNDHAM 1103 12 1012 2.12%FATTAL 11 4 1.98% 1,562 HOTELS MELIA INT. 5.45% 1,463 5 1.55% CHOICE HOTELS 6.21% 4,023 4 1145 BARCELO' HOTELS 4,583 42 5 LOUVRE 30 6.69% HOTUSA 4,940 RADISSON HOTEL G 25 13.54% 10.96% 9,995 CLUB MED 8,087 80 54 TUI B&B 14.23%IHG 10,498 HILTON 65 NH HOTELS 17.39% 12,833 ACCOR 178 INT. MARRIOTT BWH HOTEL GROUP Chains InternationalHotel ,Acr HadHlo r h top the are Hilton and NH Accor, t, si prtri 09 ha of ahead 2019, in operator estic th oiin e om behind rooms few position, oesRooms Hotels Market share in 37 Hotels & Chains in Italy 2020 © - 7th edition 38 Hotels & Chains in Italy 2020 © - 7th edition akOnrhpShare Ownership Rank HRsrsbcmstefrtlaeoeao nteCuty o model. this Country, under the rooms in 4,800 operator over lease with first the becomes Resorts TH mark a with 2019, in model. Italy this in under players rooms biggest the are Hotel Aurum ITI and Aeroviaggi, hotels, owning directly brands Among 2019; in Ownership Horwath HTL 2019 20 Top Brandsmarket room undershare in Italy by TopBrands 20 by businessmodel 2019 in 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 ihtl 1.2% 1.3% 1.4% 1.3% 1.5% 1.4% 1.4% Dimhotels 2.1% 1.9% Hotels GB Thermae C-Hotels 1.6% 2.1% Collezione Starhotels 2.6%Omnia 2.1%Zacchera Hotels 3.1% 3.1% Select 2.3%Group Holiday Chincherini Vacanze Studio 4.1% NH Hotels 3.9% I Grandi Viaggi 4.6% Group Hotels Apogia Mazzella Group Giorgio 4.3% Russotti Hotels Parc Aurum Premium Starhotels Bluserena ITI H&R Hotels-Marina Aeroviaggi Lease Lease 2019; in Horwath HTL 2019 20 Top Brandsmarket roomunder share in Italy by akLaeShare Lease Rank 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 -aiaHR lsrn,Sahtl Premium Starhotels Bluserena, H&R, s-Marina etkn HHtl,BBadUaHotels, Una and B&B Hotels, NH vertaking N optlt 1.3% 1.4% 1.3% 1.5% 1.7% 1.8% 1.3% 2.1% 2.0% HNH Hospitality 2.3% Villaggi Mondotondo 2.5% Group Holiday Chincherini 2.6%Sunflower Med Club 3.2% Bluserena 3.4% Cdshotels 3.6% NH Collection 4.2% Delphina Hotels FV 5.7% Esse Club 6.6% Geturhotels JSH Hotels Blu IH Hotels Hotels Voi Unahotels B&B Hotels Nh TH Resorts tsaeo prx 0 n vr13,000 over and 20% approx. of share et 3.1% 4.7% akFaciigShare Franchising Rank uhcnetae:tefrt1 rnsaewrh5%o h ov a the 31% of 58%. for 57% contracts: worth management account are for lease brands true 10 and first ownership the concentrated: in much positions 10 highes top the While with brands 3 contracts). 15 the (overall model are contract Hilton and Novotel Sheraton, r all of 1/3 follow. Western Plaza totaling Crowne Best three and Inn year, the Mercure, this with for together again podium franchising, to regards With 2019; in Franchising Horwath HTL 2019 20 Top Brandsmarket room undershare in Italy by 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 odnTlp1.59% 1.75% 1.46% 1.74% 2.20% 1.97% 2.09% 2.57% Express Inn Holiday 2.81% Tulip Golden 2.91% 2.54% By Mgallery Quality By Hilton Doubletree Garden Inn Hilton 3.97% 3.34% Blu 3.01%Radisson Best WesternPremier 3.62% 3.99% 6.25%Sheraton Novotel 7.99% Marriott 7.08% By Sheraton Points Four ACMarriott Hotels 19.92% Collection Hotel Sure Styles CrownePlaza Inn Holiday Best WesternPlus Mercure Best Western akMngmn otatShare contract Management Rank Management ContractManagement 2019; in Horwath HTL 2019 20 Top Brandsmarket roomunder share in Italy by 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Nwy1.67% 1.84% 1.78% 2.08% 2.20% 2.17% 2.46% UNAway 2.48% 2.87% JW Marriott Pullman 3.05% 2.70%NH Collection Resorts Club Aldiana 3.52% 3.05% 4.78%NH Hotels JSH Park Hyatt 8.56% Astoria Waldorf 5.41% Garden Inn Hilton 8.72% St Regis 9.80% Mercure Hotels Viscardi Veratour Westin Collection Luxury Ibis Hilton Novotel Sheraton osudrti uiesmdl Holiday model. business this under ooms rl aktfrti oe.Tesm is same The model. this for market erall rns(WadPu)aehaigthe heading are Plus) and (BW brands eerto ne h management the under penetration t d4%rsetvl,Faciigis Franchising respectively, 42% nd 2.28% 8.17% 39 Hotels & Chains in Italy 2020 © - 7th edition 40 Hotels & Chains in Italy 2020 © - 7th edition akEooy oesRooms Hotels Economy Rank 2019; 2019; Horwath HTL 2019 10 Top scale the BrandsEconomy in in rooms by Top Brands by scale 2019 in eot tis(oa)1 oesi 2019. s in hotels welcome 10 ranking (total) its fo The at rooms, Resorts 2018. 3,946 since with 2019 changed in significantly leader has the is B&B Midscale, the ( In brands. presence 19 for its accounts increased only tier also this has Overal, follow. who Hotels, growth the A&O witnesses by 2019 the followed economy in brands top the Among 10 9 8 7 6 5 4 3 2 1 cmoa15 2.0% 1.6% 50 40 3.7% 2.4% 1 1 93 60 4.1% 3.4% 8.8% 2 104 86 1 Gr. Hotels 13.1%Apogia 220 2 4 329 Acampora 2 Hotels Residence 3 Piazza & Hotels Res. 25.0% 29.9%Autosole 629 751 Generator 2 Hotels Parc 2 Meininger & Hotels Host. A&O Hotel The Student Market share akMdcl oesRooms Hotels Midscale Rank segment in 2019; in 2019; segment Horwath HTL 2019 20 Top the Brands Midscale in rooms by 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 m e nre uha aii oes& Hotels Fabilia as such entries new ome al oes5481.5% 448 1.6% 5 1.5% 1.6% 485 1.5% 456 507 456 8 4 1.9% 1.9% 5 9 Hotels Raeli 598 599 1.7% Express Inn Holiday 1 3 514 AzzurroVac. Club 2.0% Meditur 15 2.0% 610 2.1%Esse Club 2.9% 626 Piazza & Hotels Res. 2 641 2.6% 897 3.1%Aeroviaggi 8 10 809 Aurum 968 2 Vill. Mondotondo 4.8% 15 4.3% 11 & Hotels R. Fabilia 1,480 3.8% 1,330 Bianchi Hotels 4.8% 8 7 Gr. Hotels Apogia 1,182 12.8% 5.6% 1,470 Med Club 11 3,946 1,721 26 Ibis Styles 41 8 Holiday Chincherini Geturhotels Best Western Ibis TH Resorts B&B lwdb HRsrsadIi.T ranking Th Ibis. and Resorts TH by llowed 2 om) enne n acHotels Parc and Meininger rooms). 629 fTeSuetHtl ih71rooms, 751 with Hotel, Student The of Market share akUsaeHtl Rooms Hotels Upscale Rank 2019; 2019; Horwath HTL 2019 Top 20 bysegment the rooms inBrands Upscale in etn HCleto n oc ot olw tte5 the At follow. Forte bran Rocco international and by Collection lead NH is Westin, segment Lux. & Upscale Upper much The are there since fragmented highly is market segment The makes Hot which NH Bluserena, and by scale. Western followed this are Best They by rooms. lead 5,877 is and ranking Upscale the year This emn,G hra,wihol prtsi bn,wt 4 r 542 with Abano, in operates only which Thermae, GB segment, 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 VHtl ,9 1.2% 1.4% 1,695 1.5% 7 1,962 2,118 8 9 1.5% 1.7% 1.7% 2,039 13 2,313 2,343 14 Hotels FV 14 1.7% 1.8%Cdshotels 1.7% 2,389 Vacanze Studio 2,441 25 2,360 JSH 6 1.8% 24 Inn Holiday 2.0% 1.8% 2,540 Novotel 2,819 2,535 12 Best WesternPlus 8 20 2.3% IH Hotels 2.3% 2.2% 3,145 2.3%Sheraton 3,178 17 ITI Hotels-Marina 2,972 3,203 2.5% 25 Aeroviaggi 18 30 2.7% 3,466 Hotels Voi 4.3% 3,680 21 Premium Starhotels 10 5,877 TH Resorts 4.3% 38 Hotels Blu 5,904 Mercure 77 UNAhotels Bluserena NH Hotels Best Western Market share th segment 2019; segment in HTL 2019Horwath Top 20 by& the rooms Luxury inBrands Upper Upscale akUprU.&Lxr oesRooms Hotels Up. Luxury & Upper Rank oiinw idtefrtIainoeao nthis in operator Italian first the find we position 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 itn1391.8% 1.9% 379 391 1.8% 1 5 1.9% 375 398 2 2.0% 1.9% 6 417 2.1% 397 1.9% Colonna ITI Hotels- 2.2% 429 3 2.2% 2 399 Hilton 442 3 451 Sina 2 2.5% Mazzella G. Giorgio 7 3 Baglioni 516 2.2% Collec. Dorchester 3 2.3%Melia' 2.6% 456 2.6% St Regis 480 529 541 3 Belmond 4 2 Select 2.7% 3 3.5% 2.6% The Dedica Anthol. 3.3% 559 Marriott Autograph 714 542 679 6 JSH 3 3 Blu Radisson 6 4.6% Delphina 940 Hotels GB Thermae Rocco Forte 8 Collection Nh Westin Collection Luxury vr10bad competing. brands 100 over s h is fwihi uuyCollection. Luxury is which of first the ds, ooms. vr360roswt ut1 oesin hotels 10 just with rooms 3,600 over l rns(epciey594rooms 5,904 (respectively brands els Market share 41 Hotels & Chains in Italy 2020 © - 7th edition 42 Hotels & Chains in Italy 2020 © - 7th edition akOhrLiueHtl Rooms Hotels Leisure Other Rank Rooms Hotels Art& Business Rank destinations in 2019; 2019; in destinations Horwath HTL 2019 5 Top Other Brands Leisure in rooms by 2019; in destinations Horwath HTL 2019 5 Top ArtBrands Businessin &rooms by typeTop Brands5 bydestination &,N oesadUaoesaetebad conigfrth for accounting brands the are Unahotels and whic flows, Hotels business brands NH of the B&B, predominance are with Mercure destinations and to Western comes Best Hotels, NH demonstrat Delphina cities and Hotels ITI l Aeroviaggi, far demonstrate by Serena, is Blu brands chains few of presence that The confirmed type. we destination/product census last the With 5 4 3 2 1 5 4 3 2 1 & 12063.8% 3.1% 2,006 1,655 3.1% 21 12 1,638 4.8% 4.4% 10 2,554 2,322 18 32 Premium Starhotels Mercure B&B Best Western Hotels Nh Nhtl 1 4.0% 4.00% 917 908 4.1% 4.0% 4 5 935 919 6 15 Zacchera Hotels 6.90% UNAhotels 1,567 Best Western 14 Parc Hotels Holiday Chincherini Market Market share share destinations in 2019; 2019; in destinations Horwath HTL 2019 5 Top Sun&Brands in Beach rooms by 2019; in destinations Horwath HTL 2019 5 TopFocus BusinessBrands in rooms by akBsns ou oesRooms Hotels Focus Business Rank akSn&BahHtl Rooms Hotels Beach & Sun Rank wri ofrsrsadTemldestinations. Thermal and resorts Golf in ower 5 4 3 2 1 5 4 3 2 1 la & pcaiain nat business & arts In specialization. S&B clear a e oitchb,gtwycte etWestern, Best cities gateway hubs, logistic HHtl 51433.8% 4.1% 3.8% 1,433 1,572 15 1,446 16 6.6% 8 2,497 9.0% 15 3,404 IH Hotels 45 UNAhotels B&B NH Hotels Best Western HRsrs1 ,0 4.5% 3.6% 2,602 2,086 5.5% 11 14 5.0% 6.6% 3,138 2,843 3,764 13 23 11 Vacanze Studio TH Resorts ITI Hotels-Marina Aeroviaggi Bluserena otcnitn om portfolio. rooms consistent most e aetewds rsne hnit When presence. widest the have h oto pcaiainbsdo the on based specialization of sort a Market Market share share akTemlHtl Rooms Hotels Thermal Rank Rooms Hotels Ski Rank 2019; 2019; Horwath HTL 2019 5 Topin destinationsBrands Thermal rooms by 2019; Horwath HTL 2019 5 Top in Ski destinationsBrands in rooms by infcnl rw notefml ihcide all-incl children Fam with family Club the Resorts, into & grown Gard Hotels significantly with Hilton Fabilia like and together chains Hilton Brands recently Thermae Plaza, most specialization. Crowne GB product Novotel, are and certain locations a destinations also ski demonstrate for Resorts TH 5 4 3 2 1 5 4 3 2 1 yhsHtl 9 4.6% 4.6% 5.2% 397 400 8.7% 450 6 4 756 2 23.7% 8 2,045 12 Hotels Mythos Geturhotels Med Club Hotels Blu Resorts Th uu 9 8.7% 8.5% 290 284 2 1 23.3% 9.3% 775 308 8 25.7% 5 Blu Radisson 855 Aurum 5 Spa Resorts Adler Dimhotels Hotels GB Thermae Market Market share share sv market. usive 2019; 2019; Horwath HTL 2019 in 5 Topdestinations AirportBrands in rooms by 2019; Horwath HTL 2019 5 Top in GolfBrands destinations in rooms by akGl oesRooms Hotels Golf Rank akArotHtl Rooms Hotels Airport Rank 5 4 3 2 1 5 4 3 2 1 l oe,ClrHldyadfwohr have others few and Holiday Color Hotel, ily nIn ntrso aktsegmentation, market of terms In Inn. en eaor1105.3% 150 7.2% 25.7% 1 725 9.6% 203 270 5 1 32.0% 903 1 1 Veratour Rocco Forte Tulip Golden JSH Hotels Voi ooe 1 8.4% 8.8% 414 433 2 10.5% 517 1 9.9% 1 11.5% 489 569 2 Novotel 2 Sheraton Garden Inn Hilton Hilton CrownePlaza ihacnitn rsneit airport into presence consistent a with de P eot o thermal, for Resorts SPA Adler share (by Market Market rooms) share 43 Hotels & Chains in Italy 2020 © - 7th edition 44 Hotels & Chains in Italy 2020 © - 7th edition Upper LuxuryUp. &Upper pnn.A osqec,w xetmc oedastkn p taking deals more much expect census. si we the by even anticipated consequence, (espec deals a vary sign As they may and opening. though, disclosure wi pipeline plans resorts, to their disclose and reluctant to used hotels are operators future international of map The (940 Florence and (1,130) Venice 2 (2,550), around Milan with by developments followed a future of record most in polarize also 1,127 will and we Rome 2018 row, in (1,500 a scale in Economy the year in pr planned second all rooms of the 50% For over much franchising. 2020-2022, pl Appr and period focus. the the a in in clearly scale 2019-2020, is this tier in for Upscale yet the year, Italy, last in recorded expansion was what for As Upscale openings. the big several in welcome opened/re-branded/re-opened projectio be former will l the our below hotels in slightly recorded 14,126, have is we rooms (2019-2022) pipeline of amount current The Pipeline byscale Pipeline and re-branding rooms (2020-2022)roomsre-brandingand Pipeline scale by Economy Midscale Upscale 574 536 1.127 310 Franchising 1.675 450 490 1.332 69 Lease 1.106 Management Management contract 3.786 and business model IDC; Horwathbusinessandmodel HTL 2019 xmtl huadnwrosaeplanned are rooms new thousand 8 oximately hrlvn dac,wiedmsi r more are domestic while advance, relevant th al nSBrsrs ihlmtdavneto advance limited with resorts) S&B in ially ,a a expected. was as ), jce om,ms fwihudrlease under which of most rooms, ojected 60rosaraypandi h period, the in planned already rooms ,670 1,5) h atmjrt fnew of majority vast The (15,650). n 2019). n fms prtr agtn future targeting operators most of ans ossetdslsdnme fnew of number disclosed consistent ir h cnm sepce to expected is Economy The tier. aeo h ossbsdsthose besides coasts the on lace s essfrtecmn years coming the for census ast nfcnl u otefc that fact the to due gnificantly Ownership 1.666 1.005 er 0022.Atrte,ms ftero xaso spl is expansion Calabria. room and the Sicily internation Sardinia, of of for destinations most magnets S&B them, of After role 2020-2022. their years confirm Milan and Rome Pipeline, re-branding and destinations Pipeline and re-branding rooms (2020-2022)roomsre-brandingand Pipeline scale by Ran k Pipeline and re-branding rooms (2020-2022)roomsre-brandingand Pipeline by 10 9 8 7 6 5 4 3 2 1 origin ofIDC; chains origin Horwath HTL 2019 PADOVA BADESI CAMPOFELICE ACIREALE DORGALI CURINGA rooms pipeline 10 Top Destinationsby OA45241,943 254 652 475 FIRENZE VENEZIA MILANO ROMA International 29% 71% Domestic cnm isaeUpscale Midscale Economy the rooms;top 10 in by Horwath destinations,HTL 2 5 150 1,466 359 592 624 490 2022) 2022) ofHorwathItaly; by region HTL 2019 roomsandhotelsre-branding and(2020- Pipeline Ran k 5 4 3 2 1 III 1,414 1,329 8 6 2,005 14 2,977 2,830 17 17 SARDEGNA SICILIA VENETO LOMBARDIA LAZIO rooms pipeline 5 Top by Regions laddmsi rnsfrthe for brands domestic and al ne hog i rjcsin projects big through anned 356 420 Upper Luxury Up. Up. & 309 350 430 580 288 oesRooms Hotels 2019 Total pipeline Total pipeline destination rooms perrooms 1,133 2,548 2,672 309 350 356 420 430 580 940 45 Hotels & Chains in Italy 2020 © - 7th edition 46 Hotels & Chains in Italy 2020 © - 7th edition hywr h hr onr foii fe rneadUAfor USA and France o after origin terms of t in country for third growth: Italy the fast in were very they diffused a reporting most are hotels the branded are German brands French and USA Brands’ Country origin of akCutyHaqatrHtl Rooms Hotels Headquarter Country Rank Hotels and rooms by country of origin of chains; Horwath HTL chains;ofrooms originby country of Hotels and 19 18 17 16 15 14 13 12 11 10 3.223 9 8 7 6 5 4 3 2 1 USA 11.832 Rooms entering the census in 2019 by country of origin oforigin by country of 2019 the in Roomsentering census ITALY USA128 74 103 1 208 1 2 190 266 234 1 233 1 379 1 2 4 754 751 5 RUSSIA 898 SINGAPORE 4 1,145TURKEY 2 6,385 SWITZERLAND 13 2,930 5 CHINA 11,516 52 HONG KONG 12 CANADA 17,124 30,578 82 UAE TAIWAN 137 291 117,681 NETHERLANDS ISRAEL 1,154 AUSTRIA BELGIUM GERMANY UK SPAIN FRANCE USA ITALY their brand; Horwath HTL HTL 2019Horwath brand; their FRANCE 1.567 SINGAPORE 50 GERMANY 1.285 HONG KONGHONG ISRAEL 325 efrttm ntecnu,i 2019 in census, the in time first he 100 ubro e rne hotels. branded new of number NETHERLANDS SPAIN ohhtl n om.But rooms. and hotels both f 775 UAE 266 2019 BELGIUM 361 CHINA 297 198 208 UK

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soizoeIain ofnuti Alberghi Confindustria Italiana Associazione e sgoigsrnl nteyast oe worldwide. come, to tha years industry the a tools an in of the strongly investments growing future with as the see drive companies at provide looking that while to crisis dynamics is today’s aim and Confindus Its flows. phenomena Italiana tourist new Associazione to level looks international an othe the At industry. with tourism integrates and it economy such, Italian the as and, Federturismo of and omtet lnigsil,adatnint aktchang features o market member a main is to Alberghi Confindustria whose Italiana attention Associazione vision and entrepreneurial skills, e rationale. tourism Euro an planning the billion has of commitment, 5 player and reference than a more Italy therefore and is It employees revenues. 70,000 facili Confindustria accommodation rooms, tourist t at 175,000 2,500 present than is more players with country, Alberghi representing Confindustria Italiana Associazione industry- companies. hotel the and two hotels independent the of SOIZOEIAIN OFNUTI ALBERGHI CONFINDUSTRIA ITALIANA i ASSOCIAZIONE investors, lenders, developers, institut and offices administrative public support inv corporations, clients: and lifecycle is property the It international of understanding. phases be o all combination international in has a projects and through Leisure) world knowledge the local and around projects experience Tourism unequalled client providing for (Hotel, by the industries in HTL leisure specialist and consulting Horwath pre-eminent the as field, recognized its In HTLHORWATH About rgntdfo h merger the from originated ions. ruhu thehroughout Confindustriaf l indicators all t ainland national s tourismhotel, n expertiseand raAlberghi tria istotallingties lyr of players r le witholved ooyinconomy oaddressto detailedf ndustrial and e the : ins are nd en www.cdpisgr.it [email protected] +39 06 4204.5499Tel. 00187 Roma 2 Via Versilia, SpaSGR CDP Investimenti In partnershipwith www.alberghiconfindustria.it [email protected] 54220808 +39 06 +39 06 5924274 Tel. 00144 ItalyRome, Pasteur,Viale 10 Alberghi Confindustria ItalianaAssociazione www.horwathhtl.it [email protected] +39 06 68395091Tel. 00196 ItalyRome, 21, Via Flaminia HORWATH HTL 51 Hotels & Chains in Italy 2020 © - 7th edition