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1、Italian Hospitality Market Snapshot 20252PwCThe European hospitality market continues to be highly attractive for institutional investors.The first half of 2025 witnessed substantial investment volumes in various European countries,totaling approx.10 billion.In Europe,during 2024,average daily rates

2、(ADRs)continued to increase,albeit at a slower pace compared to the significant growth recorded the previous year.This positive ADR trend continues to support the overall appeal of the European hotel industry.When looking at RevPAR(revenue per available room)performance for the year,several key mark

3、ets stand out.Venice and Madrid,in particular,have demonstrated remarkable growth with RevPARs close to 20%above 2023 levels,while Prague and Seville also recorded notable growth above 10%.Additionally,occupancy rates in these cities have basically fully recovered close to or above pre-pandemic leve

4、ls.These positive performance indicators make Venice,Madrid,Prague and Seville attractive destinations for investors and highlight the resilience and potential of the European hospitality market.Trend of hotel investment volume in Europe(2017 H1 2025)Italian Hospitality Market Snapshot 2025Hotel Inv

5、estments in the European Markets05,00010,00015,00020,00025,00030,000A H1 2025A 2024A 2023A 2022A 2021A 2020A 2019A 2018A 2017Bn18bnAvg hotel investments2017-2024Source:PwC analysis on market data3PwCItalian Hospitality Market Snapshot 2025The European real estate market historically relied heavily o

6、n cross-border investments,which include global investors in Europe and European players acquiring property elsewhere on the continent outside of their country.From 2019,the origin of capital became more balanced with an increase in local investments,which actually accounted for the majority in 2022