Hotels & Hospitality represented 17% of total Italian real estate investments in Q1-Q3 2025, with volumes reaching €1.4 billion, up 19% year-on-year. When including conversion projects worth over €300 million, the total rises to over €1.7 billion.

After significant first-half growth, Q3 showed volume deceleration, though Milan was the main destination by investment volume.

The sector attracted significant interest from international investors,accounting for around 56% of total investments.