Hotel Investment in Florence
Florence recorded 3,981,152 arrivals in 2024, with 83.0% of overnight stays generated by international visitors. A compact historic centre, a fixed building stock and sustained foreign demand define the market.
By Francesco Rozzi, Co-founder & Data Analyst · Updated
What the official record shows
Florence concentrates an exceptional volume of international demand into a very small area. The historic centre is a UNESCO site and the supply of buildings that can lawfully operate as hotels is constrained by both heritage protection and municipal planning policy. The result is a market where the scarce asset is the licence and the location, not the building itself.
The average stay is 2.31 nights, characteristic of a cultural city visited as part of a wider Italian itinerary rather than as a single destination. Properties that capture a longer stay — through positioning, facilities, or a location that rewards a slower visit — perform differently from those competing purely on proximity to the Duomo.
Florence has also been the most active Italian city in restricting new short-term letting in its historic core. For an investor this is material in both directions: it constrains one competing supply channel while signalling a policy environment that intervenes.
| Tourism demand — Florence | 2023 | 2024 | Change |
|---|---|---|---|
| Arrivals | 3,926,389 | 3,981,152 | +1.4% |
| of which international | 2,974,000 | 3,125,589 | +5.1% |
| Overnight stays | 8,928,336 | 9,192,960 | +3.0% |
| of which international | 7,181,666 | 7,631,304 | +6.3% |
| Accommodation supply — 2024 | Count |
|---|---|
| Bed spaces (all accommodation) | 65,166 |
| Accommodation establishments | 4,500 |
| of which hotels | 362 |
| Five-star hotels | 26 |
| Four-star hotels | 117 |
| Three-star hotels | 137 |
How we work with international buyers
KW Hospitality is the hotel brokerage division of Keller Williams in Italy. We act for buyers and for owners on the acquisition, sale and leasing of accommodation businesses, and we work in English throughout.
- Brief and search. We establish what you are actually looking for — asset type, size, location, operating model, whether you intend to run it or appoint an operator — and search against it, including properties that are not on the market.
- Verification before commitment. Planning and building status, licences, staff contracts, encumbrances and the accounts are checked before you are asked to commit, not afterwards.
- Negotiation and completion. We negotiate terms and remain involved through to the deed of sale before an Italian notary, coordinating with your own legal and tax advisers.
- Confidentiality. Sale processes for operating hotels are conducted discreetly, because disclosure damages the business being sold.
If you are considering Florence, the most useful first step is a short conversation about what you are looking for. Write to us using the form below and we will respond with an honest view, including when we think the market does not suit the brief.
Discuss a hotel acquisition in Florence
Tell us what you are looking for. We will tell you what is available, and what is not.
Contact our teamConfidential portfolioFrequently asked questions
How large is the hotel market in Florence?
In 2024 Florence recorded 3,981,152 tourist arrivals, of which 3,125,589 were international. The accommodation stock comprises 65,166 bed spaces across 362 hotels. All figures are from the official ISTAT series.
What share of demand in Florence is international?
International visitors generated 83.0% of all overnight stays in 2024. This figure matters to an investor because it measures how far performance depends on inbound travel rather than on the Italian domestic market.
Can a foreign investor buy a hotel in Florence?
Yes. There is no general restriction on foreign ownership of Italian commercial property, though the practical requirements — an Italian tax code, a suitable holding structure and, for non-EU buyers, the condition of reciprocity — need to be handled before a transaction starts. See our guide on buying property in Italy as a foreigner.
Are hotels in Florence publicly listed for sale?
Most transactions of any size are handled off-market. Owners of operating businesses rarely advertise a sale, because doing so affects staff, bookings and supplier relationships. Access is normally through a broker holding a confidential mandate.
What data does KW Hospitality publish, and what does it not?
We publish the official tourism demand and accommodation supply record, because it is verifiable and it is the same for every buyer. We do not publish yield, rate or valuation figures on public pages: those are specific to an individual property, and a generic number is more likely to mislead than to inform.