The Italian Hotel Market
Italy recorded 139,647,943 tourist arrivals in 2024, of which 73,951,291 were international. Foreign visitors accounted for 54.5% of all overnight stays. This page sets out the demand and supply picture an investor needs before choosing a region, drawn from the official ISTAT series the KW Hospitality observatory maintains for all 5,324 Italian municipalities.
By Francesco Rozzi, Co-founder & Data Analyst · Updated
What the official record shows
Italy is not one hotel market but several, and the difference between them is larger than the difference between countries. A city such as Rome or Milan runs on year-round business, cultural and congress demand. The lakes and the coast run on a compressed season where the majority of guests are foreign. The mountains run on two seasons with different guests in each. An investment thesis that works in one is frequently wrong in another.
The single most useful number for an international buyer is the share of overnight stays generated by foreign visitors. It measures how exposed a destination is to international demand — and therefore how much of its performance depends on air connectivity, currency and long-haul travel patterns rather than on the Italian domestic economy. Across Italy that share is 54.5%. In individual destinations it ranges from roughly a third to more than nine tenths.
| Tourism demand — Italy | 2023 | 2024 | Change |
|---|---|---|---|
| Arrivals | 132,184,467 | 139,647,943 | +5.6% |
| of which international | 67,423,324 | 73,951,291 | +9.7% |
| Overnight stays | 444,111,826 | 466,158,045 | +5.0% |
| of which international | 233,181,370 | 253,948,443 | +8.9% |
| Accommodation supply — 2024 | Count |
|---|---|
| Bed spaces (all accommodation) | 5,439,903 |
| Accommodation establishments | 261,071 |
| of which hotels | 32,455 |
| Five-star hotels | 766 |
| Four-star hotels | 6,567 |
| Three-star hotels | 14,818 |
Italian regions ranked by international demand
The table below ranks every Italian region by the volume of overnight stays generated by foreign visitors in 2024. The right-hand column — the foreign share of total stays — is the figure that separates an internationally exposed market from a domestic one.
| Region | Arrivals 2024 | Of which international | Foreign share of stays |
|---|---|---|---|
| Veneto | 21,760,288 | 14,500,380 | 70.5% |
| Lazio | 12,786,237 | 8,404,606 | 67.2% |
| Lombardia | 18,635,765 | 11,213,025 | 64.8% |
| Toscana | 15,027,803 | 8,685,319 | 57.6% |
| Alto Adige | 8,719,673 | 6,043,372 | 71.7% |
| Emilia Romagna | 11,879,657 | 3,574,241 | 30.0% |
| Campania | 6,149,632 | 3,227,244 | 54.5% |
| Sicilia | 5,801,463 | 2,874,069 | 50.1% |
| Trentino | 4,970,398 | 2,074,492 | 43.9% |
| Sardegna | 3,872,836 | 2,015,982 | 51.1% |
| Liguria | 5,182,104 | 2,580,490 | 45.8% |
| Piemonte | 5,528,173 | 2,457,406 | 51.1% |
| Puglia | 5,105,838 | 1,944,481 | 33.7% |
| Friuli Venezia Giulia | 3,041,674 | 1,750,485 | 59.3% |
| Umbria | 2,627,079 | 754,453 | 35.3% |
| Marche | 2,625,956 | 472,013 | 18.2% |
| Calabria | 1,750,079 | 331,376 | 19.7% |
| Valle d'Aosta | 1,343,846 | 560,761 | 41.5% |
| Abruzzo | 1,809,684 | 234,407 | 15.1% |
| Basilicata | 891,440 | 238,706 | 17.8% |
| Molise | 138,318 | 13,983 | 9.3% |
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 Italy, 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 Italy
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 Italy?
In 2024 Italy recorded 139,647,943 tourist arrivals, of which 73,951,291 were international. The accommodation stock comprises 5,439,903 bed spaces across 32,455 hotels. All figures are from the official ISTAT series.
What share of demand in Italy is international?
International visitors generated 54.5% 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 Italy?
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 Italy 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.