Room with a view: Investors check out Italy's top hotels

International investors are casting an eye over some of Italy's grandest hotels whose family owners may be persuaded to part with properties that can be refurbished in time for tourists to return.

"M&A activity is concentrated on trophy assets for which the pandemic has been a game-changer: family owners that would never have considered selling in the past are now willing to hold discussions," said Marco Zalamena, head of hospitality at consultants EY. Eligio Paties, one of the hotel's two owners, told Reuters the talks ended quickly, and they were not interested in a sale for now."People are calling us every day," he said.Fewer hotels changed hands in Italy last year as the pandemic raged and rooms stood empty. Deals more than halved to 31 in 2020 for a total of 1 billion euros , down from a peak of more than 3 billion euros from 67 transactions in 2019, according to EY.

Patrimonia advised British private equity firm Reuben Brothers on its 100 million euro purchase of Venice's historic Luna Baglioni hotel earlier this year. Chief Executive Paolo Barletta, who launched Arsenale with jewellery billionaire Nicola Bulgari, told Reuters he expected competition for Italian assets to heat up.

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