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hospitality Market News: Spanish Real Estate Intelligence

The Italian tourist sector lost 6.5 mln tourists due to Covid
14 October, Monitor Immobiliare According to the study carried out by Unioncamere and Isnart, only 60% of the Italians went on holiday this summer against 75% of 2019. As a result, domestic tourism grew by 5%, even though this was not enough to recover the losses that the sector reported. The hospitality market (5% of the national GDP) suffered from the absence of foreign tourists, which account for yearly revenues around 44 billion €, as well as from the preference of the Italian’s for shorter stays. Source: Monitor Immobiliare Translator: Cristina Ambrosi
 
Hospitality: revenue declined by 50-65% due to Covid-19
12 October, Il Sole 24 Ore In their latest report, Thrends and Nmtc estimate that the Italian hospitality sector risks to see its revenues reduced by 50-65% due to the pandemic. The first openings between June and July gave some hope, but the general sense of uncertainty caused to cancel many bookings in September. As a result, the summer season lasted only of 50-55 days, instead of the traditional 120 days. The absence of international tourists resulted in the closure of many hotels in the main cities. In July, 44% of the five-star hotels in Rome, Milan, Florence and Venice remained closed. Moreover, the ongoing pandemic and the travel restrictions don’t allow to make an optimistic prediction for the future. The lack of demand for hotel rooms also has negative effects on the local economy, as it impacts sectors like transports, tour operators, attractions and restaurants. Source: Il Sole 24 Ore Translator: Cristina Ambrosi
 
The Italian tourism sector down by 65 mln visitors in summer 2020
05 October, Il Sole 24 Ore Hotels in Italy recorded 148.5 million visitors in the last summer, resulting in 65 million less than in 2019. Five-star hotels reported the sharpest decline (-80%), while restaurants and bars lost revenues for 19 billion € and redundancies are expected to be between 250,000 and 300,000. Shops mostly catering to foreign tourists lost revenues for 5.7 billion €, while beach resorts reported losses for 3 billion. Due to the absence of foreigners, cultural destinations saw 25 million visitors less than the previous summer, and restaurants lost 5.2 billion. Source: Il Sole 24 Ore Translator: Cristina Ambrosi