Cortina d'Ampezzo



Cortina d’Ampezzo, also known as the “Pearl of the Dolomites” is currently touching up its look given the upcoming 2026 Winter Olympics. The real estate investors are enlivened, not so much for the event itself which lasts a few days anyway, but mainly for the international spotlight that the location hosting the games may have.

With the restyling of existing hotels taken care of by the owners, the trades, the relaunch of disused hotels, new openings and the entry of new players, Cortina becomes one of the main theatres for the hospitality sector.


  • Skiing resort with facilites starting from the city (comprensorio Dolomiti Superski)

  • Winter Olympic sites (ice stadium, bobsleigh track, jumping trampoline)

  • Hiking location nearby

  • Historic destination for mountain holidays

  • International jet-set holiday destination

Hospitality Demand


Source: ISTAT

During the last three-year pre-covid period the hospitality demand in Cortina d’Ampezzo has witnessed an increasing trend. The Compound Annual Growth Rate (CAGR) concerning the arrivals is 7,6%, while the on of the overnight stay is 2,8%.

The average length of stay has been reduced from 3,3 days in 2017 to 3,0 days in 2019.


Source: ISTAT


Source: ISTAT

Hotel Offer

The hotel offer mainly consists of Midscale structures (55% of hotels, 37% of rooms), hotel Upscale (28% of hotels, and 34% of rooms). The Luxury & Upscale segment counts 5 hotels (9% of hotels, 18% of rooms), while it is almost non-existent the presence of the budget hotels (3 in all).

Source: ISTAT


Source: Stay Investment Analysis


Source: Stay Investment Analysis

Hotel Performance

CAGR 2017-2019 | REVENUE +12%


Source: ISTAT

The three years preceding the crisis have been extremely positive for the real estate sector, for all sectors, with an annual growth rate CAGR of almost 12%, even if the average occupancy rate of rooms is around 50% (2020 decline due to Covid)

This data is the product of the analysis of a 22-hotel panel on Cortina d’Ampezzo, belonging to all sectors, excluding the economical branch.

The performance of luxury hotels is notably higher than that of hotels in other categories. The quality of the facilities, wellness centers and restaurants drag revenues, while among the lower category hotels there are many dated or not in alignment with the expectations of contemporary tourists.

TrevPAR & GOPPAR 2017-2019

Source: Stay Investment Analysis

GOP/REVENUE 2017-2019

Source: Stay Investment Analysis

Generally, room sales represent almost all the earnings for the Limited Service hotels, while, as the service level increases, the earnings due to other factors, such as SPA and restaurants, increase. Percentage-wise, limited-service hotels are the most profitable, while full-service hotels produce higher returns in absolute value but less in percentage terms.

Hotel Chain & Brands


Source: Stay Investment Analysis

The majority of the hotels are directly managed by the owners, families and entrepreneurs from Cortina.

Radisson (Grand Hotel Savoia and Savoia Palace) is the hotel chain with the highest room number followed by the Venetan Geturhotels (which owns Miramonti Majestic Grand Hotel and Hotel Majoni), and by the local Stayincortina which manages 4 structures of the Midscale sector (Olimpia, Aquila, Capannina and Piccolo Pocol). Marriott owns hotel Cristallo with the Luxury Collection brand.

Transaction & Pipeline

Here are some transactions, with the relative buyer, which confirm the dynamism of hotel investments in Cortina:

  • 2020, Hotel Ancora, 49 keys, Red Circle (Renzo Rosso)

  • 2021, Hotel Europa, 45 keys, Benetton family

  • 2021, Cristallo, 79 keys, Attestor Capital

According to rumors about transaction values, the average price paid for a room in a 4-star hotel in Cortina is 280K euros.

New openings are also planned. In the Luxury and Upper Upscale segment, the Falkesteiner Hotel Cortina of 110 rooms, the renovated Hotel Ampezzo by Lajadira srl company (by the Russian Andrey Alexandrovich Toporov who already owns a hotel in the country), San Marco hotel of 50 rooms (purchased by Gualandi family) with the brand Design Hotels by Marriott.

Concordia Parc Hotel with the brand Autograph Collection by Marriott and Hotel Dolomiti that has been disused for a decade will come back to life. There are also plans to expand existing hotels and develop new hotels from scratch.

Source: Stay Investment Analysis & Partner