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Hotel managers and operators are different from property and/or hotel owners. Therefore, their presence often needs a professional support aimed at searching hotel companies for hospitality properties managed by third parties.

The commonly adopted professional approach involves the presence of a professional third party appointed by the Client that can identify hotel operators interested in signing mainly long-term management agreements

The professional search and selection service of a hotel operator presents many phases, aimed at identifying, evaluating and choosing the hotel operator that best suits the hotel owner’s needs, considering his/her objectives and the accommodation unit features.


Strategy Setting
Due Diligence
Collateral Preparation
  • Search strategy definition
  • Data collection for Investment Memorandum
  • Potential operators identification
  • Strategy sharing with Clients
  • Investment Memorandum preparation
Marketing Campaign
  • Contacting potential operators
  • Site inspections with interested operators
  • Due diligence access
  • Offers solicitation and collection
  • Offers analysis
  • Potential second round of offers
  • Final offers collection
  • Analysis of best offer and LOI signature
  • Contract redaction by Client’s lawyers
  • Mantaining relationships with other operators
  • Support to lawyers in negotiations
  • Contract signature


The operator search and selection process is carried out professionally and it typically involves the following activities:

1. Preparation of an Investment Brochure (the so-called Information Memorandum), that includes the accommodation structure features, management objectives, owner’s expectations with respect to the hotel operator conduct and main terms of the management agreement

2. Preparation of a list of operators (the so-called Target List) identifying all the hotel companies that are potentially suitable to run the structure, considered the type of hotel product to manage

3. Identification of the Term Sheet, through which the hotel owner selects the main contract terms in the management agreement to be negotiated.  Such terms concern basically the type of contract, duration, payment due to the owner, possible interruption clauses and maintenance management agreements, both of the property and the furniture of the accommodation structure

4. Commercialization of the management opportunity through commercial actions addressed to the market of national and international hotel operators. Such actions are aimed at communicating management opportunities, selection modalities and property expectations regarding the management agreement

5. Selection of operators and creation of a Short List, namely a restricted list of operators with which to maintain more advanced and urgent negotiations

6. Selection of the preferred operator: through this activity, the most suitable subject to negotiate the Term sheet is identified, entering a final phase of negotiation

7. Signature of the Term Sheet and inclusion of the legal parties in the negotiation: in this last phase their respective lawyers are included in order to draft the management agreement and finalize the contractual relationship between the parties.

The process duration may vary from few months to even more than one year, according to the complexity of the selection and the operators involved. Generally, the operator search and selection service is paid with fixed remuneration and a variable component depending on the achievable result.

Feasibility studies support the whole process of real estate development, identifying realistic objectives in terms of performance of the new accommodation structure in the market.

Hotel feasibility studies are the result of a professional activity aimed at establishing if a hotel project has enough probability to be economically sustainable, according to current and perspective market conditions.

The process of hotel valuation is linked to the unique features of hotel, hospitality and tourist assets, identifying a monetary value to be attributed to a property in given market conditions.

The hotel valuation is generally carried out by qualified professionals and consists of drafting and issuing a written and signed Report, which also contains the definitions of value determined.

The Investment Memorandums or Information Memorandums represent a key tool to communicate the investment opportunity to the public.

This tool, deriving from the English world, allows a professional, transparent and punctual promotion of the sale and purchase opportunity, qualifying in a unique way the hospitality property offered to the market.

The professional search and selection service of a hotel operator aims at identifying, evaluating and choosing the hotel operator that best suits the hotel owner’s needs, considering his objectives and the hotel features.

The commonly adopted professional approach involves the presence of a professional appointed by the Client that can identify hotel operators interested in signing mainly long-term hotel contracts.

The process of negotiating a hotel contract is a complex professional activity requiring relevant legal and commercial experience, which has to be acquired within the hotel and accommodation industry.

The lease contract and the management agreement are the most common forms in hotel contracts.

It is useful to rely on qualified professionals who know how to draft and negotiate these contracts.

Through franchising, independent hotels can receive commercial and marketing services, associating their own name with a recognizable brand in order to increase customer retention and loyalty.

The franchise agreement negotiation is based on the identification of all elements that are offered by the hotel franchisor, evaluating the perspective benefits that independent hotel entrepreneurs can enjoy through the contract.

Recently, hotel architecture and design have experienced important changes aimed at improving the guests’ experience, in order to best respond to a need of identity and recognition towards the places and the surrounding environment.

Furthermore, for all kinds of accommodation structures there has been a functional innovation path, due to technology advancements and building automation.

Such elements reflect on the distribution of the different areas included in the architectural project.

Hotel due diligence investigations are undertaken by buyers and investors in the process of evaluating a hotel investment, tailored to the acquisition of the asset.

The whole process is often assigned to specialized professionals, whereof principle objective is to render as faithfully as possible the buyer’s vision on asset to current status, legally and physically, technically and fiscally.

Hotel, hospitality and tourist investment sales are experiencing remarkable development thanks to the presence of many international operators and investors who see Italy as a key tourist destination.

The sales process can be directly adopted by the owner or supported by companies and real estate advisors that manage the whole investment sale process towards the market.

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