For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:
2026
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2025
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2024
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2023
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2022
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2020
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2019
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2018
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2012
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2011
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2001
Milan stands as Italy’s economic, financial and fashion capital. The city is home to iconic landmarks such as the Duomo di Milano, Galleria Vittorio Emanuele II and La Scala Opera House. It also hosts Italy’s stock exchange and one of Europe’s largest trade fair and congress venues. Milan is renowned for globally acclaimed events such as Milan Fashion Week and the Salone del Mobile (Milan Furniture Fair), which attracts between 300,000 and 400,000 visitors annually and extends into the city through the vibrant ‘Fuorisalone’ programme.
The city is also the headquarters for numerous national and international design houses such as Prada and Armani, as well as multinational corporations like UniCredit, Pirelli and Campari Group. Since hosting EXPO 2015, Milan has benefitted from a significant boost in tourism, increased global visibility and upgraded infrastructure. The former EXPO site in Rho has since been transformed into the Milan Innovation District (MIND), a hub for research and development, which continues to host large-scale events.
Air connectivity has expanded strongly, with Milan Malpensa Airport surpassing its pre-pandemic peak as early as 2024, when passenger traffic reached 28.9 million. This momentum continued into 2025, with volumes increasing by a further 8% to exceed 31 million passengers. Linate Airport has followed a similar growth trajectory, with passenger numbers rising from 6.5 million in 2019 to just over 11 million in 2025.
Owing to the boost instigated by EXPO 2015, hotel performance in Milan has been on the rise over the last decade, with RevPAR surpassing 2015 levels and setting a new record in 2019. The post-pandemic rebound began in 2022, with occupancy reaching nearly 85% of pre-pandemic levels and strong rate recovery bringing RevPAR back to pre-COVID figures in nominal terms. Recovery accelerated in 2023, with occupancy nearing full recovery and a substantial increase in average rates, driven particularly by the growing prominence of the luxury segment. In 2024, RevPAR growth was driven primarily by rate expansion, while in 2025 rate growth broadly matched inflation, complemented by a further increase in occupancy of a couple of percentage points. As a result, real RevPAR in 2025 stood approximately 20% above 2019 levels. Looking ahead, 2026 is expected to be a strong year as the 2026 Winter Olympics, co-hosted by Milan and Cortina d’Ampezzo, took place in February hosting more than 100 events. Although most events were held outside Milan, the city still experienced heightened international exposure and additional visitor demand, providing a meaningful boost to the local hospitality market.
At the end of 2025, the market continued to be dominated by upscale and upper upscale hotels, which represent around 60% of total room stock in the city. The three-year pipeline includes roughly 2,400 rooms due to enter the market, or just over 6% of the current supply, and about half ready to open in 2026. The projects range from upper upscale to luxury positioning and have an average of 110 keys. The majority are expected to be operated or franchised under an international brand. Expected openings include the 68-room Six Senses at the end of 2026, the 70-room Rosewood and the 50-room Soho House, both expected in 2027.
Hotel investment activity has varied over recent years. In 2021, Milan recorded €332.6 million in transactions across seven properties (1,024 rooms). Activity slowed in 2022, with fewer than 300 rooms changing hands, and remained subdued in 2023 with only four transactions, including the 79-room HD8 Hotel Milan which sold for €23 million (€291,000 per room). In 2024, three notable deals took place: the 207-room Dolce Milan Malpensa in January, the 88-room Hotel Ritter which sold for €39 million (€443,000 per room) in June and the 240-room TRIBE Malpensa in November. In 2025, the 185-room NH Collection Citylife was sold in January and the 172-room A&O Hostel Milano Ca’ Granda transacted in September.
According to our 2026 European Hotel Valuation Index, hotel values in Milan grew by 3.6% in 2025, supported by the market’s growing traction and strong visibility boosted by the 2026 Winter Olympic Games.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
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