In 30 seconds. Investors who buy or operate a hotel in Italy usually choose between three structures: a hotel management agreement (HMA), a lease of the going concern, or an acquisition of the property or the company that owns it. The choice changes who bears operating risk, who holds licences, and how you can exit. Decide the structure before negotiating price.
Management agreement (HMA)
The owner keeps the property and the business; an operator runs the hotel for fees. Check: term and termination, fee base, budget approval, reporting, brand standards, who employs staff, and what happens on sale of the hotel.
Lease of the going concern
The operator rents the business, including licences and staff. Check inventory, employee rules, handover and return conditions, and the owner’s remedies if rent is not paid. [TO VERIFY: rules on lease of a business and employees]
Acquisition: assets or shares
In an asset deal you pick what you buy; in a share deal you take the company with its history. Run due diligence on title, planning and building compliance, licences, employees, debts and any heritage constraints on historic buildings. A review of legal constraints on foreign investment may also apply. [TO VERIFY: golden power and notification rules]
The best route for you
- Owner who wants to keep control: an HMA with clear exit and performance tests usually fits.
- Investor who wants to enter without buying: a lease of the going concern can be faster.
- Buyer of a property or company: a share deal is simpler but needs deeper due diligence; an asset deal is cleaner but slower.
What to do now: collect licences, planning documents, staff list, financial statements and the draft term sheet. No structure removes all risk.
How Avv. Fiorentino can assist you
- Review and negotiation of HMAs, leases and sale contracts.
- Legal due diligence on hotels and historic buildings.
- Coordination with tax advisers and a notary of your choice.
FAQ
Can a foreign company own a hotel in Italy?
Generally yes, through a company or directly; sector rules and notifications may apply.
Who holds the licences in an HMA?
It depends on the contract and local rules; this must be settled before signing.
See also
- Branch or S.r.l. in Italy for a US or UK company
- Buying an Italian company: due diligence and golden power
This content is informational and is not legal advice. Prepared with the support of AI tools under the responsibility of Avv. Renato Giuseppe Fiorentino.
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