Italy’s hospitality sector is in a sustained growth phase, with the country consolidating a leading position in global luxury tourism as 2026 unfolds. Improved debt market conditions and resilient equity markets are supporting strong investor confidence, particularly in Rome and Milan. Growth is driven primarily by repositioning existing properties and converting historic buildings rather than new construction, with demand shifting decisively toward ultra-luxury and highly personalised experiences. This conversion opportunity is exactly where serious capital is focusing right now.