Vicenza Art Hotel

The project involves the Vicenza Art Hotel, located in Vicenza on Strada Padana toward Verona - Viale San Lazzaro - in a strategic location relative to the historic center, the convention center, and the West industrial zone. The property is also well connected to the Verona Villafranca and Venice Marco Polo airports.

The project involves the renovation of a hotel building comprising five above-ground floors and one basement level. Once completed, the hotel is designed to offer 112 rooms, a restaurant, a lounge bar, conference rooms, a spa, a swimming pool, a wellness and fitness center, parking, and amenities catering to both business and leisure guests.

The project is based on an acquisition value of €3.5 million for the asset and anticipates total capital expenditures (CapEx), including the acquisition, of approximately €14.14 million. Renovation work is scheduled to begin in January 2026 and be completed by the end of 2026.

The updated model analyzes the Vicenza Art Hotel over a 21-year period, with the concession beginning on January 1, 2027, and ending on December 31, 2047. Six operating business units have been identified: Hotel Rooms, Parking Areas, Restaurant and Bar, Spa and Pool, Conference Hall, and Concession Fee.

Finance Atena® built the model based on the hotel’s actual operational drivers: available rooms, operating days, occupancy, rates, guest counts, parking spaces, dining seats, spa admissions, conference room usage days, direct costs, personnel, maintenance, commissions, utilities, and lease payments.

The model thus allows the operation to be viewed not as a single unit, but as a hotel system composed of multiple revenue streams. Rooms remain the primary driver, but parking, the restaurant, the bar, the spa, the pool, and conferences all contribute to the project’s overall profitability and sustainability.

The added value of Finance Atena® was that it made it possible to quantify the project in three areas: real estate, management, and finance.

From a real estate perspective, the model quantifies the acquisition cost and the investments required to transform the asset: €3,500,000 for the purchase of the building, €8,437,612 for construction completion work, €397,721 for systems, €997,190 for furnishings, and €807,936 for technical expenses and overhead costs.

From a management perspective, the model updates the breakdown of the business units: the guest room area is modeled with 11 Deluxe rooms, 19 Superior rooms, 73 Standard rooms, and 365 days of operation; it also accounts for 25 covered parking spaces, 41 uncovered parking spaces, 144 covered seats in the restaurant area, SPA/pool capacity, and days of use for the conference room.

From an economic and financial perspective, the updated General Output of the DEF2 Base Scenario for BWH 20 (rate 1.20) shows cumulative operating revenue of €107,025,955, operating costs of €93,341,446, cumulative EBITDA of €13,684,510, net income of €7,921,451, and total operating cash flow of €9,894,244.

The model also indicates an after-tax NPV of €3,584,974, a project after-tax IRR of 22.997%, an expected payback date of September 30, 2033, a post-tax terminal value of €13,424,682, and a post-tax enterprise value of €7,946,137.

An important consideration concerns the fee, which emerges as a critical variable for the project’s sustainability. The appendices include both the 1.20 full fee scenario and input data related to the 0.8 full fee scenario. In the model with a 1.20 full royalty rate, the cumulative fixed royalty for the Royalty Business Unit amounts to approximately €26.77 million; in the inputs for the 0.8 full royalty scenario, the indicated fixed portion amounts to approximately €17.91 million.

This difference makes it clear that the fee is not merely a contractual cost but a true scenario lever: it affects the break-even point, EBITDA, payback, and the operation’s ability to remain financially balanced during the first few years of operation.