The company traces its roots back to 1989, when the Italian entrepreneur Orfeo Bianchi acquires the first property of the group: Residence Internazionale in Rimini.
For 30 years thereafter the group has experienced a stable and constant growth, reaching a total of over 600 apartments managed under the brand Rimini Residence, one of the most prominent and wellestablished groups in the Adriatic Riviera.
The first step towards the pursuit of this development strategy involves the acquisition of the notorious
Savoia Hotel in Rimini, jointly with Hotel Ducale and Baia Flaminia (Pesaro)
Between 2021 and 2022 the group added +3 hotels (over 500 rooms) two around Italy and one in Pontresina (Switzerland)
A solid management, reliable corporate structure and trustworthy personnel have been granting the Group for a systematical expansion and successful governance, soon expected to include additional hotel assets with the acquisition and development of three more hotels (over 260 keys) within 2026
Orfeo Bianchi acquires the Group’s first property: the journey has officially begun.
Rimini Residence is founded: 12 residences managed through leasing and direct ownership.
The Group adds 5 new residences to its portfolio, including: Villa dei Pini, Le Spiagge, A-more.
Further expansion through the acquisition of Ten Suite, Noha, Pineta Verde.
Acquisition of first Hotel of the group: Hotel Savoia is run through the direct ownership of the asset.
The Schloss Hotel Pontresina (Switzerland) marks the first hotel in MCA. The UNAHotels Varese and a boutique hotel in Venice also entered in the portfolio. During 2022 PHR, in JV with industrial partner, bought Colonia Bolognese (Rimini) with the objective to convert the asset in a luxury 5-star beachfront resort.
2021 marks the development of more destinations: a Hilton “tobe” branded hotel in Bologna (152 keys) enters the portfolio. A new residence (owned by a major US investment fund) is added.
During 2023 PHR started to further develop its portfolio in Italy through new openings such as Aura Living Hotel (Rimini) and an upscale resort (142 rooms) in Sardinia (Castelsardo): Casteldoria Resort.
The hotel division is currently the most dynamic branch, on which Piazza H&R is now setting its focus. The first acquisition took place in 2016, when the company bought, restructured and began to run Hotel Savoia, located in Rimini Following the great success obtained with the first hotel opening, the group started acquiring other properties located in the Adriatic Riviera, earning a reputation on both a local and regional level.
Since 2020, after a substantial renovation plan, the Chain started to manage (Lease) Hotel Ducale, a 3star hotel located in Rimini
Green Park hotel Bologna, one of the most recent acquisition of the group, will be completely renovated and repositioned under the brand Hilton Garden Inn.
During 2021, the group added (in MCA) also an upscale SPA hotel in Switzerland, The Schloss Hotel Pontresina. In the end of the same year PHR, signed a lease agreement for the branded 4-star hotel UNAHotels Varese, which count 220 keys Within the same year the Chain also added (lease) Boutique hotel La Locandiera in Venice.
Latest additions (in MCA) are Aura Living Hotel (3*) in Rimini, and an upscale resort in Sardinia: Resort Casteldoria (Castelsardo, SS) which counts 142 beachfront rooms.
The group has been obtaining successful feedbacks both on an economical (which will be further detailed) and reputational level, having all 6 of its properties earning a Booking.com rating exceeding 8 points out of 10
Orfeo is in charge of the residences and hotels’ activities coordination.
Graduated as surveyor, his career officially starts in 1989, with the management of the first property in Rimini. In the last years, the scope of acquisition reached Ravenna, Pesaro and Bologna.
Graduated as pharmacist, Diletta enters the family business in 2000, joining her brother, Orfeo, in the “”Rimini Residence” administration. Nowadays Diletta superintends the properties’ quality standards, thus controlling purchases and coordinating the hotels’ F&B.
After a foreign languages degree from the Irkutsk University (Russia), Dina worked in China until 2005. As she moved to Italy in 2006, she joined the Group managing the HR department. As the business kept growing, she also specialized in Quality control, personnel training, hiring and scheduling.
The Bianchi family, working in Hospitality management since 1989
BOARD OF DIRECTORS
The Board of Directors’ tasks include the adoption and pursuit of the fittest development strategy for the Group. BoD is also in charge of the drawing up of the business plan, budgets, and setting of the Group’s policies, guidelines and corporate culture. In the most recent years the BoD has been focusing on the implementation on the hotel branch, retaining the management of only the most strategic HTRs. The Board also decides on the major investments to be triggered, and on the structural changes in the group’s organization and operations.
HR manager
As HR director and quality manager, Mrs. Klyuchnik oversees the daily operations and is responsible for the recruiting, employee relations, salaries and benefits. Additional tasks include both short- and long-term planning of the group’s workforce, including the alignment of the staff with the group’s policies and culture.
CEO
Mr. Bianchi is responsible for ensuring that the BoD’s work is carried out efficiently. He also monitors the company performance and strives for the group’s objectives to be met. He makes sure that the group strategy is adequately carried out. Other main tasks include the supervision on new acquisitions, contract signing and bargaining.
Quality manager/F&B
Mrs. Bianchi is responsible for the coordination of all phases regarding MICE organization and execution, further coordinating F&B activities on a daily basis, selecting the best local suppliers, maintaining a high service reputation and acting as management representative to group clients. Other tasks include F&B budget planning and compliance, eventsrelated sales, marketing and promotions, departmental costs control.
Administration, Finance & Control
Responsible for the administrative, accounting, financial and management review. The team ensures a proper detection and recording of the administrative and accounting issues, the financial statements and financing, producing monthly and quarterly reports, thus controlling the production, sales order processing and human resource management.
Sales & Marketing
The team is responsible for: revenue maximization through occupancy increase and usage optimization of accommodation, meeting and leisure facilities. They also bargain the distribution fees with third parties and enhance the overall booking experience. The marketing team focuses on the creation of the experiential product to be sold, the Group’s promotion, brand awareness and consistency, public and “social” image.
Technical support & IT
The IT staff is responsible for the day-to-day support of all IT systems, computer network and telephony system. The technical support staff can deal both with ordinary and extraordinary maintenances, which can be quickly carried out when needed. Other tasks include the search update of innovative IT tools in order to improve the properties and group’s product and services, keep inventory and updates all hardware products and software licenses, further reviewing maintenance agreements.
Booking
The booking staff is centralized in order to maximize efficiency. The staff handles all reservation requests for accommodation to boost customer satisfaction, managing rates and inventory of the hotel, and monitoring the room status and reservation status.
Portfolio Residences (Rimini Residences sas, Terminus sas, Centrale sas, Nuova ARA srl, Tulipano srl)
Hotel Green Park
Bologna
Hotel Savoia
Hotel Ducale
UNAHotels Varese
Schloss Hotel
Pontresina
Aura Living Hotel Resort Castelsardo
Hotel Savoia Hotel Green Park Bologna Boutique Hotel La Locandiera was acquired in December 2021. The hotel is located at the heart of Venice. Colonia Bolognese
The Bianchi family, in hospitality management since 1989
The total turnover for the properties managed reached, in 2022, over 20,2 million euros in revenue, up 34% with respect to pre-covid revenues, and almost twice as much the total revenue generated in 2017.
This hike was achieved through a rapid though sustainable expansion which was systematically focused on the hotel branch, into which the company plans to further grow. As detailed in the previous pages, these results were indeed made possible thanks to the acquisition of the management of several
additional properties characterized by large room inventory such as Schloss Hotel Pontresina (4*, 140 rooms), Green Park Hotel Bologna (4*, 154 rooms) and UNAHotel Varese (4*, 220 rooms) in 2022
It is also necessary to recall that the period considered above includes the Hotel Savoia ramp-up. The stabilization phase has allowed for a consistent increase in terms of pricing (ADR) and Gross Operating Profit.
During the last six years considered, as for what concerns the occupancy rates, the residences branch has kept a stable and constant growth reaching the peak of 73% in 2022. On the contrary, the decreasing of Hotels’ OR levels is the result of the recent new openings with large room inventory (>150 rooms) hotels that impact negatively on the aggregate volume of occupancy.
The groups’ ADR increased in the latest years, reaching the peak of EUR 77 in 2022 (excluding 2020 figures which are based on a significant lower volume of Available Rooms due to limited operations). Hotels’ ADR in 2022 reached €115, +120% more than that of HTRs, whose range is within the €50 rate.
The group average ADR increased from € 59 to € 77, reaching a CAGR of 6,7% for the period.
Resort Casteldoria, new addition in Sardinia, accounts for 142 beach-front rooms
The hotels gross operating revenue for the year 2022 amounted to a total of over EUR 13,4 million, up 54% from pre-pandemic values (2019, EUR 8,7 m)
The current flagship asset of the chain, Hotel Savoia, registered a sustained growth during the whole period (+18,9% vs 2018) and marked +7 4% with respect to 2019 values
The group’s EBITAR margin, for the hotels’ branch, kept increasing in the period considered, reaching EUR 5,1 m: 1,9 from Savoia (37%) and 1,3 from Schloss Hotel (24%).
The Group’s ability to capture revenue has increased during the last years
In fact, the hotels’ portfolio EBITDAR Margin rose up to 38% in 2022, with an increase of 13 pp with respect to 2019 values
Hotels seasonality is being diluted over the years In 2022 the high-season months of June, July and August accounted for 39% of the total, with the remaining months amounting to an average of 61% of the total revenues
Deseasonalization is being achieved both thanks to the S&M team’s ability to attract the business clientele, the rates attractiveness, the new openings and also on the destination (Rimini and the Adriatic coast) efforts towards a longer seasonality.
In late 2021 PHR added the Hotel Schloss (142 keys) to its portfolio. The hotel is located in the Pontresina Saint Moritz district, Switzerland
In 2022 Piazza H&R, exactly 34 years after the Group foundation in 1989, recorded a revenue that exceeded EUR 20 million, up +34,4% in comparison with prepandemic level (EUR 15,0 million in 2019).
Since 2019, the hotel branch revenues surpassed those generated by HTRs, with the first accounting for 66% on the total (2022), and the latter still accounting for 34% of GOR in 2022.
As detailed in the previous pages, the hotel segment kept recording an accelerated growth in 2022 vs 2019 (+53,5%) thanks to a massive development campaign that led to the opening of 4 hotels during the latest year
The EBITDAR margin for HTRs branch is
significantly high, at 54% on the total revenues, also given that the costs incurred are exclusively related to the room department. On the other hand, hotels have an overall EBITDAR of 38,5% due to higher costs in activities other than the room-related ones
If we analyze the bigger picture, one can recognize how during over the last decade the Group’s total revenues have been almost sextuplicating (20102022), and this was mainly thanks to a major shift towards a strategic hotel-branch expansion that begun in 2016 with the acquisition of Hotel Savoia. Since then, GOR has almost doubled, growing by +12,4% (CAGR) in the period 2018-2022.
The group stability and reliance is highlighted by the CAGR of +15,6% recorded between 2010 and 2023.
Piazza Hotels & Residences Srl ranked 35th in the top 400 list of the Italian most dynamic firms that showed the largest economic expansion and presented the greatest growth for the period 2016-2019.
The acknowledgment was awarded directly from the ITQF (German Institute of Quality and Finance), in partnership with Affari & Finanza (investee of the Italian press agency “La Repubblica”), whose purpose is to tribute the most dynamic enterprises with the headquarter located in Italy and that contribute to the stimulation of the Italian economy.
The study is based on a large sample, taking into consideration over 12,000 Italian firms, examining
not only the enterprise’s revenue, but also weighting the firm’s honorability, independence and organic development.
The ranking was published on October 12th on the newspaper Affari & Finanza and on the ITQF website, including the analysis specific selection criteria.
Piazza H&R is among the top 5 fastest growing Italian company in hospitality
PIAZZA H&R S.R.L IT03763980400
This rating indicates minimal to low financial and business distress and exhibits a strong capacity for fulfilling financial obligations, indicating a low business risk that is not vulnerable to foreseeable events.
This rating indicates a moderate level of financial and business distress, with the tenant's capacity for fulfilling financia l obligations considered adequate, but at a moderate risk due to potential adverse business or economic conditions.
This rating indicates high financial and business distress and a tangible risk of failing to perform all or most of the lease commitments. In some cases, a default or default-like process has begun.
CREDIT PASSPORT ANALYSIS
Portfolio Trend 2013-2022
This report is confidential and not intended to assess the feasibility or suitability of the investment opportunity, and cann ot be shared with any third party This report is confidential and not intended to assess the feasibility or suitability of the investment opportunity, and cannot be shared with any third party This report is confidential and not intended to assess the feasibility or suitability of the investment opportunity, and cannot be shared with any third party This report is confidential and not intended to assess the feasibility or suitability of the investment opportunity, and cannot be shared with any third party opportunity, and cannot be shared with any third party opportunity, and cannot be shared with any third party opportunity, an d cannot be shared with any third party.
Operating Hotels’ rooms portfolio increase by 2027
GOR CAGR 2023-2027
Piazza H&R, as detailed in the previous chapters, is currently implementing a strategy focused on the hotel branch expansion through the acquisition of new properties located in Adriatic Riviera and in other Northern and Central Italian destinations At the same time the group is planning a strategic exit from the facilities that generate the lowest marginality, thus keeping and maximizing the performances of the structures that are going to be hold
According to our estimate, Piazza H&R will be following a stable and constant growth. The
Estimated hotel revenue by 2027
stabilization of the new acquisitions and the forthcoming new entries will allow for a GOR increase that will exceed 11% CAGR for the period 2023-2027.
The Hotel keys portfolio will increase to around 1.000 by 2026, while 2 HTRs in total will be dismissed within 2023
In 2025 the estimated hotel revenue will account for 83% of total GOR, being worth over EUR 29,2 million, while HTRs revenue will account for EUR 6,1 mln
In 2019. at Hotel Savoia. over 80 rooms were renovated
In 2023 the Group portfolio consists of 14 HTRs, 6 operating hotels and +1 hotels acquired just in the Q2 of the year, totaling over 1 200 keys
The current year marked the entrance of Aura Living Hotel (Rimini) and Casteldoria Resort (Sardinia) that will be operating from 2024.
The last two years 2022-2023 are influenced by the exit of 2 HTRs which, given the low contribution marginality (in absolute values) those had so far produced, will be dismissed
2024 corresponds to the first year of operations for the new 4star beach resort (Sardinia) acquired during the previous year, while for 2026 is expected the opening of the luxury resort developed through the conversion of Colonia Bolognese in Rimini with over 120 keys.
The current estimate, based on the forecasted performance of the hotels that are going to be acquired within the next 5 years and on the current assets’ profit maximization (which in 2022 were still in ramp-up phase), results in a Gross Operative Revenue that in 2027 will reach around EUR 35 m, over 80% of which arising from the hotel branch
The rump-up of the 2021’s acquisitions and the new acquisitions planned for the further years will carry along a significant increase in revenue that will inherently lead to higher costs both on a corporate and on a unit level
On the other side, with marginality KPIs that are going to hold almost constant: GOP will account for 40% of GOR and EBITDAR for 39%; Net Operating Income will stabilize on over 30% of the overall revenues generated by the group’s assets.
At the end of 2022 (1st year of operations) Schloss Hotel Pontresina reached 40% of EBITDA Margin
Hotel classification 5 and 4 stars
Minimum hotel size
40+ keys
Rome, Florence
Target key destinations
Center/Northern - Italian regional capitals (Veneto, Lombardia, Umbria, Emilia Romagna),
Service Full and limited service
Location
Gateways, beach frontline, city center, fair districts
Business model Leasing of 9 years and above
Brand
Independent hotels or branded ones if coherent with the Group’s vision and specialization
The boutique hotel La Locandiera was added in late 2021. The asset is located only 300 meters far from San Marco Square