New openings, initiatives and results


HNH Hospitality S.p.A. approves 2022 Financial Statement

Overall operating revenue doubled compared to 2021 at 71.4 million euros, net profit at 3.4 million, consolidated EBITDA at 11 million.


The Board of Directors of HNH Hospitality S.p.A., among the leading independent hotel operators in Italy for the 4- and 5-star hotel and resort segment, has approved the results of the financial year that closed on 31 October 2022.

Specifically, HNH recorded a volume of overall operating revenue of €71.4 million, which, if compared to the previous year (€34.8 million), has more than doubled. The consolidated EBITDA recorded by the HNH Group on 31 October 2022 was €11 million (€3.5 million in 2021) – with a statutory EBITDA, net of €5.2 million in government aid (€1.8 million in 2021) – while profit reached €3.4 million.

“In 2022 – commented CEO Luca Boccatowe consolidated the strong 2021 rebound but with a continuity in sales that involved almost all the months (not only the second part of the year as in the previous financial year) and which let us reach and broadly exceed the growth objectives we had set both in terms of occupancy and average revenue. Only the area around Venice, with its hinterland, is still affected by the partial recovery in international long-distance demand while the opening of Almar Giardino di Costanza was partially affected by the reduced marketing period before the first season. Demand continuing to pick up, joined by operating efficiency, has allowed us to reach a significant net profit (5% of revenue) and this despite the full impact of depreciations (they were halved in 2021)”.

The City Hotels recorded a recovery in overall turnover, which grew from 31% in 2021 to 47% in 2022. These are mainly Business Hotels and they have maintained a stable part of the turnover, from 27% in 2021 to 28% in 2022. Finally, the Resorts, which during the pandemic had experienced the fall in demand less, thanks to the recovery of other segments, fell from 42% in 2021 to 25% in 2022. Finally, with 41 million euros, the most consistent revenue refers to the hotels in the Veneto, where HNH also has the largest number of structures managed.

During 2022 the portfolio further expanded with the opening of Almar Giardino di Costanza Resort & Spa, in the month of June, and with the reopening of voco Venice – Mestre The Quid, in April, at the end of the rebranding process.

For 2023, which has just started” continued Luca Boccato “we trust in further consolidation of the ongoing recovery. In the first months the sales budget has been broadly respected. Our revenue forecasts have a target of 98 million euro, much higher than pre-pandemic levels, instead with an occupancy rate of 70% still lower than 2019, the last year before the pandemic”.