Florence Leads High-end Tourism With Luxury Hotel Boom in 2026
Historically, Italy is a country that attracts a significant influx of tourists eager to experience la "dolce vita," and as a result, hotel groups look to the Bel Paese in search of the perfect venue to meet this demand.
According to the EY Italy Hotel Investment report 2025, which analyses the annual performance of the Italian hotel market and tracks investment trends in the sector, hotel investments in Italy recorded a significant acceleration in 2025, totaling 2.5 billion euros. This marked a 19 percent increase compared to 2024 and a value 35 percent higher than the average of the last decade, representing the highest level since the early 2020s.
More from WWD
Also according to the study, Italy's four main cities, Rome, Milan, Venice and Florence accounted for 55 percent of total investments in 2025.
Florence, in particular, has seen and will see the openings of new and renovated hotels and residential projects by the end of 2026: Palazzo Morrocchi by Stanley Collection Group; Palazzo Ruspoli Florence; La Réserve Firenze by Michel Reybier Hospitality Group; Villa San Michele, A Belmond Hotel , and Borgo Pignano Florence by Borgo Pignano Group.
"Florence is now at the center of major international investments in tourism, and the data confirms it: approximately 60 percent of international investors identify Italy as the leading European hub for high-end tourism over the next three years," stated Palazzo Ruspoli general manager Maurizio Tistarelli.
"The city is historically the luxury tourism hub. There are many events that bring tourists from all over the world to visit the city during the year," said Stan Zingel, Stanley Hotels founder and managing partner. "And also, all the history of the Medici family, all the heritage and all the museums make Florence like a magnet for everyone."
Palazzo Morrocchi in Florence
According to Borgo Pignano group general manager Piero Magrino, the city is evolving beyond its traditional image, and although it continues to attract tourism for its cultural history, at the same time visitors are discovering craftsmanship, independent ateliers, wellness, culinary innovation and a more residential side of the city.
"There is a growing appreciation for properties that offer space and tranquillity within Florence itself. In recent years, we have seen a strong interest in hotels that combine proximity to the city center with gardens and a more retreat-like atmosphere," Magrino said. "That reflects a broader shift in luxury travel toward balance, privacy and well-being. Florence remains timeless, but the way people want to experience it is becoming more nuanced and experiential."
Michel Reybier Hospitality chief executive officer Raouf Finan shared the same view saying that the residential format itself such as La Réserve, reflects a major change in luxury hospitality, as today's traveler is seeking the privacy and intimacy of a home.
On the other hand, tourism can raise valid concerns among local communities regarding overtourism, rising housing costs and strain on infrastructure.
According to data compiled by the Centro Studi Turistici Firenze based on figures from the Regional Tourism Observatory and the Metropolitan City, in the first 10 months of 2025 the city of Florence recorded more than 4 million arrivals and 9.7 million overnight stays.
The new openings specifically aim to reshape how visitors experience Florence.
According to general manager Magrino, the goal of Borgo Pignano Group is to contribute to a more sustainable and emotionally engaging vision of the city, enhancing its cultural fabric. "High-quality hospitality can help redefine the way Florence is experienced throughout the year. Traditionally, tourism in the city has been heavily concentrated around peak seasons and iconic landmarks. New luxury openings have the opportunity to broaden that narrative," he said.
Villa San Michele, A Belmond Hotel in Florence.
Finan echoed this sentiment, stating that the residential format can be an invitation for guests to discover Florence in each of its seasons, thereby contributing to a more balanced rhythm of visitation throughout the year.
Tistarelli added that the quality of hospitality offered by Florence is also supported by the surrounding areas, such as the Chianti area, the Val d'Orcia, and small towns such as Greve, Panzano and Castellina.
"The growth of the luxury sector represents, for us, not an endpoint but an opportunity to guide tourism development toward models that are more sustainable and respectful of the urban and social fabric," commented councillor Jacopo Vicini, head of economic development, tourism, trade fairs and conferences for Florence. "We aim for tourism that enhances the territory's artisanal, cultural and food and wine excellence, while also distributing visitor flows beyond the historic center."
Also according to the EY report, the resort segment accounted for 822 million euros in 2025, equivalent to 33 percent of the total, with a strong concentration in elite destinations such as Capri, Lake Como and Forte dei Marmi in Tuscany. This trend was embraced by Starhotels group, which decided to invest in the Hermitage Hotel & Resort, a historic destination in Forte dei Marmi that reopened this year.
Palazzo Morrocchi Florence by Stanley Collection
The new five-star hotel is located at Via Cavour 21, one of the most historic streets in the city center, a few steps away from the Santa Maria del Fiore Cathedral and the Basilica of San Marco. The hotel will open in October following a two-and-a-half-year restoration project.
The palazzo, built in the 17th century, features typical Baroque architecture that has been preserved as much as possible. Around the 19th century, it became renowned for housing the Caffè Michelangiolo, a gathering place for the Macchiaioli, a group of Italian painters and early pioneers of Impressionism. Artists such as Giovanni Fattori and Teodoro Duclère were among the group.
The hotel features 31 rooms and 10 suites. Culinary offerings range from the Bubbles & Lobster Italian seafood restaurant to the Champagne and raw bar, with the courtyard and Café Society available for afternoon tea and pastries. For guests seeking a drink, there is the Alchemist Bar or the Speakeasy Rooftop bar. "Our goal for Palazzo Morrocchi is to become the new destination for seafood lovers and for 'fun' dining for both tourists and locals. We want to create this fun atmosphere through food and beverage," Zingel stated.
Palazzo Morrocchi in Florence
Palazzo Morrocchi Florence by Stanley Collection
Via Cavour, 21 – 50129
palazzomorrocchi.com
La Réserve Firenze
This 15th-century palazzo on Via Santo Spirito was acquired in 2022 by Olivia and Grégory Marciano. For them, the project was personal from the start. "La Réserve Firenze felt like the natural meeting point of everything Olivia and I love: hospitality, design, gastronomy, art and the Italian way of life. We had long wanted to create a hospitality project, but we were waiting for a place with real soul," said Grégory Marciano.
At the same time, Michel Reybier Hospitality Group was looking to expand La Réserve collection internationally, with Italy among its top priorities. The encounter with the Marcianos was the right opportunity, marking both the start of the collaboration and the hotel group's debut in Italy. The choice of the location of the palazzo in the Oltrarno neighborhood, one of Florence's most residential areas, was deliberate.
The palazzo houses only six private apartments, ranging from 1,900 to 2,430 square feet, and the restoration project was entrusted to Paris-based architects Gilles & Boissier.
Maintaining the building's history and cultural significance was essential for both the owners and the hospitality group. "Florence is a city with an extraordinary architectural and artistic legacy, so we felt a strong responsibility to approach the building with respect. From the beginning, the priority was to honor the character of the palazzo," Marciano continued.
The restoration required four years of work, during which local artisans carefully restored the frescoes and ceilings in accordance with the most exacting traditional standards.
Set to open in October, the property features a private rooftop terrace, a library and lounge, and a courtyard. The culinary options include tailored dining with a private chef or room service from the famous Trattoria Camillo. A gym and wellness facilities complete the offering.
La Réserve Firenze
La Réserve Firenze
Via Santo Spirito – 50125
lareserve.com
Palazzo Ruspoli Florence
Palazzo Ruspoli, which will open on Aug. 1, is a private residential-style destination housed in an historic palace which dates back to the late 19th-century.
The building, located in Via de' Martelli, 5, offers a selection of residential units comprising 12 rooms and suites, along with three apartments that reach up to 2,160 square feet all designed by Florence-based studio Luigi Fragola Architects.
"In a highly competitive and rapidly evolving market, where Italy is at the center of major international tourism investments and Florence is one of the most sought-after cities, we chose to develop a more bespoke model, closer to our tradition of Italian hospitality — one defined by style, intimacy and local connections," said Teresa Becagli, president of S.I.T.E. Holding, the investment company behind the project.
The residential project includes a panoramic terrace, which overlooks Brunelleschi's dome of the cathedral.
Palazzo Ruspoli Florence
Palazzo Ruspoli
Via de' Martelli, 5 – 50129
palazzoruspoliflorence.com
Villa San Michele, A Belmond Hotel
Villa San Michele, A Belmond Hotel, reopened in April following an 18-month renovation.
The hotel, set within an ancient 15th-century Franciscan convent, features 27 suites and 12 rooms designed by Interior Design and Architecture Studio Luigi Fragola Architects in accordance with Tuscan artisanal traditions.
The rooms feature Bianco Bianchi faux marble scagliola pieces, precious tapestries by artist Elena Carozzi, Impruneta terracotta flooring and bathrooms in Cipollino marble from Carrara. Among the most notable suites is "La Limonaia," spanning two floors and covering 1,680 square feet with a 538-square-foot private garden.
The hotel, surrounded by a 108,000-square-foot garden, also offers a spa by Guerlain, a pool and a fitness center. It further provides a program of restorative experiences developed in collaboration with Milan-based brand La DoubleJ.
Food options include San Michele restaurant, which offers Italian cuisine, a poolside dining experience by the San Michele Grill, and Antesi, the Villa's new gastronomic restaurant led by executive chef Alessandro Cozzolino, which presents dishes inspired by the seasons and the local territory through three tasting menus.
"Villa San Michele is today a sanctuary dedicated to the well-being of all the senses. Both the interiors and exteriors have been thoughtfully enhanced, paying homage to nature, art and creativity," said general manager Sofia Peluso.
Villa San Michele, A Belmond Hotel in Florence
Villa San Michele, A Belmond Hotel
Via Doccia, 4 – 50014, Fiesole
belmond.com
Borgo Pignano Florence
Opening in September, Borgo Pignano Florence will mark the city debut of Borgo Pignano group, renowned for its Tuscan estate rooted in the countryside between Volterra and San Gimignano.
"Florence felt like the right choice because it remains one of the world's most culturally significant destinations, yet there is still space for a different kind of luxury hospitality: one that prioritizes serenity, gardens, privacy and a genuine sense of place over spectacle," commented general manager Magrino.
Set across five hectares of landscaped grounds, Borgo Pignano Florence occupies a restored 15th-century villa and comprises 11 buildings, including the main villa and a collection of additional residences, for a total of 32 rooms and suites. Accommodations range from rooms of 270 square feet to signature suites of 864 square feet.
Led by Michelin-starred chef Stefano Cavallini, the culinary offering will be rooted in Tuscan tradition. Guests can choose between the Essenza restaurant, where the rotisserie takes center stage, and Cedro restaurant and terrace bar, where fish is the main focus. Signature cocktails will be served at Max's Bar, while fresh salads, sandwiches and cocktails can be enjoyed at Oscar's Polo Bar.
A 30-meter heated outdoor pool, along with the spa, fitness area, solarium and jogging paths complete the experience.
Borgo Pignano Florence
Borgo Pignano Florence
Via Bolognese, 89 – 50139
borgopignano.com
Hermitage Hotel & Resort Forte dei Marmi
Founded in the 1970s by the Maschietto family and subsequently renovated by architect Vittorio Maschietto, it was then acquired by Starhotels, as the group's first resort. The property was designed with 59 rooms and suites.
"This is a natural evolution for us. We have always focused on city hotels, and moving into resorts allows us to respond to a growing demand for more immersive, lifestyle-driven experiences," said Starhotel president Elisabetta Fabri.
It spans more than one hectare of private parkland and includes a swimming pool and a vegetable garden that supplies the restaurant named "Orto." The cuisine is traditional Tuscan, and guests can enjoy drinks at the Cabana Lounge Bar by the pool.
"Our approach was not to change it, but to accompany its evolution, preserving what makes it unique while bringing it into a more contemporary dimension," Fabri added. She believes the key to balancing international demand with the identity and needs of the local community is to preserve what makes the destination unique.
"Forte dei Marmi has remained attractive because it has kept its scale, its rhythm and its identity. Growth should be thoughtful and integrated, working with local culture, local suppliers and the community," she said.
Hermitage Hotel & Resort Forte dei Marmi
Hermitage Hotel & Resort Forte dei Marmi
Via Cesare Battisti, 50 – 55042
collezione.starhotels.com
Best of WWD
Sign up for WWD's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram .
