Italian Hotel Chain, Caroli Hotels Shuts Down As Energy Bills Rise Five-Fold
Location: Salento, Puglia, Italy
Name: Caroli Hotels Group
Guide Price: TBA
Guide Price per Key: TBA
No. of Keys: Five hotels – 1,000 keys
The Opportunity:
Caroli Hotels, a hotel chain in the Italian iconic holiday destination of Salento is shutting down due to high energy bills.
The Caroli hotels group, which owns five hotels in the southern region of Puglia, will suspend activities and will not accept any more reservations, according to the general director. The company’s energy bills skyrocketed to about €500,000 per month from €100,000 per month a year ago.
Bookings through Nov 10 will be guaranteed, while about 300 employees will be laid off under an income-support programme, the company said.
The Italian government has spent €66 billion to help people with energy bills, and it is likely more will be needed. Giorgia Meloni, head of the Brothers of Italy party and leader of the right-wing coalition that won last month’s election, pledged to tackle the energy crisis as priority, although without resorting to more public spending.
About 36% of small- and medium-sized companies in tourism and retail plan to hike prices due to the surge in power bills, according to an SWG survey for Confesercenti, a retailers’ lobby, published on Sunday. About 6% of the surveyed entrepreneurs said they plan to halt activities in low season.
Salento is a popular destination also for foreign tourists, attracting celebrity weddings.
Flag & Management: TBA
Current Owner: Private family since 1965
Main Photo: One of the five hotels
Financials: 2019 financials with EOI
Tenure: Freehold
Agent: THPT read this in the local press and are now in contact to see if they are just closing for the winter, or wish to sell the hotels as a going concern
Date Posted: June 2022
THPT Comment: This is shocking – a family business in it’s 60th year, forced to close, perhaps just for the winter (we hope) due to the global inflation crisis!
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