EXPO boosts Milan’s luxury hotel market
Despite new openings such as Excelsior Gallia (Luxury Collection), ME Milan il Duca and Palazzo Parigi, Milan’s luxury hospitality has maintained a fast performance pace during January – March. According to the Milan Chamber of Commerce, from January to March 2015 the average occupancy rate was 61,6 %. The average nightly rate was 357 euros, with a RevPAR at 220 euro.
The main reason for the positive performance is the EXPO but also a rebound in corporate travel. Thanks to an improvement in travel infrastructure, especially the Malpensa Airport, Milan is reinforcing its position as a luxury shopping destination.
Next month, Milan welcomes a new luxury power-player Mandarin Oriental and in 2017 the W Hotel Milan. Both hotels are owned by Statuto Group which also owns the Four Seasons Hotel Milan. Recently, Bvlgari Hotel Milan underwent a renovation of its facilities.