Europe has experienced some of its hottest summers in recent years, with temperatures reaching 48 Celsius (113 Fahrenheit) in popular beach destinations like Sardinia and Sicily.
The summer of 2022 was particularly lethal, with 61,672 heat-related deaths, mostly in Italy, Spain, Greece and Portugal. Such extreme temperature spikes may become more frequent, according to climate research.
The “coolcation” attraction
As southern Europe’s coastlines sizzle, a growing number of affluent travellers are heading inland to cooler, mountainous regions for their summer breaks.
Trentino-Alto Adige, home to the Italian Dolomites, recorded 56.7m overnight stays in 2024, up 3.2 percent from the previous year. International arrivals accounted for 59 percent of the total and the average length of stay was 4.1 nights, says the latest available data from ISTAT.
Summer is one of the region’s strongest tourist seasons, driven by hiking, cycling, wellness, and visitors seeking breathtaking UNESCO World Heritage scenery and pleasant temperatures.
The year-round appeal of the Dolomites has not been lost on hospitality investors, with capital consolidating around high‑altitude luxury assets.
Over the past decade, five-star supply in Italy’s mountain destinations has almost doubled from 58 hotels in 2017 to 105 today, according to research by business intelligence company THRENDS.
While hotels in the Dolomites are traditionally owned and operated by local families, there are now examples of partnerships with international brands.
Active players
Rosa Alpina in San Cassiano has been owned by the same family since 1939. Following renovation work and repositioning, the hotel joined Aman Resorts and reopened as the Aman Rosa Alpina last year under a long-term management and brand partnership.
Refreshed facilities include a Japanese restaurant, private cinema, new spaces for babies and children, and an expanded wellness centre.
Hugo and Ursula Pizzinini, who continue to own the hotel, said: “This partnership allows us to celebrate our family's legacy and three generations of hospitality, while embracing a future shaped by Aman's uncompromising attention to detail and global perspective.”
Meliá Hotels is another international brand taking a specific interest in the Dolomites, with two ‘Affiliatedy by Melià’ properties set to go live this year, in partnership with local Cortina-based white label operator Gruppo Stay.
Gabriel Escarrer, chairman and CEO of Meliá Hotels International, commented: "The Dolomites are among the most spectacular destinations in Europe and perfectly embody the unique experiences we strive to offer our guests.”
The 53-room Hotel Auronzo di Cadore is a new build scheduled to open in May 2026 while the 61-room former Hotel Trento in Pozza di Fassa is set to reopen later this year following a €1.5m upgrade. Both hotels will be operated by Gruppo Stay.
Andrea Franceschi, founder of Gruppo Stay, said: “This partnership with Meliá Hotels International represents a strategic value-enhancing milestone for our portfolio, strengthening our growth trajectory and expanding our long-term investment potential."
Other chains active in the Dolomite’s luxury segment are typically regional players rather than international brands. Adler Spa Resorts, Quellenhof Luxury Resorts, Egnazia Ospitalità, Dolce Vita Hotels and R Collection, all number more than one mountain property within their portfolios.
Alongside these established regional brands, a different kind of innovation is emerging in the Dolomites.
Taking inspiration from hybrid hospitality concepts that he encountered while travelling, entrepreneur Markus Promberger opened AMA Stay in Alta Badia in 2022 with financing from the local ski operator. The property includes 39 rooms, 17 apartments, wellness facilities, and coworking spaces.
AMA Stay has become a popular destination for corporate retreats and offsites. “That makes us especially happy, because it’s exactly what we aimed for: a place that inspires professionally and personally,” he commented.
Rising profits
The venture has been quick to stabilise and achieve profitability. AMA Stay posted earnings before interest and tax (EBIT) of €236,048 on revenue of €4.3m in 2024; increasing to €341,218 on revenue of €4.5m in 2025.
The Italian luxury mountain hotel segment is generally enjoying robust financial health, according to THRENDS analysis. Based on a sample of 50 properties (around 50 per cent of total supply) Italy’s high altitude five-star hotels generated €196,500 in revenue per room in 2024, compared to €128,400 in 2019.
Compound annual growth (CAGR) for performance between 2018 and 2024 is therefore 7.1 per cent, with a peak of +18 per cent in 2024 compared with 2023. Profitability has also increased, stabilising over the past three years in a range between 17 and 20 per cent of total revenues, compared with 15 to 17 per cent for the two years (2018 and 2019) before the pandemic.
Of course, the same climate changes that result in blisteringly hot summers cause less snow in the winters. For hospitality investors, this only strengthens the case for partnering with mountain hoteliers who are developing their products and services to widen their appeal across several demand segments and to reinforce their year-round occupancy.