AdriAlpAADVISORS
ITENDE

CROSS-BORDER M&A · ITALY · ALPE-ADRIA

TRIESTE · ITALY · CROSS-BORDER M&A

Hospitality transactions begin with the operating business.

An initial assessment for hotel owners and acquirers in Italy. Separate business performance, property ownership and operating rights before discussing transaction value.

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Italian hospitality courtyard study
Conceptual illustration · not a client asset

ADRiALPA / DECISION WORKBENCH

Turn seven questions into your next step.

Mark what you can already answer. Get a private preparation summary immediately; no email required. This is a self-review, not a valuation or professional assessment.

1. Transaction perimeter — Is the proposed transfer of shares, the operating business, a lease or management right, real estate, or a combination? Identify the holder of each right and the authority to transfer it.
2. Operating baseline — Record room inventory, opening months, occupancy, average daily rate and room revenue by period. Reconcile room revenue against the room-night calculation and identify ancillary revenue separately.
3. Earnings quality — Request three years of accounts and recent monthly results. Separate owner-stated net income, reported EBITDA, proposed adjustments, rent, management fees and replacement management costs.
4. Cash requirements — Identify maintenance expenditure, refurbishment needs, working capital, deposits, debt and leases. Separate recurring upkeep from expansion plans and distinguish business cash flow from property yield.
5. Commercial exposure — Record booking-channel concentration, commissions, cancellation terms, customer concentration and seasonality. Check whether ratings, accounts and distribution agreements can transfer.
6. Operating continuity — List employees, permits, safety and property documents, material contracts and unresolved consent requirements. Assign each topic to the relevant independent specialist; a first screen does not verify compliance.
7. Decision before commitment — List the three issues that could stop the transaction, the evidence needed and who will review it. Do not treat claimed earnings, instalment terms or a listing as sufficient grounds to sign or pay.

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M&A / PROCESS MAP

Explore the transaction process

Illustrative sequence. Scope, timing and professional responsibilities are agreed for each assignment.

01 / 05

Define the objective

Clarify ownership, objectives, authority and existing adviser relationships before approaching a transaction.

02 / 05

Prepare the evidence

Organise financial history, challenge proposed adjustments and make missing information visible.

03 / 05

Qualify counterparties

Work from agreed criteria and permissions. A buyer profile is not confirmed interest or available funding.

04 / 05

Review alternatives

Compare structure, conditions and evidence, not just headline price. Specialist review informs the decision.

05 / 05

Decide and execute

Coordinate the agreed workstream with responsible legal, tax and financial professionals. The client approves commitments.

ADRiALPA FIELD NOTES

A useful first step, before the first meeting.

01 / EN

The hotel-business first-screen worksheet

Separate the operating business, property and earnings before discussing a price.

View worksheet ↗Download the free worksheet

Free and ungated. Complete it privately; send only a short introductory enquiry.

Sell a business ↗
Acquire a business ↗
Adviser partnerships ↗
Hospitality ↗

Define what is being transferred

Identify whether the contemplated transaction concerns shares, a business, operating rights, real estate or a combination. Existing leases, management arrangements and authority to sell must be clarified.

Understand the earnings

Review seasonality, room inventory, occupancy, rates, payroll, owner adjustments, rent and maintenance investment when evidence is available. A seller's claimed net income is not verified EBITDA or cash available for debt service.

Build the right review team

Legal, tax, accounting and property specialists are engaged according to the transaction perimeter. Property brokerage is not assumed to be included in a business advisory assignment. No property or buyer is presented as represented without authority.

Start a private introductory conversation

  1. Owner, buyer or adviser
  2. Region and approximate scale
  3. Business, shares or property perimeter
  4. Objective and timing

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Sell a business ↗
Acquire a business ↗
Adviser partnerships ↗
Hospitality ↗

Before you share a company file

Does downloading a worksheet start an engagement?

No. The worksheet is freely available and creates no mandate, subscription or payment obligation.

Can I send confidential documents now?

Start with a short non-confidential enquiry. Document access, confidentiality and permitted processing are agreed before client records are accepted.

Is Adrialpa the legal or tax adviser?

The agreed scope identifies the responsible professionals. Legal, tax, formal valuation and other specialist opinions are not implied by an introductory enquiry.