CDP Real Asset and QC Terme present the rebirth of the Thermae Berzieri in Salsomaggiore
The completion of the redevelopment works on the complex, an icon of Thermal Art Deco, for an investment of over 44 million euros.
An analysis by Cassa Depositi e Prestiti predicts significant economic and social impact on the area in terms of increased tourist flows and employment.
Salsomaggiore Terme January 27, 2026 - “The Rebirth of the Berzieri Thermae”: the event took place today in Salsomaggiore Terme, a moment of institutional discussion dedicated to the conclusion of the redevelopment works which will give back to the Emilian town an asset of extraordinary architectural, cultural and economic value, an icon of Thermal Art Deco.
The project was completed in just over two years by CDP Real Asset SGR (CDP Group) - through the National Tourism Fund, funded by CDP and the Italian Ministry of Tourism - in partnership with QC Terme Srl, a leader in the wellness tourism sector.
The event was attended by the Ministers of Tourism, Daniela Santanché, and of the Minister of International Affairs European, the PNRR and the Cohesion Policies, Tommaso Foti, together with local institutions and regional: the Mayor of Salsomaggiore Terme, Luca Musile Tanzi, and the president of the Emilia-Romagna Region, Michele de Pascale.
The protagonists of the project and the operators of the sector then spoke: the President and the CEO of CDP Real Asset, Michele Zuin and Antonino Turicchi; the CEO of QC Terme, Francesco Varni; the Superintendent of Archaeology, Arts and Landscape, Leonardo Lamanna, and the President of Federturismo, Marina Lalli.
A specific session of the event was entrusted to Andrea Montanino, Chief Economist and Director of Sector Strategies and Impact of CDP, who illustrated to the audience the economic and social impacts expected from the rebirth of the Thermae.
The rebirth of the Berzieri Thermal Baths: CDP's Impact Analysis
Inaugurated in 1923, the Thermae Berzieri have long represented a driving force for the economy of Salsomaggiore Terme. Since the early 2000s, however, the curative thermalism has faced a progressive decline, falling out of favour because of the concepts of 360-degree relaxation and wellness, more attractive to national and international tourism. The Thermae Berzieri then experienced a long period of abandonment, with negative consequences for the local economy.
With the acquisition by CDP in 2021 and the redevelopment between 2023 and 2025 in partnership with QC Terme – for an investment of over 44 million euros – the Thermae Berzieri have returned to new life, triggering a virtuous process of relaunching Salsomaggiore Terme from a tourist perspective, with significant economic and social impacts:
- in the short term, the renovation of Thermae Berzieri has generated a positive impact for the local construction sector, quantifiable in 90 million euros of value of the production and approximately 600 employees. Furthermore, a return to the community an Art Nouveau masterpiece, which generates a significant “heritage culture” that can be estimated at 64 million euros of so-called “hedonic value”.
- in the medium-long term the positive effects on the territory will continue to be felt given that CDP's partnership with QC Terme, which will manage the complex, has introduced a new development model, capable of relaunching Salsomaggiore from a tourist perspective, activating greater consumption in the territory and new investments in accommodation facilities. 390 thousand tourist presences are expected already in 2030, a doubling compared to the 200 thousand in 2024. Once fully operational, the increased tourist consumption could generate annual economic impacts on the entire supply chain amounting to over 100 million euros and over 850 employees. Finally, the adaptation of the accommodation offer necessary to support the new tourist flows will generate further construction site impacts of around 100 million and more of 600 employees.