Cassa Depositi e Prestiti invests in tourism

Cassa Depositi e Prestiti invests in tourism

National Tourism Fund created to provide strategic support in a key sector of the Italian economy.

Italy has always been a top tourist destination. With revenues accounting for 13% of national GDP and 15% of all jobs, tourism is a cornerstone of the Italian economy. Even so, there is ample room for improvement in the sector. Infrastructure – including hotels, food providers and other forms of entertainment –-needs to make a leap forward in terms of quality, innovation and new ideas. By taking action in these areas, Italy would become more competitive and improve its position in national league tables.

Cassa Depositi e Prestiti has been investing in the improvement of hotel facilities since 2016 through the Tourism Investment Fund (Fondo Investimenti per il Turismo), facilitating the separation between asset ownership and management.
Building on this expertise and in light of the serious repercussions on the entire sector caused by the Covid-19 pandemic, the CDP Group has now set up a new National Tourism Fund (Fondo Nazionale del Turismo – FNT). The fund will mobilise up to 2 billion euros to protect and develop the jewels of Italian hospitality.

The FNT is part of the CDP Group’s broader strategy to support the sector, which is divided into four pillars:

  • Training: improving hospitality quality through the Italian School of Hospitality, launched in December 2019 in collaboration with Th Resorts and Università Ca’ Foscari. The aim of this high-level professional training institute is to educate the next managerial class in the tourism sector;
  • Innovation: developing cutting-edge solutions and services through the National Innovation Fund (Fondo Nazionale Innovazione). The Venture Capital Fund (Fondo di Venture Capital) has already financed 11 startups in the tourism sector, covering process digitalisation, sustainable tourism and internationalisation;
  • Consolidation of hotel managers: creating national leaders in hotel management, including by deploying equity and in particular in southern Italy. The Group is already a shareholder in Th Resorts and Rocco Forte Hotels, making a decisive contribution to their growth and bringing them to a total of over 13,000 direct and indirect jobs;
  • Real estate development: buying and renovating hotels with a particular focus on historically important and iconic examples. CDP promotes the separation between property ownership and hotel management, to ensure adequate investments and high-quality standards. Having purchased seven hotels throughout the country, CDP has already invested a total of 160 million euros (including 46.7 million euros for redevelopment and upgrades).

CDP’s aim with the National Tourism Fund is to contribute to the national effort to turn the Covid crisis into a great opportunity. Indeed, investing in tourism is tantamount to an investment in the future of Italy.

Find out more about the National Tourism Fund