COIMA and urban tourism: hotels, regeneration and mixed-use real estate

COIMA is one of the most important players for understanding the future of urban real estate in Italy and its direct and indirect relationship with hospitality.

After Hines Italy and Kryalos, the dossier on COIMA completes a fundamental step in the Italian section of this series.

Hines represents the culture of urban regeneration, living and the physical transformation of assets.

Kryalos represents the dimension of real estate funds, SGR structures, asset management and the structuring of real estate value.

COIMA represents a very specific synthesis: investment, development, management, urban regeneration, real estate funds, sustainability, mixed-use districts and the creation of new urban centralities.

In the hotel sector, COIMA should not be read as a pure hotel operator.

It is not a hotel brand.

It is not a hotel chain.

It is not an operator such as Marriott, Hilton, Accor, Hyatt or Four Seasons.

It is not a specialized hospitality investor in the same way as some international platforms.

COIMA is first and foremost an Italian investment, development and real estate management platform.

But this is precisely why it is highly relevant to the future of hotels.

Because the future of Italian hospitality will be increasingly inseparable from the future of cities.

Hotels no longer live only from rooms.

They live from districts.

They live from mobility.

They live from offices.

They live from retail.

They live from restaurants.

They live from events.

They live from student housing.

They live from residences.

They live from public spaces.

They live from perceived safety.

They live from urban image.

They live from the quality of context.

COIMA matters because it works exactly on context.

And when the urban context changes, hotel value changes as well.

The investment thesis

The central thesis is that COIMA is relevant to hotel investment not so much because its main positioning is hospitality, but because it helps create the urban, real estate and financial conditions in which hotels can generate more value.

The contemporary hotel is no longer an isolated building.

It is a function within an urban ecosystem.

It can be part of:

• mixed-use districts;

• urban regeneration projects;

• former railway yards;

• business districts;

• residential projects;

• student housing;

• senior living;

• urban retail;

• food and beverage;

• public spaces;

• offices;

• culture;

• events;

• sustainable mobility;

• integrated urban destinations.

COIMA is important because it works across many of these dimensions.

Its logic can influence hospitality through ten main levers:

• urban regeneration;

• creation of new centralities;

• development of mixed-use districts;

• management of real estate funds;

• transformation of complex areas;

• integration of offices, residences, retail and services;

• sustainability and certifications;

• student housing and living;

• enhancement of public spaces;

• increase in urban attractiveness.

The lesson for the Italian hotel sector is very clear.

The value of a hotel does not depend only on the property.

It also depends on the place.

And place is not fixed forever.

It can be built, transformed, regenerated and managed.

What COIMA is

COIMA is a group active in the investment, development and management of real estate assets.

Its history is strongly linked to Milan and to the city’s urban transformation.

The name COIMA is associated above all with Porta Nuova, one of the most important urban regeneration projects completed in Italy and one of the developments that decisively helped reposition Milan as an international city.

But COIMA cannot be read only through Porta Nuova.

The group operates on several levels:

• real estate funds;

• asset management;

• development management;

• property management;

• investment management;

• urban regeneration;

• offices;

• residential;

• retail;

• living;

• mixed-use;

• logistics;

• hospitality;

• sustainability;

• urban impact.

This plurality is the central point.

COIMA does not work only on properties.

It works on real estate systems.

And hospitality is increasingly a system function.

A hotel in a well-managed district can be worth far more than the same hotel isolated in a weak context.

This is one of the most important keys to the dossier.

COIMA and Porta Nuova

Porta Nuova is the most important case for understanding COIMA.

It is the project that changed the face of a central part of Milan and helped create a new international district.

Porta Nuova integrated:

• offices;

• residences;

• retail;

• public spaces;

• urban green areas;

• contemporary architecture;

• mobility;

• services;

• restaurants;

• events;

• international image.

The project had an impact that goes beyond real estate.

It changed the perception of Milan.

It created a new centrality.

It attracted companies.

It increased demand for services.

It strengthened the city’s international positioning.

It helped create an urban ecosystem capable of generating value.

For hospitality, this is fundamental.

A hotel located near or connected to a district like Porta Nuova benefits from much deeper demand than a hotel on a traditional urban axis.

Demand is not only tourism.

It is corporate.

It is leisure.

It is business leisure.

It is events.

It is fashion.

It is design.

It is finance.

It is technology.

It is long stay.

It is relocation.

It is urban lifestyle.

Porta Nuova demonstrates that urban regeneration can create hotel demand.

Not only capture it.

Porta Nuova and Milan’s new hotel geography

Over the last twenty years, Milan has changed its hotel geography.

In the past, demand was more concentrated around traditional axes:

• the historic center;

• Stazione Centrale;

• the exhibition area;

• established business districts;

• the fashion district;

• Brera.

With Porta Nuova, CityLife, Fondazione Prada, Scalo Porta Romana and other urban interventions, the city has begun to function as a network of centralities.

This changes the way hotels should be read.

A hotel should no longer be evaluated only by its distance from the Duomo.

It should be evaluated by its connection to:

• business districts;

• cultural hubs;

• retail;

• transport;

• events;

• university clusters;

• new residences;

• regenerated neighborhoods;

• services;

• public spaces.

COIMA has played a highly relevant role in this change.

And the lesson for hotel investors is clear: the value of a hotel increases when the urban quality around it increases.

Scalo Porta Romana: the urban laboratory of the future

Scalo Porta Romana is another central project.

It is one of the most important urban transformations in Milan, with a key role also in view of the Milan Cortina 2026 Olympic and Paralympic Winter Games.

The area is set to become a major new urban district, with residential, public, environmental, social and service functions.

The Olympic Village is one of the most visible elements of the project.

Its most interesting characteristic is the asset’s double life.

First, it will host athletes.

After the Games, it will be converted into student housing.

This logic is highly important for hospitality.

Because it shows how an asset can be designed from the beginning for different uses over time.

First temporary hospitality.

Then managed residential use.

First a global event.

Then permanent urban infrastructure.

First accommodation.

Then living.

This is a key theme in contemporary real estate.

Buildings must not be rigid.

They must be adaptable.

They must be able to change function.

They must generate value beyond the event.

They must leave a legacy.

The Olympic Village: temporary hospitality and student housing

The Milan Cortina 2026 Olympic Village is one of the most interesting cases at the boundary between hospitality, living and regeneration.

During the Games, the village will serve an accommodation function.

After the Games, it will become student housing.

This transformation is highly significant.

It shows that traditional real estate categories are moving closer together:

• hospitality;

• residential;

• student housing;

• temporary living;

• services;

• community;

• common spaces;

• sustainability;

• operating management.

An advanced student residence is not a hotel.

But it has many hotel-like logics:

• reception;

• services;

• maintenance;

• security;

• community;

• shared spaces;

• customer experience;

• operating management;

• occupancy;

• pricing;

• reputation.

This makes the COIMA case highly relevant.

Because the future of hospitality will not be made only of hotels.

It will also be made of hybrid, temporary, managed, residential and service-led products.

COIMA and mixed-use real estate

Mixed-use is one of the key words for understanding COIMA.

A mixed-use project is not simply a project with different functions.

It is an ecosystem.

It can include:

• residences;

• offices;

• hotels;

• retail;

• F&B;

• services;

• culture;

• public spaces;

• wellness;

• coworking;

• mobility;

• green areas;

• student housing;

• senior living;

• entertainment.

Within a mixed-use context, the hotel changes nature.

It is no longer only an accommodation facility.

It becomes a node.

A node between people who work, live, travel, study, attend events, go to restaurants, use services and visit the city.

This integration increases the resilience of the asset.

A hotel within a mixed-use district can benefit from several sources of demand:

• corporate;

• leisure;

• MICE;

• long stay;

• events;

• local residents;

• daily visitors;

• students;

• families;

• economic operators.

This is very different from the old model of the isolated hotel.

COIMA is relevant because it works on this new urban grammar.

COIMA, living and hospitality

Living is an increasingly important component of contemporary real estate.

It includes:

• rental residential;

• student housing;

• senior living;

• affordable housing;

• co-living;

• serviced apartments;

• temporary residential use;

• hybrid formulas.

The link with hospitality is becoming increasingly evident.

The market is asking for flexible solutions.

Not all customers want or can stay in a hotel.

Not all customers want to rent a traditional apartment.

There is an intermediate demand:

• international students;

• travelling managers;

• young professionals;

• families in transition;

• digital nomads;

• patients and accompanying relatives;

• active seniors;

• professors and researchers;

• temporary workers;

• long-stay travelers.

This demand requires managed products.

And managed products have logics close to hospitality.

By working on living and student housing, COIMA captures one of the major transformations in the market: the convergence between living and staying.

COIMA and urban tourism

Urban tourism does not depend only on hotels.

It depends on the city.

An attractive city generates demand.

A safe city generates demand.

A city with vibrant public spaces generates demand.

A city with events generates demand.

A city with recognizable districts generates demand.

A city with retail, culture, offices, universities and services generates demand.

COIMA is relevant because it helps create cities that are attractive from a real estate and urban perspective.

Porta Nuova created a new image for Milan.

Scalo Porta Romana may create a new centrality.

The Olympic Village will bring international visibility and then a permanent function.

These projects are not hotels.

But they influence the hotel market.

Because they improve the destination.

And a hotel is worth more when the destination around it becomes stronger.

COIMA and indirect hospitality

When discussing COIMA and hotels, one mistake should be avoided.

We should not look only for hotels in the portfolio.

We should look for the hospitality effect of the urban model.

COIMA can influence hospitality even when it does not directly develop a hotel.

It does so by creating:

• attractive districts;

• corporate demand;

• leisure demand;

• new neighborhoods;

• public spaces;

• retail;

• restaurants;

• managed residences;

• student housing;

• events;

• urban reputation;

• centralities;

• services.

This is indirect hospitality.

It is no less important.

In fact, in many cases it is decisive.

A hotel in a regenerated area can improve ADR, occupancy, reputation and real estate value.

A hotel in an unmanaged area can remain weak even if the building itself is valid.

The COIMA lesson is that hospitality also begins outside the hotel.

COIMA and offices: corporate demand and business travel

Offices are a fundamental component of COIMA projects.

This theme matters for hotels.

Offices generate business demand.

They generate meetings.

They generate business travel.

They generate events.

They generate long stays.

They generate relocation.

They generate F&B demand.

They generate demand for services.

A well-designed business district can support a stronger hotel market.

Milan demonstrates this clearly.

The success of Porta Nuova and other districts has strengthened corporate and business leisure demand.

For hotels, this means greater market depth.

A hotel does not have to live only from leisure tourism.

It can also live from corporate demand, events, mixed stays, international clients, meetings and relationships with companies in the area.

By working on offices and business districts, COIMA indirectly helps strengthen hotel demand.

COIMA and urban retail

Retail is another decisive component.

Hotels do not live only from rooms.

They also live from their commercial context.

A district with strong retail, restaurants, services and walkability increases hotel attractiveness.

Retail offers:

• experiences;

• places to visit;

• services for guests;

• restaurants;

• shopping;

• social life;

• urban identity;

• evening activity;

• local demand.

The relationship between hotels and retail is two-directional.

Retail makes the hotel more interesting.

The hotel brings customers to retail.

Hotel bars, restaurants, rooftops and common spaces can become active parts of urban life.

Through mixed-use projects and urban retail, COIMA works on one of the elements that makes the hospitality system more competitive.

COIMA and sustainability

Sustainability is one of the most relevant themes in the COIMA model.

In contemporary real estate, sustainability does not mean only certifications.

It means project quality.

Energy efficiency.

Social impact.

Public spaces.

Health.

Mobility.

Green areas.

Emission reduction.

Resilience.

Long-term management.

For hotels, all this is fundamental.

An energy-intensive hotel loses competitiveness.

A non-sustainable hotel may be less financeable.

A hotel without environmental quality may be less attractive to international clients, companies and investors.

Sustainability therefore becomes economic value.

In a sustainable urban context, the hotel can also benefit from better reputation, more controlled costs and greater future liquidity.

COIMA teaches that sustainability and real estate value are not separate.

They are increasingly the same thing.

COIMA and the value of public space

One of the most important elements of urban regeneration is public space.

Hotels depend heavily on public space.

A guest does not judge only the room.

They judge the arrival.

The street.

The square.

Safety.

Light.

Mobility.

The presence of greenery.

The quality of the district.

The ability to walk.

The availability of services.

Well-designed public space increases the value of surrounding hotels.

Weak public space reduces the value even of the best properties.

Porta Nuova demonstrates this clearly.

The creation of public spaces, routes, squares, green areas and urban functions helped make the district attractive.

For Italian hospitality, this is a fundamental lesson.

A hotel cannot be evaluated without evaluating the urban space around it.

COIMA and institutional capital

COIMA works with institutional capital and through real estate funds.

This is a central aspect for the Italian hotel market.

Institutional capital looks for:

• governance;

• reporting;

• sustainability;

• liquidity;

• risk control;

• asset quality;

• quality of context;

• reliable operators;

• clear contracts;

• exit strategy.

Many Italian hotels have potential, but they do not yet speak this language.

They are beautiful, but poorly documented.

They have history, but no reporting.

They have demand, but no governance.

They have location, but no capex plan.

They have value, but they are not structured.

The COIMA culture is useful because it shows how Italian real estate can engage with institutional capital through vision, project-making, sustainability, data, governance and management.

This is an important lesson for hotels as well.

COIMA versus Hines Italy

The comparison with Hines Italy is natural.

Both are decisive platforms for understanding Italian urban transformation.

Hines transforms assets and pieces of the city.

COIMA builds urban ecosystems and real estate platforms.

The two logics are close, but not identical.

Both are fundamental for understanding the future of Italian hospitality.

COIMA versus Kryalos

The comparison with Kryalos helps distinguish two different market functions.

COIMA works on context.

Kryalos works on structure.

A major hospitality project may need both cultures.

COIMA versus DeA Capital Real Estate

DeA Capital Real Estate is a major Italian alternative real estate asset management platform.

COIMA has an identity more strongly linked to urban regeneration and development.

COIMA is more urban and project-driven.

DeA Capital is a broader management platform.

COIMA versus Castello SGR

The comparison with Castello SGR is interesting because Castello is often more directly associated with hospitality, tourism and resorts.

COIMA is more urban.

Castello is more tourism- and hotel-oriented.

This makes the comparison very useful for reading the different souls of the Italian market.

COIMA versus Blackstone

Blackstone is a global real estate and private equity giant.

COIMA is an Italian investment, development and management platform.

Blackstone buys and scales.

COIMA creates and manages urban contexts.

The two logics can be complementary.

COIMA and Italy

Italy is a perfect market for a COIMA logic.

Not because every city should copy Milan.

But because many Italian cities need urban regeneration, mixed-use and new centralities.

The country has:

• art cities;

• former railway yards;

• former industrial areas;

• waterfronts;

• disused public assets;

• districts to regenerate;

• universities;

• tourism demand;

• housing demand;

• corporate demand;

• need for student housing;

• need for sustainability;

• historic heritage;

• housing pressure;

• public spaces to rethink.

All this has an enormous impact on hospitality.

Because hotels thrive where cities work.

If a city creates vibrant, safe, accessible and well-managed districts, it also creates hotel demand.

If a city remains fragmented, congested, poorly managed and lacking services, even the best hotels can suffer.

COIMA teaches that urban real estate is a lever of tourism competitiveness.

Where a COIMA-style logic could work in Italy

The COIMA logic does not concern only Milan.

It concerns the way Italian cities can become more attractive platforms for tourism, work, study and residence.

Which assets would be most COIMA-ready

Not all hotel assets are coherent with a COIMA logic.

The most interesting assets are those where the hotel is part of a broader transformation.

The lesson is clear.

COIMA is most interesting where the hotel is not only a hotel.

Where the hotel becomes part of an urban project.

How to make an Italian project interesting for a COIMA logic

A project becomes more coherent with a COIMA logic when it has ten characteristics.

1. Urban scale

The project must affect a piece of the city, not only a single building.

2. Functional mix

Hotels, residences, offices, retail, services and public spaces must be able to interact.

3. Real demand

Tourism, work, study, residence or events must support the project.

4. Clear governance

Ownership, permits, constraints and stakeholders must be legible.

5. Sustainability

Energy, mobility, green space and social impact must be part of the project.

6. Public space

Value must not remain closed inside the building, but generate urban quality.

7. Institutional capital

The project must be able to engage with professional funds, investors and lenders.

8. Adequate operators

Hotels, living, retail, F&B and services require competent operators.

9. Sustainable capex

The transformation must be financeable and coherent with final value.

10. Legacy

The project must create lasting value, not only immediate return.

A project must not be only real estate.

It must be urban.

Why many Italian hotels are not yet ready for this logic

Many Italian hotels are still conceived as isolated buildings.

This limits value.

The recurring issues are often:

• limited integration with the neighborhood;

• lack of quality public spaces;

• weak relationship with retail and F&B;

• family management;

• weak urban context;

• absence of mixed-use;

• accessibility challenges;

• lack of integrated operators;

• uncoordinated capex;

• non-optimized debt;

• absence of urban vision;

• limited public-private collaboration.

These limits do not make hotels worthless.

But they reduce their potential.

The future will require a broader vision.

Hotels can no longer be evaluated only within their own walls.

They must be evaluated within the city.

What the Italian market can learn

The COIMA case offers many lessons for Italian hospitality.

1. Context creates hotel value

A hotel in a strong district is worth more than an isolated hotel.

2. Urban regeneration generates demand

New districts create new corporate, leisure, student and long-stay flows.

3. Mixed-use increases resilience

Hotels, offices, residences, retail and services strengthen one another.

4. Student housing is close to hospitality

Reception, management, services and community are shared logics.

5. Public space matters

Urban quality affects ADR, occupancy and reputation.

6. Sustainability is value

Efficiency, impact and environmental quality increase attractiveness and financeability.

7. Institutional capital seeks structure

Governance, reporting, funds and operators are fundamental.

8. Hotels must interact with the city

F&B, retail, events and services must open up to the district.

9. New centralities change the market

The traditional historic center is no longer the only axis of value.

10. Italy must think in terms of urban projects

Tourism value grows when the city becomes better managed, more vibrant and more accessible.

To explore these themes further, readers may consult the hotel guides published on www.robertonecci.it, the articles available on the Investimenti Alberghieri blog and the updates published on the InvestHotel blog.

COIMA as a benchmark for hotel investors

COIMA is a benchmark for at least ten categories of market participants.

The first category is developers. COIMA shows how urban regeneration can create real estate and tourism value.

The second category is hotel owners. A hotel must be read within its urban context.

The third category is real estate funds. Mixed-use projects can increase resilience and liquidity.

The fourth category is hotel operators. Future demand will increasingly depend on districts, services and integrated functions.

The fifth category is cities. Urban regeneration is also tourism policy.

The sixth category is living investors. Student housing, serviced residences and hospitality are increasingly close.

The seventh category is advisors. COIMA-like transactions require integrated expertise in urban planning, real estate, hotels, finance and operators.

The eighth category is family owners. Many family-owned hotels could create more value if included in contextual projects.

The ninth category is public administrations. Public spaces, mobility and services are part of tourism value.

The tenth category is international capital. Italy is more attractive when it offers legible urban projects, not only single assets.

COIMA teaches that in hospitality, capital must not only buy hotels.

It must build cities.

Create contexts.

Integrate functions.

Activate demand.

Strengthen the place.

And transform urban value into hotel value.

FAQ on COIMA and hotel investment

What is COIMA?

COIMA is an Italian platform active in the investment, development and management of real estate assets, with strong specialization in urban regeneration, real estate funds, mixed-use and district management.

Is COIMA a hotel operator?

No. COIMA is neither a hotel brand nor a hotel operator. It is a real estate platform that can influence hospitality through urban regeneration, mixed-use, living, retail and the creation of new centralities.

Why is COIMA relevant for hotels?

Because hotel value increasingly depends on urban context, district quality, services, mobility, offices, retail and public spaces.

What does Porta Nuova teach?

Porta Nuova shows that urban regeneration can create new demand, new reputation and new centralities capable of strengthening the hotel market as well.

What does Scalo Porta Romana teach?

Scalo Porta Romana shows the value of major mixed-use projects and the transformation of complex areas into integrated urban districts.

Why is the Olympic Village relevant to hospitality?

Because it brings together temporary accommodation, an international event, student housing and urban legacy, showing the convergence between hospitality and living.

Does COIMA invest directly in hotels?

Its main profile is not that of a pure hotel investor. However, its portfolio and activities include real estate categories that interact with hospitality and can generate indirect hotel value.

What is the difference between COIMA and Kryalos?

COIMA works mainly on creating urban contexts, development and regeneration. Kryalos works more on structuring funds, asset management and the management of real estate assets.

What is the difference between COIMA and Hines Italy?

Both work on urban regeneration. Hines is more identifiable as a global developer and asset transformer; COIMA is an Italian platform with a strong identity in funds, urban management and district development.

What can Italy learn from COIMA?

That hotel value does not depend only on the hotel, but on the ability to build vibrant, sustainable, accessible, well-managed districts capable of generating demand.

Conclusion

COIMA is one of the most important cases for understanding the future relationship between urban real estate and hospitality in Italy.

Not because it is a pure hotel investor.

Not because it is a hotel brand.

Not because its role coincides with that of a chain or operator.

COIMA is important because it represents a real estate culture that Italian hospitality must understand increasingly well.

The culture of urban regeneration.

Real estate funds.

Mixed-use.

Living.

Student housing.

Sustainability.

Public spaces.

New centralities.

The city as a platform.

With Porta Nuova, COIMA helped transform Milan’s international image.

With Scalo Porta Romana, it is working on a new urban laboratory also linked to the Olympic legacy.

With the Olympic Village, it shows how an asset can move from temporary hospitality to student housing.

With mixed-use projects, it shows how different functions can generate mutual value.

For Italy, the lesson is very clear.

Beautiful hotels are not enough.

Art cities are not enough.

Tourism is not enough.

Historic properties are not enough.

The city is needed.

Context is needed.

Mobility is needed.

Public space is needed.

Sustainability is needed.

Management is needed.

Living is needed.

Retail is needed.

Services are needed.

The ability to build urban destinations is needed.

COIMA teaches that the future of Italian hospitality will not be only inside hotels.

It will be in the districts capable of generating demand.

It will be in ecosystems capable of bringing together work, residence, tourism, study, culture, retail and services.

It will be in the ability to transform properties into places.

And places into destinations.

In the contemporary market, the strongest hotel is not always the most central one.

It is the one embedded in the most vibrant, sustainable and accessible urban context, capable of producing demand over time.

Urban hotels, historic assets, mixed-use projects, former industrial areas, former railway yards, student housing, serviced apartments, urban regeneration projects, offices to be converted and complex hospitality transactions require an integrated reading of real estate, operations, urban planning, capex, brand, operators, sustainability, funds and market dynamics.

For hotel valuations, investment transactions, development, repositioning, strategic advisory and hospitality asset enhancement, visit Hotel Management Group.

Hotel Management Group supports owners, investors and operators in the valuation, development and enhancement of hotel assets.

Roberto Necci - r.necci@robertonecci.it