real estate Tuscany

From Ruins to Riches: How an American Lawyer Saved a Medieval Tuscan Village

By Columbus International,2 December 20242 December 2024

The rebirth of a medieval village: this is the story of Castiglioncello del Trinoro, a small village of just fourteen inhabitants in the municipality of Sarteano. The turning point came in 2003, when Michael Cioffi, a lawyer from Cincinnati, fell in love with this 900-year-old ancient settlement, deciding to save it from abandonment.

Before Cioffi’s intervention, the village was in a state of decay, with crumbling buildings and vegetation invading the streets. But the American lawyer glimpsed the hidden potential among those ancient walls, attracted by the millennial history of the place and determined to bring it back to life. The restoration project, which began in 2005, led to the creation of Monteverdi Tuscany in 2012, an exclusive scattered hotel named after the famous composer.

The transformation wasn’t limited to accommodation facilities: the village’s small church was converted into an auditorium, while the kitchen was entrusted to chef Riccardo Bacciottini from Poggibonsi, who delights guests with traditional local dishes.

This intervention saved Castiglioncello del Trinoro from a fate of abandonment and ruin. However, the “touristification” of historic villages remains a controversial topic, as demonstrated by the controversies that arose in similar cases: in Chiusure, in the municipality of Asciano, historic residents opposed similar operations, while in Monticchiello, in the territory of Pienza, a group of intellectuals led by Alberto Asor Rosa opposed the construction of new houses near the historic walls.

In Castiglioncello del Trinoro, however, the transformation occurred without conflicts, giving new life to the village. A success that also made Andrea Franchetti happy, a pioneering entrepreneur who started a winery in an area considered by many to be unpromising for viticulture.

Sources: Corriere di Siena e Cibotoday.it

Tuscany’s Luxury Hotel Market Sees 24% Growth, New WCG Analysis Reveals

By Columbus International,26 November 2024

World Capital Group (WCG) is set to unveil groundbreaking research on Tuscany’s hospitality sector at the upcoming BTO 2024 – Be Travel Onlife event in Florence. The analysis reveals a remarkable transformation in the region’s hotel industry, particularly in the luxury segment, despite overall market contractions.

According to WCG’s Research Department’s findings, Tuscany commands a significant 8.23% of Italy’s hotel real estate portfolio, representing 7.65% of the country’s total room capacity. The region’s luxury segment maintains a robust presence, with upscale properties (4 and 5-star hotels) accounting for over 25% of establishments, slightly above the national average of 24%.

Florence Leads Luxury Market Transformation

The capital city emerges as the powerhouse of Tuscany’s luxury hospitality sector, controlling 39% of upscale properties and an impressive 66% of premium rooms. These figures align with metrics observed in Italy’s other major metropolitan markets, as documented by WCG’s research team.

The past five years have witnessed contrasting trends across market segments. While Italy’s overall hotel inventory decreased by 3% (with room numbers remaining stable), Tuscany experienced more pronounced declines: a 6.44% reduction in properties and a 15.39% drop in room inventory.

However, the luxury segment tells a different story. Tuscany’s upscale sector recorded remarkable 24% growth in both properties and rooms. Florence particularly exemplified this trend with a 25% increase across both metrics in the luxury segment, while mid-scale and economy segments contracted due to widespread property upgrades.

Florence’s Hotel Real Estate: A €4.2 Billion Market

WCG’s Research Department values Florence’s hotel real estate portfolio at over €4.2 billion, with the luxury segment accounting for €3.6 billion (85%) of the total. The ownership landscape reveals interesting patterns:

Hotel operators control 46% of properties
Local investors own 40%
Financed assets represent 6%
Public entities hold 5%
Institutional investors maintain 3% of properties but control 7% of total rooms

“Tuscany’s hospitality real estate market represents a unique fusion of tradition and innovation,” says Gabriele Fiumara, WCG’s Real Estate Consultant for Hospitality. “The region’s extraordinary cultural and natural heritage continues to attract both domestic and international investors, driven by growing demand for high-end accommodations.”

Fiumara will present these findings at BTO 2024, scheduled for November 27-28 at Florence’s Stazione Leopolda. He will join industry leaders including Barbara Casillo, General Manager of the Italian Hotel Industry Association (Confindustria Alberghi), and Francesco Bechi, President of Federalberghi Florence, in a panel discussion focused on tourism development and investment attraction in Tuscany.

Florence’s Premier Art Event Draws Global Elite With Titian, Michelangelo Masterpieces

By Columbus International,1 October 2024

The 33rd Florence International Biennial of Antiques (BIAF) is set to transform the historic Palazzo Corsini into a luxurious marketplace of museum-quality art from September 28 to October 6, 2024. This year’s edition marks a significant expansion with 80 galleries participating, including 14 new prestigious international exhibitors, cementing its position as one of the world’s premier art events.

Star-Studded Affair Merges Art, Fashion, and Philanthropy

The Biennale kicks off with an exclusive gala dinner for 780 global VIPs, orchestrated by Gucci Osteria da Massimo Bottura. Gucci’s sponsorship underscores the event’s fusion of high art and haute couture. A highlight of the opening festivities is a charity auction featuring world-renowned tenor Andrea Bocelli in the magnificent Salone dei Cinquecento at Palazzo Vecchio.

“This edition promises to be one of the finest under my management,” says Fabrizio Moretti, Secretary General of BIAF. “We have the world’s best dealers bringing their masterpieces to Palazzo Corsini, effectively creating a museum for sale.”

Blue-Chip Galleries Showcase Rare Treasures

The exhibitor list reads like a who’s who of the art world:

Colnaghi: Founded in the 18th century
Agnews: A London stalwart since 1817
Enrico Frascione: A family dynasty in antique paintings since the late 1800s
Dickinson: Known for discovering works by Botticelli, Titian, and Rubens

Investment-Grade Masterpieces on Display

Notable works include:

A Titian Madonna and Child with St. Mary Magdalene (c. 1555-1560) at Carlo Orsi’s stand, authenticated by renowned expert Federico Zeri
Michelangelo’s Study of Jupiter from Dickinson Gallery
A Bronzino Madonna and Child presented by Maurizio Canesso
A recently discovered Portrait of Grand Duchess Vittoria Della Rovere by Camilla Guerrieri (1628-1690)

Modern Masters Join Old World Treasures

The Biennale isn’t limited to antiquities. Twentieth-century highlights include:

Le Corbusier works from Tornabuoni Arte
A 1950 “Nocturne” by Alberto Savinio from Sperone Westwater
Giorgio de Chirico’s 1933 “The Daughters of Minos” from Farsetti

Market Impact and Investment Potential

With most participating galleries boasting 30-50 years of market expertise, the Biennale represents a unique opportunity for serious collectors and investors. These galleries have shaped international collecting trends and have placed works in the world’s leading museums.

Each piece exhibited undergoes rigorous authentication, restoration, and research, ensuring maximum value and investment potential. As Mayor Sara Funaro notes, the Biennale remains “a fundamental reference point for international collecting.”

Photo via BIAF