36% of the restaurants listed in the 2023 Michelin Guide with at least one star are connected to hotels. According to the Luxury Hotels Database by Thrends, 57% of 5-star hotels have one restaurant, 41% have up to 3 restaurants, and the remaining 2% have more than 3 restaurants. Of these, approximately 10% are Michelin-starred restaurants. This indicates a growing trend of fine dining in hotels, aiming not only to cater to their guests but also to attract external clientele.
As reported by “Il Sole 24 Ore,” in most cases, the restaurant’s contribution to the hotel’s economic account is around 40%, while in some exceptions, it can go up to 60%, as was the case with Belmond Splendido Mare in Portofino in 2022. Michelin-starred restaurants’ strategies are increasingly focused on external customers, who on average represent 75% of the patrons.
Investments in Food and Beverage (F&B) are also on the rise, with chains like Four Seasons recently isolating their “Restaurant and Bar Group” as a distinct business line. Currently, this group operates 600 restaurants and bars in 47 countries, boasting 31 Michelin stars among them. The growth project envisions 225 new openings. It is becoming increasingly evident that chefs and restaurant entrepreneurs find it advantageous to collaborate with hotels, thanks to the synergy between the stars awarded to hotels and those awarded to restaurants, especially if they are part of luxury chains. Targeted investments and suitable physical and managerial structures enable managers to monitor profitability more effectively compared to many independent fine dining locations, which often struggle to balance high operating costs with limited seating capacity.
Not only major hotel brands leverage the culinary aspect to strengthen their hospitality offerings, as recently confirmed by Luigi Polito – CEO of Imperatore Travel and Patron of Theresia Resort Sea and SPA, the only location in Italy with two Michelin-starred restaurants in the same structure. The percentage they consider as an investment guideline for the F&B asset is around 25% of the department’s revenue.