The property should be located in a key and attractive location such Tuscany (Florence – Lucca – Siena) or in Rome, Venice, Milan, Madrid, Sevilla, Malaga . The group is also willing to consider opportunities in micro location characteristics such as Portofino, Positano, Provence, etc. Ideally the geographic orientation of the asset should be to the southwest. Better if located on a hill with panoramic views. The ideal lot size usually has an area of at least 20,000 – 30,000 square meters, if larger even better. Given the experience in the sector, even if the property needs complete renovation and revamping, the same can become a possible target. In terms of operation, the group prefers places with low seasonality and a minimum of 7-8 operating months per year. In general, the group tends not to exceed a total exposure of €15m (asset + capex acquisition required). It is not necessary that the property has always been used as a hotel; however, the change of intended use must have already been approved by the competent authorities.