Project Scope

Lefay Resort & SPA Lago di Garda, located in Gargnano on the western shore of Lake Garda, is a premier luxury destination that seamlessly integrates wellness, sustainability, and contemporary luxury. The resort spans 11 hectares of natural parkland, featuring rolling hills and olive groves, and offers panoramic views of the lake. Its design reflects traditional local architecture, reinterpreted to harmonize with the surrounding landscape.

Horwath HTL Italy was engaged by the Lefay Group to review and verify the business plan for the Lefay Resort & SPA Garda Lake. The assignment focused on assessing the operator’s margin and the developer’s profitability, ensuring that the plan’s financial assumptions were realistic, aligned, and supportive of both operational and investment goals.

The review began with an in-depth analysis of the operator’s business model, evaluating key revenue streams such as room sales, spa services, F&B operations, and wellness programmes. Metrics such as occupancy rates, average daily rates (ADR), and ancillary revenue contributions were scrutinised to validate the projected margins. Benchmarking against comparable luxury wellness resorts provided additional context to ensure the operator’s performance expectations were achievable and market-aligned.

The developer’s business plan was also assessed to confirm the profitability of the project. This included evaluating capital expenditure (CapEx), construction costs, and development timelines in relation to the projected returns. Cash flow analyses were conducted to ensure the plan accounted for initial investment recovery and long-term profitability.

The interplay between the operator’s and developer’s financial models was critically examined to identify potential misalignments or risks. Recommendations were provided to optimise the balance of revenue-sharing agreements, operational efficiency, and investment returns, ensuring a mutually beneficial framework for both parties.

The final deliverable was a comprehensive report detailing the findings, including a review of key assumptions, financial projections, and actionable recommendations. The report provided clarity on the operator’s margin and the developer’s profitability, enabling the Lefay Group to proceed with confidence in its strategic and financial planning.

By delivering a rigorous and data-driven evaluation, Horwath HTL Italy supported the Lefay Group in ensuring the long-term success and sustainability of Lefay Resort & SPA Garda Lake, reinforcing its position as a benchmark in luxury wellness hospitality.

Project Location

Lake Garda, Italy