
Hospitality Experience
Cost Analysis for Monastery/Resort Conversion
Horwath HTL was engaged to conduct a cost analysis for the conversion of a historic monastery into a resort hotel, providing the client with a detailed breakdown of expected expenditures and strategic insights to guide the project’s financial planning and implementation.
Project Scope
Horwath HTL was engaged to conduct a cost analysis for the conversion of a historic monastery into a resort hotel, providing the client with a detailed breakdown of expected expenditures and strategic insights to guide the project’s financial planning and implementation.
The process began with an assessment of the monastery’s current condition, including the structural integrity of the buildings, historical preservation requirements, and the extent of modifications needed to meet modern hospitality standards. The analysis identified essential work areas, such as infrastructure upgrades, interior renovations, and the addition of new facilities, ensuring compliance with regulatory requirements and the preservation of the monastery’s historical character.
The cost analysis included a detailed estimate of capital expenditures (CapEx) for each stage of the conversion, from initial construction and refurbishment to interior design and operational setup. Key areas of focus included guest accommodations, dining and event spaces, wellness facilities, and outdoor amenities. Special attention was given to integrating sustainable practices, such as energy-efficient systems and locally sourced materials, aligning the project with contemporary market expectations.
Horwath HTL benchmarked the estimated costs against similar adaptive reuse projects, ensuring the financial projections were realistic and market-aligned. The study also explored potential cost-saving measures, such as phased implementation and partnerships with local craftsmen and suppliers.
The final deliverable was a comprehensive cost analysis report, providing the client with a clear understanding of the financial scope and strategic recommendations to optimise resource allocation. This included insights into prioritising expenditures and mitigating risks associated with converting a heritage property.
By delivering a thorough and market-aligned cost analysis, Horwath HTL supported the client in planning a successful conversion of the monastery into a resort hotel, balancing the preservation of its historical essence with the creation of a modern and competitive hospitality offering.
Project Location
Gorizia, Italy