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Falkensteiner Michaeler Tourism Group (FMTG) has completed the acquisition of Falkensteiner Resort Capo Boi on Sardinia’s south-eastern coast. After roughly ten years operating the property under a lease model, the group is moving to full ownership—underscoring a trend that is becoming increasingly pronounced in European hospitality: pairing operational expertise with control over a key asset to enable long-term investment.
The resort sits in a private bay within the Capo Carbonara marine protected area, a location with a long-standing reputation as a premium destination. For decades, the site was developed by the Mazzella entrepreneurial family, which built it into an established upscale resort; among its notable historical guests was former German Chancellor Willy Brandt. “After ten years of successful cooperation, I am pleased to now permanently place the resort in the hands of an experienced and reliable partner,” said Giorgio Mazzella.
FMTG took over Capo Boi ten years ago initially as a tenant. Subsequent growth in the premium segment and the building of an international clientele, the group says, created the conditions for the next phase: combining both operations and ownership. “With the acquisition of Falkensteiner Resort Capo Boi, we are taking an important step in our strategy to own key assets in top-tier European destinations,” said CEO Otmar Michaeler. Supervisory Board Chairman Erich Falkensteiner added that southern Sardinia still has “significant development potential,” and that the transaction is the result of FMTG teams’ work over the past decade.
Ambition: Five-Star Positioning and Year-Round Operations
The group is signalling substantial investments in the coming years with the aim of elevating the resort into the “five-star league” and supporting year-round tourism around Cagliari and the southern part of the island. Specific modernisation and development plans are currently being prepared. A long-term objective is also to join The Leading Hotels of the World collection, which already includes three Falkensteiner properties (Kronplatz, Montafon and Schlosshotel Velden).
The transaction was financed primarily by Monte dei Paschi di Siena (MPS). Financial advisory was provided by Fabio Cassi and Matteo Pattavina of Equita; legal and tax services were delivered by DLA Piper, Macciotta & Associati, and Hager & Partners. “This transaction represents an important milestone in our growth strategy in Italy and confirms our ability to deliver complex projects,” said René Mutschlechner, Managing Director Finance Italy at FMTG.
The Capo Boi acquisition fits into a broader shift in European hospitality: in an environment of rising expectations around quality, ESG standards and investment in guest experience, ownership of key real estate is becoming a route to greater control over both product and returns. For Sardinia, the project may also signal that the premium segment is expanding beyond the most established hotspots—and that the island’s south is positioning itself as a year-round destination rather than a purely seasonal stop.
About FMTG
Falkensteiner Michaeler Tourism Group is one of Europe’s leading privately owned tourism groups. Active in five countries, it brings together the Falkensteiner Hotels & Residences brand (27 four- and five-star hotels), three apartment complexes, FMTG Development, FMTG Invest, Falkensteiner Camping, and the consulting company Michaeler & Partner.
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