Total Investment Cost

The recovery of the chalets, in compliance with the specific regulations envisaged in park areas and with the typical characteristics of traditional mountain architecture, involves a parametric cost of 1500 euros/sqm. The start-up nucleus of the widespread shelter, consisting of 500 square meters, will therefore cost approximately 750,000.00 euros. The total amount envisaged for the recovery of the widespread refuge chalets and for the arrangement of the access roads to the village, as per the technical–economic framework, pursuant to national legislation, developed based on the project hypotheses put forward, was 1,149,608.00 euros (Appendix A). Among the sums available to the contracting station were the total cost of the purchase of the barracks by the administration (start-up group), equal to 40,000.00 euros. This cost was derived from a synthetic estimate and elaborated based on direct surveys of local real estate operators: 500 sqm × 80.00 euros/sqm = 40,000.00 euros. It should be noted that this total cost does not include the costs for the purchase of furnishings and equipment for the rooms, the common areas, and the bar/restaurant area of the

widespread refuge, which was assumed to be borne by the manager of the accommodation business.

Management Model Hypothesis

Based on the comparative information of best practices, two main types of management can be hypothesized:


Table 3 displays the advantages and disadvantages of the two hypothesized solutions.


The primary objective of the municipal administration is the return in terms of positive effects and benefits that the initiative can trigger on the territory. Among these benefits, the first is the increase in tourist attractiveness of the municipality of the township, which is reflected in many facets:


Based on these assumptions and the result of the comparison between the management alternatives, it was considered more advantageous to entrust the management to third parties in order not to further burden the administration with an onerous task that can be carried out with greater ability by entrepreneurs in the receptive field [24,25,27,30]. In fact, direct management by the administration is almost always an inadvisable path, as the public body may experience difficulty in internally obtaining the resources and professionalism necessary for the promotion and development of side-initiatives to its core business.

Finally, the possible future synergy of the structure with other functions aimed at the development and enhancement of local and tourist attractions should be highlighted, such as the promotion and resale of products from the milk supply chain and the organization of guided visits to the mountain pastures.

Finally, the possible future synergy of the structure with other functions aimed at the development and enhancement of local and tourist attractions, such as the promotion and resale of products from the milk supply chain and the organization of guided visits to the mountain pastures should be highlighted.

Below are the main possible stages of implementation of the intervention: The Municipal Administration:


The Financial Feasibility Plan of the Accommodation Facility—Input Data

The hypotheses formulated for the preparation of the Financial Feasibility Plan (FFP) of the RD, based on the functions that could be established (10 rooms for a total of 40 beds; common areas; bar/restaurant), concern the duration of the lease, initial investment, financial structure of the investment, amortization of the initial investment, management costs, ordinary maintenance costs, rental fee, income from room occupation, and bar/restaurant service, as indicated below:



**Table 4.** Investment costs for management.

The framework of overall management costs, calculated based on a period of activity of the established functions equal to six months/year (150 days), includes:


years. From the 6th to the 10th year, the rate was set at 0.40% (3000.00 euro/year) and from the 11th to the 20th year at 0.60% (4500.00 euro/year).

	- initial investment = 750,000.00 euros
	- economic duration of the asset = 80 years
	- initial investment depreciation charge = 9375.00 euros/year
	- rounding down the initial investment depreciation charge = 9000.00 euros/year.
	- The revenue analysis evaluated, based on a hypothesis of user flows, all the possible revenue sources in relation to the different types of profit that the overall range of services produces (Table 5). These types consist of:
		- Sale of beds in quadruple rooms (school groups, young people, etc.).
		- Sale of double/triple/quadruple rooms for families.
		- Drinks in the bar/restaurant area (breakfasts, lunches, and dinners) ordered by the users of the shelter.
		- Drinks in the bar/restaurant area ordered by passing users.

**Table 5.** Revenue from occupation of the rooms and bar/restaurant service.


Based on the hypothesis of opening the accommodation business for 150 days/year, a percentage of occupancy of the beds/rooms increasing from the first to the fourth year was very prudently evaluated, keeping the user tariff unchanged (including VAT, without considering the changes relating to the adjustment due to the ISTAT index of consumer prices on an annual basis for families of workers and employees) (Table 5).

As mentioned in the previous sections, the potential offer of the planned structure was equal to 1500 rooms/year (i.e., 40 beds × 150 days/year = 6000 room nights/year).

Considering that there are an average of 3000 school children on trips to the SNP per year and assuming that 20% could use the new accommodation facility, the occupation of the refuge by this specific user demographic represents 10% of the offer potential: 20% of 3000 children/year = 600 children/year = 150 rooms/year occupied by school groups (rooms with 4 beds each). This hypothesis remains unchanged for all the years of management, representing 100% of the occupancy of the rooms for school groups.

With regard to the residual supply of rooms per year, it was estimated that it could satisfy the demand represented by families. In particular, it was prudently assumed that the remaining 1350 rooms/year could be occupied by two, three, or four people, up to a maximum of 65%.

Therefore, the occupation of the structure varied from a minimum of 55% in the first year of management to a maximum of 68.50% from the fourth to the twentieth year.


An 'independent' attendance at the bar/restaurant equal to 400 passing users was also evaluated, which was represented by a percentage of 50% of potential consumers, for a cost of 3.00 euros each, guaranteeing a total annual income of 6000.00 euros.

It should be noted that the total number of transit users was estimated based on data relating to the presence of tourists (school groups and excursionists) in the SNP and its surroundings.

