The Role of Historical–Architectural Features in Hospitality Real Estate Value Formation: Evidence from Rome, Italy

In the appraisal of properties with historical–architectural significance, the main challenge lies in determining the extent to which the qualitative characteristics of the asset contribute to the formation of its market value, since such attributes are not traded in an autonomous market. This study proposes an integrated quantitative–qualitative model combining the Analytic Hierarchy Process (AHP) and categorical regression (CATREG) to measure and weight the contribution of these characteristics to the value formation of hospitality properties. The empirical application, focused on historic hotels in Rome (Italy), shows strong explanatory power, with an adjusted R-squared of 0.818, and confirms the overall statistical significance of the model. The four predictors contribute differently to explaining the observed variability, both in terms of relative importance and the direction of their conditional effects. Historical–artistic significance and the preservation of original appearance are positively associated with value, whereas architect prestige and cultural significance exhibit negative conditional coefficients. Pratt’s indices attribute the largest explanatory contribution to cultural significance (30.2%), followed by historical–artistic significance (25.1%), architect prestige (23.0%), and preservation of the original appearance (21.7%). The proposed approach makes it possible to quantify and weight the economic contribution of historical–architectural components, thereby overcoming the use of additions or deductions based on merely discretionary judgments. It therefore provides transparent, replicable, and empirically grounded methodological support capable of strengthening the consistency and reliability of appraisal procedures applied to properties with historical–architectural significance.