A hotel that has a ton of potential - invest, invest, invest
The location is amazing and it's indeed a charming property. Back in the day the hotel had its glory, where I envision upper class Italian families attended exclusive events, foreign heads of state and diplomats were all previous occupants and probably being able to have a drink at the hotel, one was required to wear a tuxedo. Today, those days are long gone. The hotel requires some serious investment to bring it back to what I envision as it's former glory. Tare down the interior and rebuild it from the inside and make sure to reflect the hotel's history. Of course don't forget the installation of chillers and new windows. Bathrooms require complete gutting out and rebuilding. The hotel has a lot of potential and it could become part of the luxury collection. If the owner can't afford paying for the renovation, then I think he needs to bring in a strategic partner because the hotel's current condition can't generate profit.
If I am to be honest, I didn't like how the hotel has lost its glory. How it has been used, abused and milked for profit without giving back to it. To the owners, I would suggest for the next few years lower your margin of profit and reinvest in the hotel because that might prolong its survival.