My thesis presentation. In this work I'm presenting the business plan coming from the restoration of an ancient Masseria, in Apulia region, for experiential tourism pourposes.

1. Food and Wine Tourism:
The Restoration of an Ancient Masseria with the Experiential
Tourism following the “Mediterranean Diet Model”
Lorenzo Cinetto
Student n° 1147181

2. → OBJECTIVE: Verify the impact of Hospitality and Experiential
Food and Wine Tourism for a Restored Masseria
- Food and Wine Tourism
- Food and Wine Tourism in Italy and in Puglia
- Mediterranean Diet
- Case of Study: - What is a Masseria and how it works
- Masseria Cuturi Agriculture activity
- How it would like to work
- Methodology: - Business Plan to verify the impact of Hospitality
and Experiential Food and wine Tourism
- Analysis Hospitality
- Analysis Agriculture
- Results: - Results overall Masseria
- Conclusions
The Project :

3. Food and Wine Tourism
Now the tourism is different, today people prefer many short holidays along the year:
→ low cost of the accommodation, now people prefer to organize their journey by themselves
Three points should be pointed out about tourism:
1. Changes in the way to spend time
2. Changes of destination areas
3. Changes in the way of doing tourism
An important branch of it, is the tourism linked to agriculture, food, territory and the environment:
• Eco-Tourism or green tourism is aimed at natural areas
• Sport - Tourism.
• Agri - Tourism is focused on living the countryside, on the recreation, on the culture and gastronomy
• Rural Tourism is aimed to discover Rural areas, villages, castles, villas, abbeys, farms, mills, mines, as well as to discover ancient craft works. In this tourism
are included:
Food Tourism
Eno Tourism or “Wine Tourism” (Rossetto 2017)

4. Food and Wine Tourism in Italy
The most positive aspects of Food and Wine Tourism is that it
integrates so easily which other type of tourism. (Croce and Perri 2010)
• 1990: 6,8 million tourists
• 1997: 9,6 million
• 2000: 11 milllion
• 2008: 15 million
• 2012: 20 million
2017: over 110 million
→ Turnover of 12 billion €
RANK OF THE FIRST 10 MOTIVATIONAL DRIVERS IN THE HOLYDAY IN 2017
It was a multiple-choice questionnaire; the results are the percentage of the choices
ITALIANS FOREIGNERS TOTAL
Local food products and Eno gastronomy 22,3 29,9 26,0
Place rich of arts and monuments 25,9 22,4 24,2
Events 20,1 24,4 22,2
Sports 15,4 20,0 17,7
Shopping 13,5 19,0 16,2
Italian excelences 11,4 14,7 13,0
Wellness, beauty farm, fitness 9,6 13,2 11,4
Workshops 8,8 13,0 10,9
Price quality ratio 11,7 8,6 10,2
Easy to arrive 9,8 7,1 8,5
Source : ISNART 2018

5. 2016 there were 450.000 visitors to farms
2016 - 2017 Puglia in the Italian top 10 for the touristic presence in
Italy → Bari best performance.
50% of visitors interviewed wanted to return →
Key of the growth:
1 Good Food
2 Landscape
3 Historical reasons “Magna Grecia”
Mipaaf registered 231 traditional food products
20 Food products registered in the GI system
32 GI Wines (4 DOCG and 28 DOC).
Food and Wine Tourism in Puglia

6. Mediterranean Diet
“if a person goes to Puglia for holidays he/she wants to live the
Mediterranean lifestyle eating Mediterranean food and living the
Mediterranean Culture”.
Lower fat consumption as the Mediterranean
diet was better to avoid cardiovascular disease.
1958 “Seven countries study”
- 12.520 cases in 7 different countries*
Mediterranean countries consumption of Cereals, Vegetables and Olive Oil
lower death from Cardiovascular disease
2015 →“Intangible Cultural Heritage of Humanity”
47 - 50% Carbohydrates from cereals
12 - 14% Proteins (from cereals and legumes),
30% Fats (8 - 9% saturated)
(16 - 20% mono - unsaturated)
(5% poly - unsaturated).
mostly from Extra Virgin Olive Oil.
Wine accounts for 5 - 8% daily energy intakes.
The main compounds of Mediterranean Diet are:
- Cereals
- Extra virgin olive oil
- Wine
“Mediterranean Triad”
Ancel Keys
Source: Prof. A. Capurso; Neurology 1999*Source : How to eat well and stay well. The Mediterranean Way. Keys 1970

7. Case of Study: What is a Masseria
The Masseria buildings: symbol of the ancient peasant class linked to the
history of the Puglia region
→ “Latifundial Model”
The birth of the Masserie: XVI and XVIII centuries
Spain: wanted for sure source of Cereals and other goods in “Two Scillies
Kingdom”
The Masseria is a Farming court from the Mediterranean tradition
Masseria Cuturi origins XVI century
Under the soil, hidden among the plants and the grass
there are little holes, carved into the rock →
Messapian used that to produce Olive Oil VIII Century B.C.
1881 Tommaso Schiavoni Tafuri he received in downy,
from his bride some little plants of “Primitivo” Wine
Roman times → Merum
Cereals - Olive Oil – Wine
→ Mediterranean Triad

8. How it works: Agricultural Activity
Masseria Cuturi surface’s are 240 hectares of clay/sandy soil:
• 80 Ha secular olive oil trees crop
• 30 Ha vineyards
• 40 Ha durum wheat cultivation
• 20 Ha chickpeas cultivation
• 20 Ha wood
• buildings, garden and uncultivated
Organic certified with “ICEA” Brand
PRODUCTS
Cereals, chickpeas and a part of olive oil and wine
is sold to food industries
…and the rest

9. How it would like to work
Masseria Cuturi has all the potentialities to be a structure where is
possible to do cultural tourism associated to Food and Wine tourism.
3 Key Words:
Puglia – Resources – Tourism
invest to give value to this territory, with a tourist reception structure, in
order to increase the value of these resources using the Mediterranean
Diet Model.
Hospitality experiential model applied to food and wine production
focus: olive oil, wheat and wine Experiential Marketing
“The Cuturi Estate”
This Experience will join with the Hospitality activity:
«Agri Relais».
15 rooms, once farmers accommodation
now hospitality purposes
1 weekend a Month for 7 Months (April to October)

10. How it would like to work
Agriculture:
Agricultural activity
Wine
Extra Virgin Olive Oil
Cereals and Legumes
Agri Relais :
Agri Relais
Hospitality Structure
15 Rooms for 40 People
Experiential Tourism
Focused on Metiterranean
Diet:
- The Cuturi Estate
- 3 Days
- 35 people in 15 Rooms
I day : Oleocentric Day
II day: Cerealia Day
III day: The Primitivo Day
Ensure a sold out weekend
monthly
With the joining of Agricultural activity, Hospitality and
Experiential Tourism the company would like to give an extra value
to their products
Hospitality

11. Methodology: - Business Plan to verify
the impact of Hospitality and Experiential
Food and Wine Tourism
20 Year Business Plan
II analyse the growth possibility of the agricultural area of the company
I analyse a cash flow analysis of the investment to create the hospitality
III analyse which could be the impact of the food and wine tourisms in the
company
→ join of the previous cash flow analysis.
- NPV Net Present Value
- IRA Relationship Benefits and Costs (Indice Rendimento Attualizzato)
- IRR Internal Rate Return
- PBP Payback Period
4 Indicators for the Analysis
→cost of investment is fully supported by the Company
In this business plan we considered the
interest rate of the discount rate to be 2.5%

12. Analysis Hospitality
ROOMS HIG SEASON (APRIL TO OCTOBER)
ROOMS 15 PEOPLE N°ROOMS TOT PEOPLE PRICE (€) INCOME/DAY (€)
4 PEOPLE 4 2 8 50,00 400
3 PEOPLE 3 6 18 55,00 990
2 PEOPLE 2 4 8 55,00 440
2 PEOPLE SUPERIOR 2 3 6 65,00 390
TOTAL € DAY (100%) 15 40 2.220
TOTAL € DAY (80%) 1.776
Consider covering the 80% of the structure in this period on average
N° DAYS INCOME/SEASON
TOTAL SEASON DAYS 214 € 380.064
ROOMS LOW SEASON (NOVEMBER TO MARCH)
ROOMS 15 PEOPLE N°ROOMS TOT PEOPLE PRICE (€) INCOME/DAY (€)
4 PEOPLE 4 2 8 40,00 320
3 PEOPLE 3 6 18 45,00 810
2 PEOPLE 2 4 8 45,00 360
2 PEOPLE SUPERIOR 2 3 6 50,00 300
TOTAL € DAY (100%) 15 40 1.790
TOTAL € DAY (25%) 537
Consider covering the 25% of the structure in this season on average
N° DAYS INCOME/SEASON
TOTAL SEASON DAYS 151 € 81.087
CUTURI ESTATE APRIL/OCTOBER
N° REVENUES (€) COSTS (€) NET INCOME (€)
1 15.750,00 12.296,00 3.454,00
2 31.500,00 24.592,00 6.908,00
3 47.250,00 36.888,00 10.362,00
4 63.000,00 49.184,00 13.816,00
5 78.750,00 61.480,00 17.270,00
6 94.500,00 73.776,00 20.724,00
7 110.250,00 86.072,00 24.178,00
VALUE (€) AGRI RELAIS (€) MED DIET COURSE (€)
SALES VALUE 571.401 461.151 110.250
OPERATIVE COSTS (€) 390.104 304.032 86.072
INSURANCE 10.000 10.000
MAINTENANCE 20.000 20.000
DEPRECIATION 25.000 25.000
TOTAL OPERATIVE COSTS 420.104
AGRI RELAIS CUTURI ESTATE
TOTAL PEOPLE YEAR 8.358
TOTAL INCOME 461.151€
€ PER PERSON 55,17€
CT 304.032€
€ PER PERSON € 450,00

13. Results: - Results Hospitality
44%
30%
19%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
MED. DIET COURSE/HOSPITALITY
MED DIET EXPERIENCE/HOSPITALITY
PARAMETERS VALUE
DISCOUNT RATE (k) 0,025
NPV 674.339
IRA 3,4
IRR 14%
PBP 8
0
100.000
200.000
300.000
400.000
500.000
600.000
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
REVENUES HOSPITALITY
Launch Growth Stationary
RATE GROWTH 30% 35% … 55% 60% 65% … 100% 100% 100% … 100%
1 2 … 5 6 7 … 12 13 14 … 20
PHASE LAUNCHING PHASE GROWING PHASE STATIONARY PHASE
YEAR 2019 2020 … 2023 2024 2025 … 2030 2031 2032 … 2038
REVENUES 248.595 271.653 … 363.883 386.941 409.998 … 571.401 571.401 571.401 571.401
DEPRECIATION 25.000 25.000 … 25.000 25.000 25.000 … 25.000 25.000 25.000 … 25.000
OPERATIVE COSTS 346.972 352.195 … 373.090 378.314 383.538 … 420.104 420.104 420.104 … 420.104
OPERATIVE INCOME -123.376 -105.543 … -34.207 -16.374 1.460 … 126.297 126.297 126.297 … 126.297
TAXES 0 0 … 0 0 365 … 31.574 31.574 31.574 … 31.574
NOPAT -123.376 -105.543 … -34.207 -16.374 1.095 … 94.723 94.723 94.723 … 94.723
CASH FLOW -98.376 -80.543 … -9.207 8.626 26.095 … 119.723 119.723 119.723 … 119.723
- DISCOUNTED C F -95.977 -76.662 … -8.138 7.439 21.953 … 89.020 86.849 84.731 … 73.063
- C F (CUMULATED) -98.376 -80.543 … -9.207 -581 25.514 … 396.746 516.469 636.191 … 1.354.527
DISCOUNT RATE 0,9756 0,9518 … 0,8839 0,8623 0,8413 … 0,7436 0,7254 0,7077 … 0,6103
NET PRESENT VALUE -95.977 -76.662 … -8.138 7.439 21.953 … 89.020 86.849 84.731 … 73.063
CUMULATED VALUE -95.977 -76.662 … -48.793 -41.354 -19.401 … 266.920 353.769 438.500 … 905.209
Hospitality more sustainable along the years
Revenues “Agri Relais” increases
→ Dilute costs of the Cuturi Estate

14. Analysis Agriculture
€ VINEYARDS (€) OLIVE TREES (€) GRASS CROPS (€)
REVENUES 544.603 345.336 91.466 107.800
OPERATIVE COSTS (€) 544.603 224.252 59.526 34.946
INSURANCE 39.209 9.702 35.300
MAINTEINANCE 78.417 19.404 17.454
DEPRECIATION 64.922 38.453 26.469
TOTAL OPERATIVE COSTS 662.228
1 2 3 4 5 6 … 18 19 20
YEAR 2019 2020 2021 2022 2023 2024 … 2036 2037 2038
REVENUES 541.369 576.883 683.424 825.479 916.714 1.026.196 … 1.847.310 1.847.310 1.847.310
DEPRECIATION 64.922 64.922 64.922 64.922 64.922 64.922 … 64.922 64.922 64.922
OPERATIVE COSTS 658.994 724.894 797.383 837.252 879.115 923.071 … 1.234.198 1.234.198 1.234.198
OPERATIVE INCOME -182.548 -212.933 -178.881 -76.695 -27.323 38.203 … 548.190 548.190 548.190
TAXES 0 0 0 0 0 9.551 … 137.047 137.047 137.047
NOPAT -182.548 -212.933 -178.881 -76.695 -27.323 28.652 … 411.142 411.142 411.142
CASH FLOW -117.626 -148.011 -113.959 -11.773 37.599 93.574 … 476.064 476.064 476.064
- DISCOUNTED C F -114.757 -140.879 -105.822 -10.666 33.232 80.689 … 305.236 297.792 290.528
- C F (CUMULATED) -117.626 -148.011 -113.959 -11.773 25.826 119.400 … 5.033.137 5.509.201 5.985.266
DISCOUNT RATE 0,9756 0,9518 0,9286 0,9060 0,8839 0,8623 … 0,6412 0,6255 0,6103
NPV -114.757 -140.879 -105.822 -10.666 33.232 80.689 … 305.236 297.792 290.528
CUMULATED VALUE -114.757 -140.879 -105.822 -10.666 22.566 103.255 … 3.657.651 3.955.442 4.245.970
VINEYARD PRODUCTION INCREASE FIRST 4 YEARS 10%
VINEYARDS INCREASING AFTER 4° YEAR FOR 7 YEARS
5%
INCREASING OLIVE OIL PROD. 0,50%
INCREASING FIELD CROPS 0,50%
Operative costs will increase as
the production
increases
11 Years
10 Years

15. Results overall Masseria
1 2 3 4 5 6 … 19 20
2019 2020 2021 2022 2023 2024 … 2037 2038
REVENUES 789.964 848.535 978.134 1.143.247 1.280.597 1.413.136 … 1.847.310 1.847.310
DEPRECIATION 89.922 89.922 89.922 89.922 89.922 89.922 … 64.922 64.922
OPERATIVE COSTS 1.005.966 1.077.089 1.154.802 1.199.895 1.252.205 1.301.385 … 1.234.198 1.234.198
OPERATIVE INCOME -305.924 -318.476 -266.590 -146.570 -61.531 21.829 … 548.190 548.190
TAXES 0 0 0 0 0 5.457 … 137.047 137.047
NOPAT -305.924 -318.476 -266.590 -146.570 -61.531 16.372 … 411.142 411.142
CASH FLOW -216.002 -228.554 -176.668 -56.648 28.392 106.294 … 476.064 476.064
- DISCOUNTED C F -210.734 -217.541 -164.054 -51.320 25.094 91.657 … 297.792 290.528
- C F(CUMULATED) -216.002 -228.554 -176.668 -56.648 -28.256 78.038 … 5.509.201 5.985.266
DISCOUNT RATE 0,9756 0,9518 0,9286 0,9060 0,8839 0,8623 … 0,6255 0,6103
NET PRESENT VALUE -210.734 -217.541 -164.054 -51.320 25.094 91.657 … 297.792 290.528
CUMULATED VALUE -210.734 -217.541 -164.054 -51.320 -26.226 65.431 … 3.955.442 4.245.970 -1.000.000
0
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
REVENUES COSTS AND VALUE CREATED
REVENUES OPERATIVE COSTS CUMULATED VALUE
PARAMETERS VALUE
DISCOUNT RATE (K) 0,025
NPV 4.562.381
IRA 8,05
IRR 25%
PBP 6
FROM 2024 COMPANY STARTS
TO CREATE VALUE

16. Conclusions
With the “Cuturi Estate” program, travellers
“Educated Consumers”
I. Sense of satisfaction from their journey because they visit a
beautiful place and they enjoyed it.
II. People are enriched:
- they are learning new traditions and new cuisine
- while enjoying themselves
III. People who come to the Cuturi Estate course acquire the
knowledge needed to distinguish and appreciate high quality
from low quality foods and they may know how to better
balance their food intake because they will be trained on the
aspects of the Mediterranean diet
Tourist is no longer a passive participant
→ It becomes the main ACTOR of the journey
The Results :
- Net Present Value of more than € 4 million
Masseria could create value thanks to the Hospitality
The result could be realistic
- Some weak points:
Firstly → TIME to produce this effect
Secondly → HOW LONG a tourist would stay there?
HOW MUCH he/she spends?
Thirdly → TREND of food and wine tourism in 10 years?
→in order to obtain their goals the company has to
invest in COMMUNICATION STRATEGY.

17. THANKS