Italy has 224 hotels in the Michelin Guide's Key selection — 17 Three Keys, 49 Two Keys and 158 One Key — across 124 places, led by Rome with 21. 55 can be booked with points: 34 through Mr & Mrs Smith, 13 through Small Luxury Hotels of the World, 5 through Marriott Bonvoy, 2 through ALL – Accor Live Limitless and 1 through IHG One Rewards. The rest are cash-only independents, listed so the map is complete.

















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Median points per night and cents-per-point value from AwardClaw's award tracking. Value is the cash rate divided by the points price, so higher is better; green means the redemption beats the program's usual value by a wide margin.
| Hotel | Keys | Program | Points / night | Value |
|---|---|---|---|---|
| Locanda al Colle Camaiore, Italy | Mr & Mrs Smith | 34,750 | 1.4¢/pt | |
| Monteverdi Tuscany Castiglioncello del Trinoro, Italy | Mr & Mrs Smith | 98,750 | 1.3¢/pt | |
| Casa Brera, a Luxury Collection Hotel, Milan Milan, Italy | Marriott · Autograph Collection | 94,000 | 1.3¢/pt | |
| Dimora delle Balze Noto, Italy | Mr & Mrs Smith | 72,250 | 1.3¢/pt | |
| Hotel Capo La Gala Vico Equense, Italy | Mr & Mrs Smith | 79,250 | 1.3¢/pt | |
| Locanda Rossa Capalbio, Italy | Mr & Mrs Smith | 20,000 | 1.3¢/pt | |
| Bellevue Syrene 1820 Sorrento, Italy | Mr & Mrs Smith | 346,500 | 1.2¢/pt | |
| The Gritti Palace, a Luxury Collection Hotel, Venice Venice, Italy | Marriott · The Luxury Collection | 128,000 | 1.2¢/pt | |
| Castello di Vicarello Cinigiano, Italy | Mr & Mrs Smith | 114,750 | 1.2¢/pt | |
| Il Palazzo Experimental Venice, Italy | Mr & Mrs Smith | 34,750 | 1.2¢/pt |
124 places in Italy have at least one Key hotel. Cities with three or more get their own page.
Mr & Mrs Smith 34
~1.7¢ per point · Chase Ultimate Rewards and Bilt Rewards transfer to World of Hyatt at 1:1; the same points work at every Mr & Mrs Smith property, and stays earn elite nights.
SLH 13
~0.5¢ per point · Amex Membership Rewards transfer to Hilton at 1:2, with 1:2.
St Regis 2 · The Luxury Collection 1 · Autograph Collection 1
~0.7¢ per point · Amex Membership Rewards, Chase Ultimate Rewards and Bilt all transfer to Bonvoy at 1:1, so Marriott points are the easiest to top up in a hurry.
Orient Express 2
fixed at 2¢ per point · Capital One and Citi ThankYou points transfer to ALL at 2:1.
Six Senses 1
~0.6¢ per point · Chase Ultimate Rewards and Bilt transfer to IHG at 1:1.
224: 17 Three Keys, 49 Two Keys and 158 One Key. They are spread over 124 places; Rome has the most with 21.
55 of the 224: Monteverdi Tuscany, Bellevue Syrene 1820, The Gritti Palace, a Luxury Collection Hotel, Venice, FORESTIS Dolomites, Lefay Resort & Spa Dolomiti, The St. Regis Rome, Grand Hotel Victoria and Capri Palace Jumeirah and more. By program: 34 through Mr & Mrs Smith, 13 through Small Luxury Hotels of the World, 5 through Marriott Bonvoy, 2 through ALL – Accor Live Limitless and 1 through IHG One Rewards.
Three Keys is the highest rating held in Italy, by Airelles Palladio, Venezia, Aman Venice, Borgo Santandrea, Borgo Santo Pietro, Bvlgari Hotel Roma and Casa Maria Luigia and others. None of them take points.
Locanda Rossa in Capalbio, at a median of about 20,000 World of Hyatt points a night — 1.3¢ per point against the cash rate.
Every loyalty program, Key rating, country and city has its own page with points prices, value per point and a map.
MICHELIN, the MICHELIN Guide, MICHELIN Key and the MICHELIN Key emblem are trademarks of Compagnie Générale des Établissements Michelin and its affiliates. They appear on this page only to identify the hotel distinctions awarded by the MICHELIN Guide, in a nominative and descriptive manner. AwardClaw is an independent publication and is not affiliated with, sponsored by, endorsed by or otherwise connected to Michelin. The hotel selection and Key ratings are published by the MICHELIN Guide at guide.michelin.com; consult it for the official and current selection.
World of Hyatt, Marriott Bonvoy, Hilton Honors, IHG One Rewards, ALL – Accor Live Limitless, Small Luxury Hotels of the World, Mr & Mrs Smith, Design Hotels and all hotel names are trademarks of their respective owners, and their appearance here does not imply endorsement. Hotel photographs are the property of the respective hotels and are shown for identification only. Points prices and cents-per-point values are AwardClaw's own observations and estimates; they move with dynamic pricing and are not statements by any loyalty program. Partner portfolios change, so confirm rates, award availability and program membership on the program's own site before transferring points.