Literature on business models is a pillar of management research and its recent contributions have broadened traditional frameworks to include sustainability and circular economy issues. However, contributions focused on business models of cultural heritage have always been scarce; moreover, most of the studies on adaptive reuse of cultural heritage are based on the analysis of individual assets. A few studies make in-depth analysis of the business model and they hardly produce generalizable results, due to the idiosyncratic nature of cultural heritage and its link with the cultural, social, environmental and economic context, that makes it difficult to replicate the process and decisions of reuse (in structural and managerial terms).