<?xml version="1.0"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd http://www.w3.org/1999/xlink http://www.xbrl.org/2003/xlink-2003-12-31.xsd">
  <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="AdjustementsForCostOfNetFinancialDebtCostOfNetFinancialDebtAndInterestChargesOnRentalLiabilities" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_AdjustementsForCostOfNetFinancialDebtCostOfNetFinancialDebtAndInterestChargesOnRentalLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustementsForCostOfNetFinancialDebtCostOfNetFinancialDebtAndInterestChargesOnRentalLiabilities_label_labelen" xml:lang="en">Adjustements For Cost Of Net Financial Debt Cost Of Net Financial Debt And Interest Charges On Rental Liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustementsForCostOfNetFinancialDebtCostOfNetFinancialDebtAndInterestChargesOnRentalLiabilities" xlink:to="AdjustementsForCostOfNetFinancialDebtCostOfNetFinancialDebtAndInterestChargesOnRentalLiabilities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashFlowAfterTaxAndCostOfNetFinancialDebt" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_CashFlowAfterTaxAndCostOfNetFinancialDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CashFlowAfterTaxAndCostOfNetFinancialDebt_label_labelen" xml:lang="en">Cash Flow After Tax And Cost Of Net Financial Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowAfterTaxAndCostOfNetFinancialDebt" xlink:to="CashFlowAfterTaxAndCostOfNetFinancialDebt_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInLoansAndAdvancesGranted" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ChangeInLoansAndAdvancesGranted" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInLoansAndAdvancesGranted_label_labelen" xml:lang="en">Change In Loans And Advances Granted</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInLoansAndAdvancesGranted" xlink:to="ChangeInLoansAndAdvancesGranted_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInScopeAndInterestRates" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ChangeInScopeAndInterestRates" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInScopeAndInterestRates_label_labelen" xml:lang="en">Change In Scope And Interest Rates</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInScopeAndInterestRates" xlink:to="ChangeInScopeAndInterestRates_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ConsolidatedReserves" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ConsolidatedReserves" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ConsolidatedReserves_label_labelen" xml:lang="en">Consolidated Reserves</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedReserves" xlink:to="ConsolidatedReserves_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CostOfNetFinancialDebt" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_CostOfNetFinancialDebt" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CostOfNetFinancialDebt_label_labelen" xml:lang="en">Cost Of Net Financial Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfNetFinancialDebt" xlink:to="CostOfNetFinancialDebt_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DiscountingAndForeignExchangeGainsAndLosses" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_DiscountingAndForeignExchangeGainsAndLosses" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="DiscountingAndForeignExchangeGainsAndLosses_label_labelen" xml:lang="en">Discounting And Foreign Exchange Gains And Losses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountingAndForeignExchangeGainsAndLosses" xlink:to="DiscountingAndForeignExchangeGainsAndLosses_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ExpensesOnProperties" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ExpensesOnProperties" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ExpensesOnProperties_label_labelen" xml:lang="en">Expenses On Properties</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpensesOnProperties" xlink:to="ExpensesOnProperties_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ImpactOfChangesInTheScopeClassifiedAsFinancingActivities" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ImpactOfChangesInTheScopeClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ImpactOfChangesInTheScopeClassifiedAsFinancingActivities_label_labelen" xml:lang="en">Impact Of Changes In The Scope Classified As Financing Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpactOfChangesInTheScopeClassifiedAsFinancingActivities" xlink:to="ImpactOfChangesInTheScopeClassifiedAsFinancingActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ImpactOfChangesInTheScopeClassifiedAsInvestingActivities" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ImpactOfChangesInTheScopeClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ImpactOfChangesInTheScopeClassifiedAsInvestingActivities_label_labelen" xml:lang="en">Impact Of Changes In The Scope Classified As Investing Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpactOfChangesInTheScopeClassifiedAsInvestingActivities" xlink:to="ImpactOfChangesInTheScopeClassifiedAsInvestingActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncomeFromChangesInScope" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_IncomeFromChangesInScope" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="IncomeFromChangesInScope_label_labelen" xml:lang="en">Income From Changes In Scope</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromChangesInScope" xlink:to="IncomeFromChangesInScope_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InventoriesAndWorkInProgress" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_InventoriesAndWorkInProgress" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InventoriesAndWorkInProgress_label_labelen" xml:lang="en">Inventories And Work In Progress</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAndWorkInProgress" xlink:to="InventoriesAndWorkInProgress_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ManagedHotelEbitda" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ManagedHotelEbitda" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ManagedHotelEbitda_label_labelen" xml:lang="en">Managed Hotel Ebitda</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagedHotelEbitda" xlink:to="ManagedHotelEbitda_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ManagementAndAdministrationIncome" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_ManagementAndAdministrationIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ManagementAndAdministrationIncome_label_labelen" xml:lang="en">Management And Administration Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementAndAdministrationIncome" xlink:to="ManagementAndAdministrationIncome_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetChangeInProvisionsAndOther" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_NetChangeInProvisionsAndOther" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetChangeInProvisionsAndOther_label_labelen" xml:lang="en">Net Change In Provisions And Other</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetChangeInProvisionsAndOther" xlink:to="NetChangeInProvisionsAndOther_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetCostOfOperations" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_NetCostOfOperations" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetCostOfOperations_label_labelen" xml:lang="en">Net Cost Of Operations</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCostOfOperations" xlink:to="NetCostOfOperations_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetDepreciationAndAmortisationChargesAndProvisions" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_NetDepreciationAndAmortisationChargesAndProvisions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetDepreciationAndAmortisationChargesAndProvisions_label_labelen" xml:lang="en">Net Depreciation And Amortisation Charges And Provisions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDepreciationAndAmortisationChargesAndProvisions" xlink:to="NetDepreciationAndAmortisationChargesAndProvisions_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetLossesOnUnrecoverableReceivables" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_NetLossesOnUnrecoverableReceivables" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetLossesOnUnrecoverableReceivables_label_labelen" xml:lang="en">Net Losses On Unrecoverable Receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetLossesOnUnrecoverableReceivables" xlink:to="NetLossesOnUnrecoverableReceivables_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetRentalIncome" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_NetRentalIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetRentalIncome_label_labelen" xml:lang="en">Net Rental Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRentalIncome" xlink:to="NetRentalIncome_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OperatingExpensesOfHotelsUnderManagement" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_OperatingExpensesOfHotelsUnderManagement" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OperatingExpensesOfHotelsUnderManagement_label_labelen" xml:lang="en">Operating Expenses Of Hotels Under Management</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpensesOfHotelsUnderManagement" xlink:to="OperatingExpensesOfHotelsUnderManagement_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OperationalIncome" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_OperationalIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OperationalIncome_label_labelen" xml:lang="en">Operational Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperationalIncome" xlink:to="OperationalIncome_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="PurchasesAndSalesOfTreasuryShares" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_PurchasesAndSalesOfTreasuryShares" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PurchasesAndSalesOfTreasuryShares_label_labelen" xml:lang="en">Purchases And Sales Of Treasury Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesAndSalesOfTreasuryShares" xlink:to="PurchasesAndSalesOfTreasuryShares_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="RepaymentsOfBorrowingsIncludingFinanceLeaseAgreements" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_RepaymentsOfBorrowingsIncludingFinanceLeaseAgreements" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="RepaymentsOfBorrowingsIncludingFinanceLeaseAgreements_label_labelen" xml:lang="en">Repayments Of Borrowings Including Finance Lease Agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsIncludingFinanceLeaseAgreements" xlink:to="RepaymentsOfBorrowingsIncludingFinanceLeaseAgreements_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="UnrecoveredRentalCosts" xlink:href="coviviohotels-2022-12-31.xsd#coviviohotels_UnrecoveredRentalCosts" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="UnrecoveredRentalCosts_label_labelen" xml:lang="en">Unrecovered Rental Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrecoveredRentalCosts" xlink:to="UnrecoveredRentalCosts_label_labelen" xlink:type="arc" />
  </link:labelLink>
</link:linkbase>