As you've said, it's more of a 'brandable' domain, as it doesn't have the addition of keywords such as 'hotels', 'flights' or 'holidays'.
With the addition of cheap you're also targeting the more budget concious traveller.
A couple of semi-comparable sales, from 
Domain Prices:
CheapHolidaysItaly.co.uk £50 (Sedo, Jan-09)
CheapCaribbean.co.uk £2,388 (Sedo, Apr-07)
I don't think Caribbean can be necessarily compared to Italy though. 
And also this, far more valuable domain IMO, considering the luxury market, is up for sale on Sedo:
LuxuryItaly.co.uk Guide price £1,000
You would have to find that one end user who wanting to brand themselves around all things 'cheap' in Italy to get a good price.
What you get here is someone's own personal opinion, the only true valuation though is to put it up for sale & see what offers you get!