You have to build up the link structure by using filters `post_link` and `post_type_link`:

    add_filter('post_link', 'territorio_permalink', 10, 3);
    add_filter('post_type_link', 'territorio_permalink', 10, 3);

    function territorio_permalink($permalink, $post_id, $leavename) {
    if (strpos($permalink, '%territorio%') === FALSE) return $permalink;

    // Get post
    $post = get_post($post_id);
    if (!$post) return $permalink;

    // Get taxonomy terms
    $terms = wp_get_object_terms($post->ID, 'territorio');
    if (!is_wp_error($terms) && !empty($terms) && is_object($terms[0]))
    $taxonomy_slug = $terms[0]->slug.'/'.$terms[1]->slug; //build here
    else $taxonomy_slug = 'not-yet';

    return str_replace('%territorio%', $taxonomy_slug, $permalink);
    }

Where `hotel` is the post type and `territorio` is a hierarchical taxonomy.

In post type creation use:

    'rewrite' => array( 'slug' => 'anything-you-want/%territorio%','with_front' => false),

Note: if you want deeper links, your build should go deeper:

    $taxonomy_slug = $terms[0]->slug.'/'.$terms[1]->slug.'/'.$terms[2]->slug;