A steam dispensing apparatus for hot beverage preparation, the apparatus comprising: - a boiler configured to generate steam and comprising a first outlet; - a steam wand configured to introduce steam into a container; - a steam delivery conduit connected to the first outlet of the boiler and configured to deliver the steam to the wand; further comprising a valve for dispensing steam to the wand and draining the condensation water formed in the valve and in the steam delivery conduit upstream from the valve, during the closing time of the valve elapsed from a previous dispensing operation, said valve being interposed between the wand and the steam delivery conduit and comprising: - a predominantly longitudinal hollow body extending along a longitudinal axis (X-X), said hollow body comprising: - an axial cavity, a steam inlet connection, located at one axial end of the hollow body, said inlet connection being connected to said steam delivery conduit to receive steam from the boiler and deliver it into said cavity; - a steam outlet connection, connected to said wand for delivering steam to said wand; - a condensation water drain connection; - a rod, axially accommodated in a channel having an opening facing out of the valve formed in said hollow body and ending with an opening that opens into said cavity, which is designed to perform axial movements in both directions along said longitudinal axis (X-X); - a control lever operably engaged with said rod to accommodate said axial movements thereof under the bias of elastic members (56, 63) from a closed position, said rod being adapted to create passages for establishing hydraulic communication between said inlet connection and said drain connection, by a first axial movement of said rod, and to establish hydraulic communication between said inlet connection and the outlet connection in communication with said wand, in response to a second axial movement of the rod. - a boiler configured to generate steam and comprising a first outlet; - a steam wand configured to introduce steam into a container; - a steam delivery conduit connected to the first outlet of the boiler and configured to deliver the steam to the wand; - a predominantly longitudinal hollow body extending along a longitudinal axis (X-X), said hollow body comprising: - an axial cavity, a steam inlet connection, located at one axial end of the hollow body, said inlet connection being connected to said steam delivery conduit to receive steam from the boiler and deliver it into said cavity; - a steam outlet connection, connected to said wand for delivering steam to said wand; - a condensation water drain connection; - a rod, axially accommodated in a channel having an opening facing out of the valve formed in said hollow body and ending with an opening that opens into said cavity, which is designed to perform axial movements in both directions along said longitudinal axis (X-X); - a control lever operably engaged with said rod to accommodate said axial movements thereof under the bias of elastic members (56, 63) from a closed position, said rod being adapted to create passages for establishing hydraulic communication between said inlet connection and said drain connection, by a first axial movement of said rod, and to establish hydraulic communication between said inlet connection and the outlet connection in communication with said wand, in response to a second axial movement of the rod.