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 supply conduit connected to the first outlet of the boiler and configured to supply the steam to the wand; wherein the apparatus further comprises a valve for dispensing steam to the wand and draining the condensation water formed in the steam supply 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 supply conduit and comprising: - a predominantly longitudinal hollow body extending along a longitudinal axis (X-X), said hollow body comprising: - a steam inlet connection, located at an axial end of the hollow body, said inlet connection being connected to said steam supply conduit to receive steam from the boiler; - a steam outlet connection, connected to said wand for supplying steam to said wand; - a condensation water drain connection; - a cartridge, axially accommodated in said hollow body, adapted to perform angular movements in either direction about said longitudinal axis (X-X); - a control knob which is axially connected to said cartridge to impart said angular movements thereto, said cylindrical cartridge having conduits for establishing hydraulic communication between said inlet connection and said drain connection, by a first angular movement of said cartridge, and to establish hydraulic communication between said inlet connection and the outlet connection in communication with said wand, in response to a second angular movement of the cartridge, in a direction opposite to the first angular movement. - a boiler configured to generate steam and comprising a first outlet; - a steam wand configured to introduce steam into a container; - a steam supply conduit connected to the first outlet of the boiler and configured to supply the steam to the wand; wherein the apparatus further comprises a valve for dispensing steam to the wand and draining the condensation water formed in the steam supply 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 supply conduit and comprising: - a predominantly longitudinal hollow body extending along a longitudinal axis (X-X), said hollow body comprising: - a steam inlet connection, located at an axial end of the hollow body, said inlet connection being connected to said steam supply conduit to receive steam from the boiler; - a steam outlet connection, connected to said wand for supplying steam to said wand; - a condensation water drain connection; - a cartridge, axially accommodated in said hollow body, adapted to perform angular movements in either direction about said longitudinal axis (X-X); - a control knob which is axially connected to said cartridge to impart said angular movements thereto, said cylindrical cartridge having conduits for establishing hydraulic communication between said inlet connection and said drain connection, by a first angular movement of said cartridge, and to establish hydraulic communication between said inlet connection and the outlet connection in communication with said wand, in response to a second angular movement of the cartridge, in a direction opposite to the first angular movement. - a steam inlet connection, located at an axial end of the hollow body, said inlet connection being connected to said steam supply conduit to receive steam from the boiler; - a steam outlet connection, connected to said wand for supplying steam to said wand; - a condensation water drain connection; - a cartridge, axially accommodated in said hollow body, adapted to perform angular movements in either direction about said longitudinal axis (X-X); - a control knob which is axially connected to said cartridge to impart said angular movements thereto, said cylindrical cartridge having conduits for establishing hydraulic communication between said inlet connection and said drain connection, by a first angular movement of said cartridge, and to establish hydraulic communication between said inlet connection and the outlet connection in communication with said wand, in response to a second angular movement of the cartridge, in a direction opposite to the first angular movement.