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PRODUCT NEWS
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| LVMH to acquire Belmond |
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| 14 Dec 2018 . BY Jane Kitchen |
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| The Belmond Royal Scotsman features a Bamford spa carriage on-board |
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Luxury group LVMH Moët Hennessy Louis Vuitton will acquire Belmond Ltd – which owns, operates or manages 46 hotels, restaurants, train and river cruise properties – in a deal worth US$3.2bn.
The transaction is expected to complete in the first half of 2019, subject to the approval of Belmond’s shareholders and clearance by the relevant competition authorities.
Established over 40 years ago with the acquisition of Hotel Cipriani in Venice, Belmond operates in in 24 countries. Its properties include hotels like Hotel Splendido in Portofino, Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat’Saisons in Oxfordshire, Grand Hotel Europe in St. Petersburg, Maroma Resort & Spa in Mexico, Hotel das Cataratas in the Iguassu National Park in Brazil, and Cap Juluca in Anguilla.
Legendary trains, such as the Venice Simplon-Orient-Express and Belmond Royal Scotsman – which features a Bamford spa carriage on-board – and cruises such as Belmond Afloat in France fleet complete the portfolio.
Through this acquisition, LVMH will significantly increase its presence in the luxury hotel world. In a press release, the company said that Belmond is an “ideal complement to the Cheval Blanc maisons”.
Roland Hernandez, chair of the board of directors of Belmond Ltd, commented: “Following a strategic review that attracted broad and deep interest from a wide range of real estate and lodging companies, sovereign wealth institutions and other financial buyers around the world, the Board has concluded that this transaction with LVMH provides compelling and certain value for our shareholders as well as an exciting path forward with a group that appreciates Belmond’s irreplaceable assets and strong management team.”
Bernard Arnault, Chairman and Chief Executive Offer of LVMH, added: “Belmond delivers unique experiences to discerning travellers and owns a number of exceptional assets in the most desirable destinations. Its heritage, its innovative services, its excellence in execution and its entrepreneurship resonates well with the values of the Group and is complementary to our own Cheval Blanc maisons and the Bvlgari hotels activities. This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world.”
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