United Kingdom
United States
Asia Pacific
Luxury travel operator Belmond to be sold
Belmond, operator of the Venice Simplon-Orient-Express and some of the world’s most iconic hotels, is to be taken over by French luxury goods company LVMH Moet Hennessy Louis Vuitton.
The two companies have entered into an agreement for LVMH to buy Belmond for $2.6 billion. The deal is expected to be completed in the first half of 2019.
London-based Belmond has a portfolio of 47 hotels, rail and river cruise businesses, including iconic properties such as the Cipriani in Venice, Hotel Splendido in Portofino, Copacabana Palace in Rio de Janeiro, and Cap Juluca in Anguilla.
It also runs the Venice Simplon-Orient-Express and Belmond Royal Scotsman as well as cruise companies such as Belmond Afloat in France fleet and Belmond Road to Mandalay.
In the year to the end of September it recorded earnings of $140 million.
LVMH chairman and CEO Bernard Arnault said: "Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the most desirable destinations.
"This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world."
President and CEO Roeland Vos saidd: "Today’s announcement is the result of the strong execution of our strategic vision that builds on our pioneering legacy and is an exciting development for all stakeholders, including our employees."
Related News Stories:
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled