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UK-based luxury hotel, train and cruise company 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, Cap Juluca in Anguilla and, in the UK, Le Manoir aux Quat’Saisoins.
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 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."
Belmond chairman Roland Hernandez said: "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."
President and CEO Roeland Vos added: "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.
"We are confident that, as part of LVMH’s world-class family of brands, Belmond’s ability to deliver timeless, one-of-a-kind luxury experiences will reach new levels."
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
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