The luxury giant LVMH has surprisingly announced the purchase of the group Belmond specialized in high-end hotels (46, of which 12 in Europe) and travel (Orient Express trains and cruise ships), behind a cash offer of 2.6 billion dollars. Belmond has a strong presence in luxury hotels in Italy. In Tuscany Belmond owns the prestigious Castle of Casole in Casole d’Elsa (Siena) and Villa San Michele in Fiesole (Florence), one of the historic addresses of the high Italian hotel industry.
The transaction is expected to be completed in the first half of 2019, after the approval of Belmond’s shareholders and the competition authorities.
Source: Il Sole 24 Ore