LVMH Moët Hennessy Louis Vuitton (LVMH) has announced plans to move forward with its acquisition of Belmond. Valued at $2.6 billion, the deal is expected to close in the first half of 2019, allowing LVMH to increase its presence in the luxury hotel world. Belmond oversees a portfolio of properties across the globe as well as several high-end trains, including the Venice Simplon-Orient-Express and the Belmond Royal Scotsman.
Roland Hernandez, chairman of the board of directors of Belmond says of the deal: “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.”
“Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the most desirable destinations,” adds LVMH chairman and CEO Bernard Arnault. “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 Bulgari hotels activities. This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world.”
