LVMH Moët Hennessy Louis Vuitton has completed its acquisition of Belmond Ltd and the luxury hospitality brand’s portfolio of 45 hotels, restaurants, trains, and cruise liner properties. The $3.2 billion transaction was first announced in December 2018 and received approval on February 14th, 2019. The deal ultimately allows the Parisian luxury lifestyle conglomerate to increase its influence in the hospitality industry.
“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,” Roland Hernandez, Belmond Ltd’s chairman of the board said in a release last year.
“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,” added Roeland Vos, Belmond’s president and CEO. “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.”
