Louis Vuitton Moet Hennessy, known as LVMH, last week agreed to buy the luxury hotel group, Belmond.
Belmond owns or manages 46 world-class hotels — including Hotel Cipriani in Venice, Hotel Splendido in Portofino, Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat'Saisons in Oxfordshire, Grand Hotel Europe in St. Petersburg — as well as the Venice Simplon-Orient-Express luxury trains and a river cruise company.
The deal, which Wall Street said underscores the growth of the luxury travel market, closed for $3.2 billion.
“Through this acquisition, LVMH will significantly increase its presence in the ultimate luxury hotel world. Synonymous with history, heritage and timeless experiences, Belmond has a seasoned management team and is an ideal complement to the Cheval Blanc maisons, renowned for their exceptional service, architecture and unique gastronomy,” the company said.
Belmond Ltd. announced in August that it was considering a sale as it reviews “strategic alternatives to enhance shareholder value.”
LVMH brands include Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, and Hennessy; as well as Louis Vuitton, Christian Dior Couture, Givenchy and Fendi in fashion; Dior and Guerlain perfume; Bvlgari and TAG Heuer watches; Sephora and Le Bon Marché stores; and Bvlgari and Cheval Blanc hotels.